Age of householder
Per the latest American Community Survey by the Census Bureau, Preston sees its highest median household income among householders in the age group of 25 to 44 years old, at $90,526. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Preston, the median household income stands at $90,526 for householders within the 25 to 44 years age group, followed by $77,353 for the 45 to 64 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $49,242.
- Notably, household income for individuals within the 65 years and over age group demonstrated a remarkable increase of $17,460(54.94%), escalating from a median of $31,782 in 2011 to $49,242 in 2021.
- 9(2.70%) households where the householder is under 25 years old.
- 189(56.76%) households with a householder aged between 25 and 44 years.
- 77(23.12%) households with a householder aged between 45 and 64 years.
- 58(17.42%) households where the householder is over 65 years old.
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Gender
In Preston, the population consists of 442 males (46.48%) and 509 females (53.52%). Here are the primary highlights from the gender-based income distribution analysis:
- In Preston, the median income for all workers aged 15 years and older, regardless of work hours, was $46,540 for males and $37,450 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $62,644 for males and $56,844 for females.
- In Preston, the median income for all workers aged 15 years and older, regardless of work hours, was $46,540 for males and $37,450 for females.
- In Preston, among full-time, year-round workers aged 15 years and older, males earned a median income of $62,644, while females earned $56,844, resulting in a 9% gender pay gap among full-time workers. This illustrates that women earn 91 cents for each dollar earned by men in full-time positions. While this gap shows a trend where women are inching closer to wage parity with men, it also exhibits a noticeable income difference for women working full-time in the town of Preston.
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Race
In Preston, the population is predominantly White, constituting 90.01% of the total residents. Here are the key highlights from the analysis of income distribution by race:
- The median household income for White households is $67,349.
- In Preston, White is both the largest group and the one with the highest median household income, which stands at $67,349.
- In Preston, the median household income for the households where the householder is White decreased by $8,018(10.64%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $75,367 in 2011 and $67,349 in 2021.
- In Preston, the median household income for Black or African American households was $15,146 in 2011(2022 inflation-adjusted dollars). However there is no reported data for 2021, indicating a lack of information for this specific year.
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Year by year
Preston, MD median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Preston decreased by $7,344 (9.63%), as per the American Community Survey estimates.
- Between 2010 and 2021, median household income, adjusted for 2022 inflation, experienced growth year by year for 8 years and declined for 3 years.
- The most significant year-by-year growth occured from 2016 to 2017, when the median household income increased by 9,812 (from $81,793 to $91,605). Similarly the most substantial year-by-year decline occured from 2018 to 2019, when the median household income decreased by 19,541 (from $95,132 to $75,591).
- It then further increased to $149,977 for 4-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.3716, it is evident that income distribution in Preston, MD exihibits characterstics of moderate equality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $89,925. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $47,797.
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