Age of householder
Per the latest American Community Survey by the Census Bureau, Prospect Park sees its highest median household income among householders in the age group of 45 to 64 years old, at $97,227. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Prospect Park, the median household income stands at $97,227 for householders within the 45 to 64 years age group, followed by $64,057 for the 25 to 44 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $50,533.
- Notably, household income for individuals within the 45 to 64 years age group demonstrated the smallest decline of $12,103(11.07%), declining from a median of $109,330 in 2011 to $97,227 in 2021.
- 0 households where the householder is under 25 years old.
- 986(38.59%) households with a householder aged between 25 and 44 years.
- 1,028(40.23%) households with a householder aged between 45 and 64 years.
- 541(21.17%) households where the householder is over 65 years old.
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Gender
In Prospect Park, the population consists of 3,169 males (49.41%) and 3,245 females (50.59%). Here are the primary highlights from the gender-based income distribution analysis:
- In Prospect Park, the median income for all workers aged 15 years and older, regardless of work hours, was $53,746 for males and $28,336 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $68,213 for males and $81,321 for females.
- In Prospect Park, the median income for all workers aged 15 years and older, regardless of work hours, was $53,746 for males and $28,336 for females.
- In Prospect Park, among full-time, year-round workers aged 15 years and older, males earned a median income of $68,213, while females earned $81,321
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Race
In Prospect Park, the population is predominantly White, constituting 78.36% 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 $67,859.
- In Prospect Park, despite the White population being the most populous, it is worth noting that Black or African American households actually reports the highest median household income, with a median income of $76,935. This reveals that, while Whites may be the most numerous in Prospect Park, Black or African American households experience greater economic prosperity in terms of median household income.
- In Prospect Park, the median household income for the households where the householder is White decreased by $26,838(28.34%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $94,697 in 2011 and $67,859 in 2021.
- In Prospect Park, the median household income for the households where the householder is Black or African American increased by $24,305(46.18%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $52,630 in 2011 and $76,935 in 2021.
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Year by year
Prospect Park, PA median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Prospect Park decreased by $25,917 (27.40%), as per the American Community Survey estimates.
- Between 2010 and 2021, median household income, adjusted for 2022 inflation, experienced growth year by year for 4 years and declined for 7 years.
- The most significant year-by-year growth occured from 2016 to 2017, when the median household income increased by 3,202 (from $70,558 to $73,760). Similarly the most substantial year-by-year decline occured from 2013 to 2014, when the median household income decreased by 10,881 (from $84,714 to $73,833).
- It then further increased to $270,229 for 5-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.5002, it is evident that income distribution in Prospect Park, PA exihibits characterstics of moderate inequality .
- NA. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $26,522.
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