Age of householder
Per the latest American Community Survey by the Census Bureau, Rankin sees its highest median household income among householders in the age group of 45 to 64 years old, at $66,954. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, Rankin only reports a median household income of $66,954 among householders in the 45 to 64 years age group.
- Notably, household income for individuals within the 45 to 64 years age group demonstrated the smallest decline of $35,472(34.63%), declining from a median of $102,426 in 2011 to $66,954 in 2021.
- 72(15.45%) households where the householder is under 25 years old.
- 151(32.40%) households with a householder aged between 25 and 44 years.
- 183(39.27%) households with a householder aged between 45 and 64 years.
- 60(12.88%) households where the householder is over 65 years old.
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Gender
In Rankin, the population consists of 548 males (50.60%) and 535 females (49.40%). Here are the primary highlights from the gender-based income distribution analysis:
- In Rankin, the median income for all workers aged 15 years and older, regardless of work hours, was $51,903 for males and $30,401 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $94,630 for males and $44,588 for females.
- In Rankin, the median income for all workers aged 15 years and older, regardless of work hours, was $51,903 for males and $30,401 for females.
- In Rankin, among full-time, year-round workers aged 15 years and older, males earned a median income of $94,630, while females earned $44,588, leading to a 53% gender pay gap among full-time workers. This illustrates that women earn 47 cents for each dollar earned by men in full-time roles. This level of income gap emphasizes the urgency to address and rectify this ongoing disparity, where women, despite working full-time, face a more significant wage discrepancy compared to men in the same employment roles.
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Race
In Rankin, the population is predominantly White, constituting 53.74% 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 $122,397.
- In Rankin, White is both the largest group and the one with the highest median household income, which stands at $122,397.
- In Rankin, the median household income for the households where the householder is White increased by $38,788(46.39%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $83,609 in 2011 and $122,397 in 2021.
- In Rankin, the median household income for Black or African American households was $68,975 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
Rankin, TX median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Rankin decreased by $16,454 (19.84%), 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 2017 to 2018, when the median household income increased by 10,616 (from $73,167 to $83,783). Similarly the most substantial year-by-year decline occured from 2010 to 2011, when the median household income decreased by 10,380 (from $82,950 to $72,570).
- It then further increased to $163,198 for 5-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.4609, it is evident that income distribution in Rankin, TX exihibits characterstics of moderate inequality .
- NA. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $28,065.
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