Age of householder
Per the latest American Community Survey by the Census Bureau, Richwood town sees its highest median household income among householders in the age group of 65 years and over old, at $66,206. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Richwood town, where there exist only two delineated age groups, the median household income is $66,206 for householders within the 65 years and over age group, compared to $59,901 for the 45 to 64 years age group.
- Notably, household income for individuals within the 65 years and over age group demonstrated a remarkable increase of $30,793(86.95%), escalating from a median of $35,413 in 2011 to $66,206 in 2021.
- 10(4.39%) households where the householder is under 25 years old.
- 66(28.95%) households with a householder aged between 25 and 44 years.
- 82(35.96%) households with a householder aged between 45 and 64 years.
- 70(30.70%) households where the householder is over 65 years old.
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Gender
In Richwood town, the population consists of 307 males (57.49%) and 227 females (42.51%). Here are the primary highlights from the gender-based income distribution analysis:
- In Richwood town, the median income for all workers aged 15 years and older, regardless of work hours, was $33,381 for males and $23,814 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $57,423 for males and $55,397 for females.
- In Richwood town, the median income for all workers aged 15 years and older, regardless of work hours, was $33,381 for males and $23,814 for females.
- In Richwood town, among full-time, year-round workers aged 15 years and older, males earned a median income of $57,423, while females earned $55,397, resulting in a 4% gender pay gap among full-time workers. This illustrates that women earn 96 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 Richwood town.
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Race
In Richwood town, the population is predominantly White, constituting 95.13% 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 $58,019.
- In Richwood town, White is both the largest group and the one with the highest median household income, which stands at $58,019.
- In Richwood town, the median household income for the households where the householder is White decreased by $1,702(2.85%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $59,721 in 2011 and $58,019 in 2021.
- As per the U.S. Census Bureau population data, in Richwood town, there are no households where the householder is Black or African American; hence, the median household income for the Black or African American population is not applicable.
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Year by year
Richwood, Wisconsin median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Richwood town decreased by $323 (0.56%), as per the American Community Survey estimates.
- Between 2010 and 2021, median household income, adjusted for 2022 inflation, experienced growth year by year for 5 years and declined for 6 years.
- The most significant year-by-year growth occured from 2017 to 2018, when the median household income increased by 3,874 (from $58,598 to $62,472). Similarly the most substantial year-by-year decline occured from 2019 to 2020, when the median household income decreased by 5,474 (from $64,587 to $59,113).
- It then further increased to $73,637 for 2-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.4564, it is evident that income distribution in Richwood, Wisconsin exihibits characterstics of moderate inequality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $56,748. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $57,579.
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