Age of householder
Per the latest American Community Survey by the Census Bureau, Royal Oak charter township sees its highest median household income among householders in the age group of 25 to 44 years old, at $46,824. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Royal Oak charter township, the median household income stands at $46,824 for householders within the 25 to 44 years age group, followed by $41,394 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 $27,341.
- Notably, household income for individuals within the 25 to 44 years age group demonstrated a remarkable increase of $11,411(32.22%), escalating from a median of $35,413 in 2011 to $46,824 in 2021.
- 12(1.09%) households where the householder is under 25 years old.
- 380(34.45%) households with a householder aged between 25 and 44 years.
- 403(36.54%) households with a householder aged between 45 and 64 years.
- 308(27.92%) households where the householder is over 65 years old.
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Gender
In Royal Oak charter township, the population consists of 1,104 males (45.15%) and 1,341 females (54.85%). Here are the primary highlights from the gender-based income distribution analysis:
- In Royal Oak charter township, the median income for all workers aged 15 years and older, regardless of work hours, was $30,752 for males and $28,779 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $51,032 for males and $44,974 for females.
- In Royal Oak charter township, the median income for all workers aged 15 years and older, regardless of work hours, was $30,752 for males and $28,779 for females.
- In Royal Oak charter township, among full-time, year-round workers aged 15 years and older, males earned a median income of $51,032, while females earned $44,974, resulting in a 12% gender pay gap among full-time workers. This illustrates that women earn 88 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 township of Royal Oak charter township.
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Race
In Royal Oak charter township, the population is predominantly Black or African American, constituting 92.80% of the total residents. Here are the key highlights from the analysis of income distribution by race:
- The median household income for Black or African American households is $41,850.
- In Royal Oak charter township, despite the Black or African American population being the most populous, it is worth noting that White households actually reports the highest median household income, with a median income of $51,863. This reveals that, while Black or African Americans may be the most numerous in Royal Oak charter township, White households experience greater economic prosperity in terms of median household income.
- In Royal Oak charter township, the median household income for the households where the householder is White decreased by $11,336(17.94%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $63,199 in 2011 and $51,863 in 2021.
- In Royal Oak charter township, the median household income for the households where the householder is Black or African American increased by $9,688(30.12%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $32,162 in 2011 and $41,850 in 2021.
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Year by year
Royal Oak charter Township, Michigan median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Royal Oak charter township increased by $7,366 (21.40%), as per the American Community Survey estimates.
- Between 2010 and 2021, median household income, adjusted for 2022 inflation, experienced growth year by year for 7 years and declined for 4 years.
- The most significant year-by-year growth occured from 2020 to 2021, when the median household income increased by 5,118 (from $36,675 to $41,793). Similarly the most substantial year-by-year decline occured from 2012 to 2013, when the median household income decreased by 2,804 (from $34,031 to $31,227).
- It then further increased to $202,896 for 6-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.425, it is evident that income distribution in Royal Oak charter Township, Michigan exihibits characterstics of moderate inequality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $47,465. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $28,163.
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