Age of householder
Per the latest American Community Survey by the Census Bureau, Russell Springs sees its highest median household income among householders in the age group of 25 to 44 years old, at $61,633. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Russell Springs, the median household income stands at $61,633 for householders within the 25 to 44 years age group, followed by $38,649 for the 65 years and over age group. Notably, householders within the 45 to 64 years age group, had the lowest median household income at $27,084.
- Notably, household income for individuals within the 25 to 44 years age group demonstrated a remarkable increase of $20,684(50.51%), escalating from a median of $40,949 in 2011 to $61,633 in 2021.
- 0 households where the householder is under 25 years old.
- 251(25.98%) households with a householder aged between 25 and 44 years.
- 425(44%) households with a householder aged between 45 and 64 years.
- 290(30.02%) households where the householder is over 65 years old.
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Gender
In Russell Springs, the population consists of 1,340 males (50.43%) and 1,317 females (49.57%). Here are the primary highlights from the gender-based income distribution analysis:
- In Russell Springs, the median income for all workers aged 15 years and older, regardless of work hours, was $15,768 for males and $16,785 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $26,582 for males and $40,728 for females.
- In Russell Springs, the median income for all workers aged 15 years and older, regardless of work hours, was $15,768 for males and $16,785 for females.
- In Russell Springs, among full-time, year-round workers aged 15 years and older, males earned a median income of $26,582, while females earned $40,728
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Race
In Russell Springs, the population is predominantly White, constituting 86.71% 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 $33,103.
- In Russell Springs, despite the White population being the most populous, it is worth noting that Two or More Races households actually reports the highest median household income, with a median income of $55,107. This reveals that, while Whites may be the most numerous in Russell Springs, Two or More Races households experience greater economic prosperity in terms of median household income.
- In Russell Springs, the median household income for the households where the householder is White increased by $4,797(16.95%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $28,306 in 2011 and $33,103 in 2021.
- Even though there is a population where the householder is Black or African American, there was no median household income reported by the U.S. Census Bureau for both 2011 and 2021.
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Year by year
Russell Springs, KY median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Russell Springs increased by $7,586 (28.89%), as per the American Community Survey estimates.
- Between 2010 and 2021, median household income, adjusted for 2022 inflation, experienced growth year by year for 6 years and declined for 5 years.
- The most significant year-by-year growth occured from 2016 to 2017, when the median household income increased by 5,372 (from $28,055 to $33,427). Similarly the most substantial year-by-year decline occured from 2014 to 2015, when the median household income decreased by 2,955 (from $33,317 to $30,362).
- It then further increased to $71,041 for 4-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.4442, it is evident that income distribution in Russell Springs, KY exihibits characterstics of moderate inequality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $57,100. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $14,619.
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