Age of householder
Per the latest American Community Survey by the Census Bureau, Savoy town sees its highest median household income among householders in the age group of 45 to 64 years old, at $98,633. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Savoy town, the median household income stands at $98,633 for householders within the 45 to 64 years age group, followed by $81,407 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 $39,774.
- Notably, household income for individuals within the 45 to 64 years age group demonstrated a remarkable increase of $30,531(44.83%), escalating from a median of $68,102 in 2011 to $98,633 in 2021.
- 0 households where the householder is under 25 years old.
- 77(23.33%) households with a householder aged between 25 and 44 years.
- 116(35.15%) households with a householder aged between 45 and 64 years.
- 137(41.52%) households where the householder is over 65 years old.
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Gender
In Savoy town, the population consists of 377 males (53.25%) and 331 females (46.75%). Here are the primary highlights from the gender-based income distribution analysis:
- In Savoy town, the median income for all workers aged 15 years and older, regardless of work hours, was $40,234 for males and $31,226 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $61,815 for males and $61,538 for females.
- In Savoy town, the median income for all workers aged 15 years and older, regardless of work hours, was $40,234 for males and $31,226 for females.
- In Savoy town, for all full-time workers aged 15 years and older, the median income was equal at, $61,538 for both males and females. This indicates a gender income balance in Savoy town, where both men and women, in full-time year-round roles, earn an equal income.
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Race
In Savoy town, the population is predominantly White, constituting 94.07% 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 $55,397.
- In Savoy town, White is both the largest group and the one with the highest median household income, which stands at $55,397.
- In Savoy town, the median household income for the households where the householder is White decreased by $19,938(26.47%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $75,335 in 2011 and $55,397 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
Savoy, Massachusetts median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Savoy town decreased by $19,488 (26.02%), 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 6,387 (from $59,931 to $66,318). Similarly the most substantial year-by-year decline occured from 2019 to 2020, when the median household income decreased by 13,256 (from $66,740 to $53,484).
- It then further increased to $138,323 for 4-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.3963, it is evident that income distribution in Savoy, Massachusetts exihibits characterstics of moderate equality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $70,628. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $38,423.
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