Age of householder
Per the latest American Community Survey by the Census Bureau, Smithfield town sees its highest median household income among householders in the age group of 45 to 64 years old, at $125,372. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Smithfield town, householders within the 45 to 64 years age group have the highest median household income at $125,372, followed by those in the 25 to 44 years age group with an income of $114,661. Meanwhile householders within the under 25 years age group report the second lowest median household income of $103,999. Notably, householders within the 65 years and over age group, had the lowest median household income at $52,546.
- Notably, household income for individuals within the Under 25 years age group demonstrated a remarkable increase of $15,441(17.44%), escalating from a median of $88,558 in 2011 to $103,999 in 2021.
- 70(0.89%) households where the householder is under 25 years old.
- 1,594(20.36%) households with a householder aged between 25 and 44 years.
- 3,353(42.83%) households with a householder aged between 45 and 64 years.
- 2,811(35.91%) households where the householder is over 65 years old.
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Gender
In Smithfield town, the population consists of 10,472 males (47.92%) and 11,383 females (52.08%). Here are the primary highlights from the gender-based income distribution analysis:
- In Smithfield town, the median income for all workers aged 15 years and older, regardless of work hours, was $48,092 for males and $30,104 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $82,012 for males and $73,466 for females.
- In Smithfield town, the median income for all workers aged 15 years and older, regardless of work hours, was $48,092 for males and $30,104 for females.
- In Smithfield town, among full-time, year-round workers aged 15 years and older, males earned a median income of $82,012, while females earned $73,466, resulting in a 10% gender pay gap among full-time workers. This illustrates that women earn 90 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 Smithfield town.
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Race
In Smithfield town, the population is predominantly White, constituting 90.95% 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 $94,766.
- In Smithfield town, despite the White population being the most populous, it is worth noting that Asian households actually reports the highest median household income, with a median income of $187,700. This reveals that, while Whites may be the most numerous in Smithfield town, Asian households experience greater economic prosperity in terms of median household income.
- In Smithfield town, the median household income for the households where the householder is White decreased by $280(0.29%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $95,046 in 2011 and $94,766 in 2021.
- In Smithfield town, the median household income for Black or African American households was $99,236 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
Smithfield, Rhode Island median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Smithfield town decreased by $1,922 (1.98%), 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 2015 to 2016, when the median household income increased by 4,582 (from $88,389 to $92,971). Similarly the most substantial year-by-year decline occured from 2013 to 2014, when the median household income decreased by 4,876 (from $93,366 to $88,490).
- It then further increased to $270,229 for 7-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.4408, it is evident that income distribution in Smithfield, Rhode Island exihibits characterstics of moderate inequality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $120,810. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $46,165.
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