Age of householder
Per the latest American Community Survey by the Census Bureau, Spencer sees its highest median household income among householders in the age group of 25 to 44 years old, at $70,766. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Spencer, where there exist only two delineated age groups, the median household income is $70,766 for householders within the 25 to 44 years age group, compared to $51,803 for the 45 to 64 years age group.
- Notably, household income for individuals within the 45 to 64 years age group demonstrated a remarkable increase of $17,343(50.33%), escalating from a median of $34,460 in 2011 to $51,803 in 2021.
- 0 households where the householder is under 25 years old.
- 507(28.50%) households with a householder aged between 25 and 44 years.
- 651(36.59%) households with a householder aged between 45 and 64 years.
- 621(34.91%) households where the householder is over 65 years old.
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Gender
In Spencer, the population consists of 1,929 males (48.55%) and 2,044 females (51.45%). Here are the primary highlights from the gender-based income distribution analysis:
- In Spencer, the median income for all workers aged 15 years and older, regardless of work hours, was $36,481 for males and $23,257 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $45,193 for males and $41,649 for females.
- In Spencer, the median income for all workers aged 15 years and older, regardless of work hours, was $36,481 for males and $23,257 for females.
- In Spencer, among full-time, year-round workers aged 15 years and older, males earned a median income of $45,193, while females earned $41,649, resulting in a 8% gender pay gap among full-time workers. This illustrates that women earn 92 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 city of Spencer.
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Race
In Spencer, the population is predominantly Black or African American, constituting 55.40% 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 $46,366.
- In Spencer, 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 $69,672. This reveals that, while Black or African Americans may be the most numerous in Spencer, White households experience greater economic prosperity in terms of median household income.
- In Spencer, the median household income for the households where the householder is White increased by $35,059(101.29%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $34,613 in 2011 and $69,672 in 2021.
- In Spencer, the median household income for the households where the householder is Black or African American decreased by $6,042(11.53%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $52,408 in 2011 and $46,366 in 2021.
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Year by year
Spencer, OK median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Spencer increased by $3,859 (7.93%), 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 2020 to 2021, when the median household income increased by 10,903 (from $41,602 to $52,505). Similarly the most substantial year-by-year decline occured from 2010 to 2011, when the median household income decreased by 7,580 (from $48,646 to $41,066).
- It then further increased to $92,280 for 5-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.4063, it is evident that income distribution in Spencer, OK exihibits characterstics of moderate inequality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $71,472. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $30,401.
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