All incomes in 2022 inflation-adjusted dollars using R-CPI-U-RS. Sources: U.S. Census Bureau, American Community Survey (ACS) 2017-2021 5-Year Estimates
TABLE OF CONTENTS
Age of householder
Per the latest American Community Survey by the Census Bureau, Stanford sees its highest median household income among householders in the age group of 25 to 44 years old, at $44,250. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Stanford, where there exist only two delineated age groups, the median household income is $44,250 for householders within the 25 to 44 years age group, compared to $20,943 for the 65 years and over age group.
- Notably, household income for individuals within the 65 years and over age group demonstrated the smallest decline of $7,901(27.39%), declining from a median of $28,844 in 2011 to $20,943 in 2021.
- 0 households where the householder is under 25 years old.
- 11(7.28%) households with a householder aged between 25 and 44 years.
- 87(57.62%) households with a householder aged between 45 and 64 years.
- 53(35.10%) households where the householder is over 65 years old.
![Stanford, MT median household income by age of householder The bar chart shows Stanford, MT median household income by age of householder. All incomes have been adjusted for 2022 inflation using the Consumer Price Index retroactive series (R-CPI-U-RS).](https://i.neilsberg.com/ch/stanford-mt-median-household-income-by-age.jpeg)
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Gender
In Stanford, the population consists of 131 males (54.36%) and 110 females (45.64%). Here are the primary highlights from the gender-based income distribution analysis:
- In Stanford, the median income for all workers aged 15 years and older, regardless of work hours, was $43,537 for males and $14,187 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $90,526 for males and $34,454 for females.
- In Stanford, the median income for all workers aged 15 years and older, regardless of work hours, was $43,537 for males and $14,187 for females.
- In Stanford, among full-time, year-round workers aged 15 years and older, males earned a median income of $90,526, while females earned $34,454, leading to a 62% gender pay gap among full-time workers. This illustrates that women earn 38 cents for each dollar earned by men in full-time roles. This level of income gap emphasizes the urgency to address and rectify this ongoing disparity, where women, despite working full-time, face a more significant wage discrepancy compared to men in the same employment roles.
![Stanford, MT gender based income disparity Line chart showing the annual median income trends in Stanford, MT for males and females across four employment categories: (1) Males in full-time year-round positions, (2) Males in non-full-time roles (part-time and other employment types), (3) Females in full-time year-round positions, and (4) Females in non-full-time roles (part-time and other employment types).](https://i.neilsberg.com/ch/stanford-mt-income-by-gender.jpeg)
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Race
In Stanford, the population is predominantly White, constituting 90.46% 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 $38,283.
- In Stanford, White is both the largest group and the one with the highest median household income, which stands at $38,283.
- In Stanford, the median household income for the households where the householder is White decreased by $18,016(32%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $56,299 in 2011 and $38,283 in 2021.
- As per the U.S. Census Bureau population data, in Stanford, there are no households where the householder is Black or African American; hence, the median household income for the Black or African American population is not applicable.
![Stanford, MT median household income diversity across racial categories The bar chart shows Stanford, MT median household income across all racial categories identified by the U.S. Census Bureau.](https://i.neilsberg.com/ch/stanford-mt-median-household-income-by-race.jpeg)
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Year by year
Stanford, MT median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Stanford decreased by $4,331 (9.95%), 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 2010 to 2011, when the median household income increased by 12,965 (from $43,514 to $56,479). Similarly the most substantial year-by-year decline occured from 2017 to 2018, when the median household income decreased by 12,781 (from $59,200 to $46,419).
- It then further increased to $82,420 for 3-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.6588, it is evident that income distribution in Stanford, MT exihibits characterstics of high inequality .
- NA. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $22,639.
![Stanford, MT median household income trend (2010-2021, in 2022 inflation-adjusted dollars) The line chart shows Stanford, MT median household income from 2010 to 2021. The orange line represents Census Bureau data for median household income (without adjusting for any inflation), while the blue line shows inflation-adjusted median household income for 2022.](https://i.neilsberg.com/ch/stanford-mt-median-household-income-trend.jpeg)
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References
- U.S. Census Bureau American Community Survey (ACS) 2017-2021 5-Year Estimates
- Consumer Price Index retroactive series using current methods (R-CPI-U-RS)