Age of householder
Per the latest American Community Survey by the Census Bureau, Velda City sees its highest median household income among householders in the age group of 45 to 64 years old, at $49,739. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Velda City, householders within the 45 to 64 years age group have the highest median household income at $49,739, followed by those in the under 25 years age group with an income of $48,791. Meanwhile householders within the 25 to 44 years age group report the second lowest median household income of $41,717. Notably, householders within the 65 years and over age group, had the lowest median household income at $36,751.
- Notably, household income for individuals within the Under 25 years age group demonstrated a remarkable increase of $35,443(265.53%), escalating from a median of $13,348 in 2011 to $48,791 in 2021.
- 17(3.42%) households where the householder is under 25 years old.
- 147(29.58%) households with a householder aged between 25 and 44 years.
- 187(37.63%) households with a householder aged between 45 and 64 years.
- 146(29.38%) households where the householder is over 65 years old.
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Gender
In Velda City, the population consists of 581 males (45.32%) and 701 females (54.68%). Here are the primary highlights from the gender-based income distribution analysis:
- In Velda City, the median income for all workers aged 15 years and older, regardless of work hours, was $28,633 for males and $23,041 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $46,164 for males and $33,423 for females.
- In Velda City, the median income for all workers aged 15 years and older, regardless of work hours, was $28,633 for males and $23,041 for females.
- In Velda City, among full-time, year-round workers aged 15 years and older, males earned a median income of $46,164, while females earned $33,423, leading to a 28% gender pay gap among full-time workers. This illustrates that women earn 72 cents for each dollar earned by men in full-time roles. This analysis indicates a widening gender pay gap, showing a substantial income disparity where women, despite working full-time, face a more significant wage discrepancy compared to men in the same roles.
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Race
In Velda City, the population is predominantly Black or African American, constituting 94.62% 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 $44,244.
- In Velda City, 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 $50,593. This reveals that, while Black or African Americans may be the most numerous in Velda City, White households experience greater economic prosperity in terms of median household income.
- In Velda City, the median household income for the households where the householder is White increased by $6,258(14.12%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $44,335 in 2011 and $50,593 in 2021.
- In Velda City, the median household income for the households where the householder is Black or African American increased by $3,244(7.91%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $41,000 in 2011 and $44,244 in 2021.
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Year by year
Velda City, MO median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Velda City increased by $4,485 (11.20%), 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 2013 to 2014, when the median household income increased by 3,973 (from $38,377 to $42,350). Similarly the most substantial year-by-year decline occured from 2020 to 2021, when the median household income decreased by 1,910 (from $46,452 to $44,542).
- It then further increased to $49,181 for 7-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.3038, it is evident that income distribution in Velda City, MO exihibits characterstics of moderate equality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $49,733. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $32,844.
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