Age of householder
Per the latest American Community Survey by the Census Bureau, Vestal town sees its highest median household income among householders in the age group of 25 to 44 years old, at $101,480. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Vestal town, the median household income stands at $101,480 for householders within the 25 to 44 years age group, followed by $98,242 for the 45 to 64 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $67,272.
- Notably, household income for individuals within the 65 years and over age group demonstrated a remarkable increase of $9,612(16.67%), escalating from a median of $57,660 in 2011 to $67,272 in 2021.
- 729(7.85%) households where the householder is under 25 years old.
- 1,889(20.34%) households with a householder aged between 25 and 44 years.
- 3,464(37.31%) households with a householder aged between 45 and 64 years.
- 3,203(34.50%) households where the householder is over 65 years old.
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Gender
In Vestal town, the population consists of 14,073 males (48.36%) and 15,030 females (51.64%). Here are the primary highlights from the gender-based income distribution analysis:
- In Vestal town, the median income for all workers aged 15 years and older, regardless of work hours, was $37,718 for males and $21,526 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $74,250 for males and $60,104 for females.
- In Vestal town, the median income for all workers aged 15 years and older, regardless of work hours, was $37,718 for males and $21,526 for females.
- In Vestal town, among full-time, year-round workers aged 15 years and older, males earned a median income of $74,250, while females earned $60,104, leading to a 19% gender pay gap among full-time workers. This illustrates that women earn 81 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 Vestal town, the population is predominantly White, constituting 80.60% 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 $79,775.
- In Vestal town, despite the White population being the most populous, it is worth noting that Black or African American households actually reports the highest median household income, with a median income of $178,570. This reveals that, while Whites may be the most numerous in Vestal town, Black or African American households experience greater economic prosperity in terms of median household income.
- In Vestal town, the median household income for the households where the householder is White decreased by $3,376(4.06%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $83,151 in 2011 and $79,775 in 2021.
- In Vestal town, the median household income for the households where the householder is Black or African American increased by $56,598(46.40%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $121,972 in 2011 and $178,570 in 2021.
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Year by year
Vestal, New York median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Vestal town decreased by $9,792 (11.44%), as per the American Community Survey estimates.
- Between 2010 and 2021, median household income, adjusted for 2022 inflation, experienced growth year by year for 3 years and declined for 8 years.
- The most significant year-by-year growth occured from 2020 to 2021, when the median household income increased by 3,382 (from $72,415 to $75,797). Similarly the most substantial year-by-year decline occured from 2019 to 2020, when the median household income decreased by 5,560 (from $77,975 to $72,415).
- It then further increased to $71,881 for 6-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.5412, it is evident that income distribution in Vestal, New York exihibits characterstics of moderate inequality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $102,408. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $39,484.
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