Age of householder
Per the latest American Community Survey by the Census Bureau, Wakefield town sees its highest median household income among householders in the age group of 45 to 64 years old, at $143,054. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Wakefield town, householders within the 45 to 64 years age group have the highest median household income at $143,054, followed by those in the 25 to 44 years age group with an income of $140,234. Meanwhile householders within the under 25 years age group report the second lowest median household income of $92,722. Notably, householders within the 65 years and over age group, had the lowest median household income at $92,220.
- Notably, household income for individuals within the 65 years and over age group demonstrated a remarkable increase of $37,117(67.36%), escalating from a median of $55,103 in 2011 to $92,220 in 2021.
- 70(0.65%) households where the householder is under 25 years old.
- 3,388(31.23%) households with a householder aged between 25 and 44 years.
- 4,393(40.49%) households with a householder aged between 45 and 64 years.
- 2,998(27.63%) households where the householder is over 65 years old.
Read more about Wakefield, Massachusetts median household income by age ➔
Gender
In Wakefield town, the population consists of 13,494 males (49.90%) and 13,547 females (50.10%). Here are the primary highlights from the gender-based income distribution analysis:
- In Wakefield town, the median income for all workers aged 15 years and older, regardless of work hours, was $76,179 for males and $47,686 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $100,458 for males and $84,897 for females.
- In Wakefield town, the median income for all workers aged 15 years and older, regardless of work hours, was $76,179 for males and $47,686 for females.
- In Wakefield town, among full-time, year-round workers aged 15 years and older, males earned a median income of $100,458, while females earned $84,897, resulting in a 15% gender pay gap among full-time workers. This illustrates that women earn 85 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 Wakefield town.
Read more about Wakefield, Massachusetts income by gender ➔
Race
In Wakefield town, the population is predominantly White, constituting 91.88% 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 $124,712.
- In Wakefield town, White is both the largest group and the one with the highest median household income, which stands at $124,712.
- In Wakefield town, the median household income for the households where the householder is White increased by $12,814(11.45%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $111,898 in 2011 and $124,712 in 2021.
- In Wakefield town, there was no reported median household income for Black or African American households in 2011. However, in 2021, the median household income increased to $47,290(2022 inflation-adjusted dollars), marking a significant change.
Read more about Wakefield, Massachusetts median household income by race ➔
Year by year
Wakefield, Massachusetts median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Wakefield town decreased by $1,116 (0.93%), 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 2015 to 2016, when the median household income increased by 5,177 (from $106,014 to $111,191). Similarly the most substantial year-by-year decline occured from 2010 to 2011, when the median household income decreased by 8,778 (from $120,418 to $111,640).
- It then further increased to $205,477 for 7-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.4353, it is evident that income distribution in Wakefield, Massachusetts exihibits characterstics of moderate inequality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $153,674. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $72,001.
Read more about Wakefield, Massachusetts median household income ➔