Age of householder
Per the latest American Community Survey by the Census Bureau, Woolstock sees its highest median household income among householders in the age group of 25 to 44 years old, at $85,872. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Woolstock, where there exist only two delineated age groups, the median household income is $85,872 for householders within the 25 to 44 years age group, compared to $68,908 for the 45 to 64 years age group.
- Notably, household income for individuals within the 25 to 44 years age group demonstrated a remarkable increase of $32,480(60.83%), escalating from a median of $53,392 in 2011 to $85,872 in 2021.
- 6(5.94%) households where the householder is under 25 years old.
- 32(31.68%) households with a householder aged between 25 and 44 years.
- 16(15.84%) households with a householder aged between 45 and 64 years.
- 47(46.53%) households where the householder is over 65 years old.
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Gender
In Woolstock, the population consists of 138 males (64.19%) and 77 females (35.81%). Here are the primary highlights from the gender-based income distribution analysis:
- In Woolstock, the median income for all workers aged 15 years and older, regardless of work hours, was $55,127 for males and $27,293 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $56,748 for males and $40,534 for females.
- In Woolstock, the median income for all workers aged 15 years and older, regardless of work hours, was $55,127 for males and $27,293 for females.
- In Woolstock, among full-time, year-round workers aged 15 years and older, males earned a median income of $56,748, while females earned $40,534, leading to a 29% gender pay gap among full-time workers. This illustrates that women earn 71 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 Woolstock, the population is predominantly White, constituting 80% 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 $57,423.
- In Woolstock, White is both the largest group and the one with the highest median household income, which stands at $57,423.
- In Woolstock, the median household income for the households where the householder is White increased by $16,710(41.04%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $40,713 in 2011 and $57,423 in 2021.
- Even though there is a population where the householder is Black or African American, there was no median household income reported by the U.S. Census Bureau for both 2011 and 2021.
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Year by year
Woolstock, IA median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Woolstock increased by $39,475 (107.08%), as per the American Community Survey estimates.
- Between 2010 and 2021, median household income, adjusted for 2022 inflation, experienced growth year by year for 7 years and declined for 4 years.
- The most significant year-by-year growth occured from 2018 to 2019, when the median household income increased by 29,742 (from $49,198 to $78,940). Similarly the most substantial year-by-year decline occured from 2015 to 2016, when the median household income decreased by 6,182 (from $56,634 to $50,452).
- It then further increased to $86,087 for 4-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.2897, it is evident that income distribution in Woolstock, IA exihibits characterstics of moderate equality .
- NA. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $0.
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