Median Household Income in Wesley Hills, NY (2010-2021, in 2022 inflation-adjusted dollars)
Below, you will find a table illustrating the median household income in Wesley Hills, spanning the years from 2010 to 2021, with all figures adjusted to 2022 inflation-adjusted dollars.
Year | Median Household Income | YOY Change($) | YOY Change(%) |
---|---|---|---|
2010 | 173,840 | - | - |
2011 | 148,971 | -24,869 | -14.31% |
2012 | 149,754 | 783 | 0.53% |
2013 | 130,669 | -19,085 | -12.74% |
2014 | 127,842 | -2,827 | -2.16% |
2015 | 133,377 | 5,535 | 4.33% |
2016 | 137,429 | 4,052 | 3.04% |
2017 | 138,025 | 596 | 0.43% |
2018 | 136,277 | -1,748 | -1.27% |
2019 | 142,938 | 6,661 | 4.89% |
2020 | 144,090 | 1,152 | 0.81% |
2021 | 144,097 | 7 | - |
TABLE OF CONTENTS
Wesley Hills, NY median household income trends: 2010 to 2021
From 2010 to 2021, the median household income for Wesley Hills decreased by $29,743 (17.11%), as per the American Community Survey estimates. In comparison, median household income for the United States increased by $4,559 (6.51%) between 2010 and 2021.
Analyzing the trend in median household income between the years 2010 and 2021, spanning 11 annual cycles, we observed that median household income, when adjusted for 2022 inflation using the Consumer Price Index retroactive series (R-CPI-U-RS), experienced growth year by year for 7 years and declined for 4 years.
![Wesley Hills, NY median household income trend (2010-2021, in 2022 inflation-adjusted dollars) The line chart shows Wesley Hills, NY 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/wesley-hills-ny-median-household-income-trend.jpeg)
The most significant year-by-year growth occured from 2018 to 2019, when the median household income increased by 6,661 (from $136,277 to $142,938). Similarly the most substantial year-by-year decline occured from 2010 to 2011, when the median household income decreased by 24,869 (from $173,840 to $148,971).
In New York, among cities with populations ranging from 5,000 to 10,000 residents, Wesley Hills ranks 18th out of 217 for median household income. This rank highlight its position as one of the top-earning mid-size cities within the state of New York.
Median household income in Wesley Hills, NY by household size
To gain deeper insights into the median household income for Wesley Hills, we conducted an analysis of the most recent available data from the U.S. Census Bureau American Community Survey 5 year Estimates (the most recent data available).
Of the 7 household sizes (1 person to 7-or-more person households) reported by the census bureau, Wesley Hills did not include 6-person households. Across the different household sizes in Wesley Hills the mean income is $148,844, and the standard deviation is $93,945. The coefficient of variation (CV) is 63.12%. This high CV indicates high relative variability, suggesting that the incomes vary significantly across different sizes of households. Please note that the U.S. Census Bureau uses $250,001 as a JAM value to report incomes of $250,000 or more. In the case of Wesley Hills, there were 1 household sizes where the JAM values were used. Thus, the numbers for the mean and standard deviation may not be entirely accurate and have a higher possibility of errors. However, to obtain an approximate estimate, we have used a value of $250,001 as the income for calculations, as reported in the datasets by the U.S. Census Bureau.
In the most recent year, 2021, The smallest household size for which the bureau reported a median household income was 1-person households, with an income of $20,187. It then further increased to $107,370 for 7-person households, the largest household size for which the bureau reported a median household income.
![Wesley Hills, NY median household income, by household size (in 2022 inflation-adjusted dollars) Bar chart showing Wesley Hills, NY median household income for different household sizes in 2021. The chart illustrates income trends for 1-person to 7-or-more person households, with values adjusted for inflation. It provides insights into income disparities and variations across household sizes, aiding in data analysis and decision-making.](https://i.neilsberg.com/ch/wesley-hills-ny-median-household-income-by-household-size.jpeg)
Wesley Hills median household income by household size
The table below displays median household incomes for various household sizes, as reported by the U.S. Census Bureau. Explore how household income varies with the size of the family unit.
Household Size | Median Household Income |
---|---|
1-person households | 20,187 |
2-person households | 145,558 |
3-person households | 105,014 |
4-person households | 244,707 |
5-person households | 270,229 |
6-person households | 0 |
7-or-more-person households | 107,370 |
According to the Census Bureau data, the median household income reaches its peak among 5-person households, reaching $270,229 Please note that this income is a JAM value, as reported by the U.S. Census Bureau, and may not be entirely accurate. For your analysis, you can consider that the highest income in Wesley Hills falls within the range of $250,000 or more, rather than being a specific, precise number.
Wesley Hills, NY income distribution and inequality
To gain a comprehensive understanding of income distribution in Wesley Hills, we conducted an analysis of quintiles data from the U.S. Census Bureau. While the bureau does not categorize income into subjective classes like lower-income, middle-class, or upper-class, they instead divide the population into five quintiles, ensuring that each quintile represents nearly the same number of households. This classification allows us to analyze income levels across a spectrum from the lowest to the highest income groups.
![Mean household income by quintiles in Wesley Hills, NY (in 2022 inflation-adjusted dollars) Bar chart illustrating the Wesley Hills mean household income for different quintiles, plus the top 5%, with values adjusted for 2022 inflation using R-CPI-U-RS. The chart provides insights into income distribution, showcasing variations across quintiles and highlighting the income of the top 5%. Useful for analyzing income disparities and trends for Wesley Hills.](https://i.neilsberg.com/ch/wesley-hills-ny-mean-household-income-by-quintiles.jpeg)
Mean household income by quintile in Wesley Hills
The table below presents the mean household income for each of the five quintiles in Wesley Hills, offering valuable insights into income distribution and inequality.
Income Level | Mean Household Income |
---|---|
Lowest Quintile | 24,531 |
Second Quintile | 90,263 |
Third Quintile | 149,179 |
Fourth Quintile | 226,920 |
Highest Quintile | 686,889 |
Top 5 Percent | 1,417,618 |
Key findings:
- Income disparities: The mean income of the lowest quintile (20% of households with the lowest income) is 24,531, while the mean income for the highest quintile (20% of households with the highest income) is 686,889. This indicates that the top earners earn 28 times compared to the lowest earners.
- Top 5%: The mean household income for the wealthiest population (top 5%) is 1,417,618, which is 206.38% higher compared to the highest quintile, and 5778.88% higher compared to the lowest quintile.
Furthermore, as per the Census Bureau, the Gini coefficient for Wesley Hills is 0.5454. Gini coefficient is a numeric measure ranging from 0 to 1, where lower numbers indicate greater income equality (with 0 representing complete equality, where all households earn the same income) and higher values signify greater income inequality (with 1 being complete inequality where one household receives all income).
Sources: U.S. Census Bureau, American Community Survey (ACS)
With a Gini coefficient of 0.5454, it is evident that income distribution in Wesley Hills, NY exihibits characterstics of moderate inequality .
This level of Gini coefficient suggests noticeable variations in income distribution across households, with certain segments of the population holding a larger share of income compared to others in Wesley Hills.
It also implies that efforts may be needed to enhance economic fairness and reduce the gap between income groups in Wesley Hills
Things to know
What is the Gini index for Wesley Hills, NY?
As per the Census Bureau, the Gini coefficient for Wesley Hills is 0.5454. With this value of Gini coefficient, it is evident that income distribution in Wesley Hills exihibits characterstics of moderate inequality .
This level of Gini coefficient suggests noticeable variations in income distribution across households, with certain segments of the population holding a larger share of income compared to others in Wesley Hills.
It also implies that efforts may be needed to enhance economic fairness and reduce the gap between income groups in Wesley Hills
What is the median household income in Wesley Hills, NY?
As per the latest data available from American Community Survey, the median household income for Wesley Hills is $144,097 (in 2022 inflation-adjusted dollars). The next release from the Census is scheduled for Dec 7, 2023. This income is 193.14% of the U.S. median household income of $74,606 (all incomes in 2022 inflation-adjusted dollars).
How does Wesley Hills, NY median household income compare to the rest of the United States?
In New York, among cities with populations ranging from 5,000 to 10,000 residents, Wesley Hills ranks 18th out of 217 for median household income. This rank highlight its position as one of the top-earning mid-size cities within the state of New York.
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)