Price, UT Median Household Income: Trends, Analysis, and Key Findings

The median household income in Price was $49,105 in 2021, which marked an an increase of 947(1.97%) from $48,158 in 2020. This income is 65.82% of the U.S. median household income of $74,606 (all incomes in 2022 inflation-adjusted dollars).
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Updated Jan 11, 2024

Median Household Income in Price, UT (2010-2021, in 2022 inflation-adjusted dollars)

Below, you will find a table illustrating the median household income in Price, 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 51,534 - -
2011 50,101 -1,433 -2.78%
2012 55,585 5,484 10.95%
2013 50,762 -4,823 -8.68%
2014 54,968 4,206 8.29%
2015 54,597 -371 -0.67%
2016 57,656 3,059 5.60%
2017 54,357 -3,299 -5.72%
2018 55,993 1,636 3.01%
2019 52,508 -3,485 -6.22%
2020 48,158 -4,350 -8.28%
2021 49,105 947 1.97%
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Avg Income Age group Avg Income Diversity Index Population Gender ratio (M:F) Homeownership % Avg commute time Custom Dataset: Price Self-employed, multilingual, car-commuting, insured individuals 15 to 24 years $27,865 75 27,354 0.75 0.5% 55 min 25 to 44 years $44,231 90 37,459 0.86 19% 43 min 45 to 64 years $53,865 95 42,167 0.77 35% 15 min 65 to 74 years $51,800 74 32,972 0.91 45% 13 min 75 to 84 years $41,234 66 26,758 0.87 66% 42 min 85 years and over $36,093 56 18,857 0.89 76% 45 min

Price, UT median household income trends: 2010 to 2021

From 2010 to 2021, the median household income for Price decreased by $2,429 (4.71%), 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 5 years and declined for 6 years.

The line chart shows Price, UT 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.
Price, UT median household income trends: 2010 to 2021. The chart illustrates income fluctuations over the years, highlighting the impact of inflation on economic trends. We observed that the median household income experienced growth year by year for 5 years and declined for 6 years. Source: U.S. Census Bureau American Community Survey (ACS) 2017-2021 5-Year Estimates

The most significant year-by-year growth occured from 2011 to 2012, when the median household income increased by 5,484 (from $50,101 to $55,585). Similarly the most substantial year-by-year decline occured from 2012 to 2013, when the median household income decreased by 4,823 (from $55,585 to $50,762).

In Utah, among cities with populations ranging from 5,000 to 10,000 residents, Price ranks 25th out of 26 for median household income. This rank indicates that it falls within the lower-income range of mid-size cities within the state of Utah.

Median household income in Price, UT by household size

To gain deeper insights into the median household income for Price, 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, all of the household sizes were found in Price. Across the different household sizes in Price the mean income is $59,938, and the standard deviation is $19,924. The coefficient of variation (CV) is 33.24%. This high CV indicates high relative variability, suggesting that the incomes vary significantly across different sizes of households.

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 $25,422. It then further increased to $73,563 for 7-person households, the largest household size for which the bureau reported a median household income.

Bar chart showing Price, UT 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.
Price, UT median household income, by household size (in 2022 inflation-adjusted dollars). Source: U.S. Census Bureau American Community Survey (ACS) 2017-2021 5-Year Estimates

Price 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 25,422
2-person households 52,064
3-person households 54,997
4-person households 66,012
5-person households 57,949
6-person households 89,561
7-or-more-person households 73,563
Exploring Price's Diversity? Request Customized Data Now!

According to the Census Bureau data, the median household income reaches its peak among 6-person households, reaching $89,561 .

Price, UT income distribution and inequality

To gain a comprehensive understanding of income distribution in Price, 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.

Bar chart illustrating the Price 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 Price.
Mean household income by quintiles in Price, UT (in 2022 inflation-adjusted dollars): The mean household income for the wealthiest population (top 5%) is 193,444, which is 142.92% higher compared to the highest quintile, and 1838.65% higher compared to the lowest quintile. Source: U.S. Census Bureau American Community Survey (ACS) 2017-2021 5-Year Estimates

Mean household income by quintile in Price

The table below presents the mean household income for each of the five quintiles in Price, offering valuable insights into income distribution and inequality.

Income Level Mean Household Income
Lowest Quintile 10,521
Second Quintile 28,244
Third Quintile 47,480
Fourth Quintile 68,758
Highest Quintile 135,349
Top 5 Percent 193,444
Exploring Price's Diversity? Request Customized Data Now!

Key findings:

  • Income disparities: The mean income of the lowest quintile (20% of households with the lowest income) is 10,521, while the mean income for the highest quintile (20% of households with the highest income) is 135,349. This indicates that the top earners earn 13 times compared to the lowest earners.
  • Top 5%: The mean household income for the wealthiest population (top 5%) is 193,444, which is 142.92% higher compared to the highest quintile, and 1838.65% higher compared to the lowest quintile.

Furthermore, as per the Census Bureau, the Gini coefficient for Price is 0.4255. 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).

Gini coefficient:
0.4255

Sources: U.S. Census Bureau, American Community Survey (ACS)

With a Gini coefficient of 0.4255, it is evident that income distribution in Price, UT 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 Price.

It also implies that efforts may be needed to enhance economic fairness and reduce the gap between income groups in Price

Median household income in Price, UT by family type, 2021

The Census Bureau classifies households into different categories, including total households, family households, and non-family households. Our analysis of U.S. Census Bureau American Community Survey data for Price reveals how household income distribution varies among these categories.

Interestingly, we found that the median household income did vary between family households and non-family households. In 2021, for Price, there were a total of 1,971 family households and 1,209 non-family households.

For the family households, the median income (in 2022 inflation-adjusted dollars) was $57,752. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $28,690.

Price, UT households by income brackets: family, non-family, and total, 2021, in 2022 inflation-adjusted dollars

The table below presents a breakdown of households across various income brackets in Price. The data in the table offers insights into the distribution of Price households based on income levels.

Income Level All Households % All Households Family Households % Family Households Non-Family Households % Non-Family Households
Total: 3,180 100.00% 1,971 100.00% 1,209 100.00%
Less than $10,000 351 11.04% 111 5.63% 240 19.85%
$10,000 to $14,999 103 3.24% 27 1.37% 76 6.29%
$15,000 to $19,999 271 8.52% 98 4.97% 173 14.31%
$20,000 to $24,999 201 6.32% 104 5.28% 97 8.02%
$25,000 to $29,999 239 7.52% 201 10.20% 38 3.14%
$30,000 to $34,999 176 5.53% 54 2.74% 122 10.09%
$35,000 to $39,999 124 3.90% 80 4.06% 44 3.64%
$40,000 to $44,999 132 4.15% 63 3.20% 69 5.71%
$45,000 to $49,999 284 8.93% 151 7.66% 133 11.00%
$50,000 to $59,999 341 10.72% 204 10.35% 137 11.33%
$60,000 to $74,999 221 6.95% 173 8.78% 48 3.97%
$75,000 to $99,999 336 10.57% 319 16.18% 17 1.41%
$100,000 to $124,999 139 4.37% 139 7.05% - -
$125,000 to $149,999 100 3.14% 100 5.07% - -
$150,000 to $199,999 131 4.12% 116 5.89% 15 1.24%
$200,000 or more 31 0.97% 31 1.57% - -
Exploring Price's Diversity? Request Customized Data Now!

Key findings:

  • For Family Households: In Price, the majority of family households, representing 16.18%, earn $75,000 to $99,999, showcasing a substantial share of the community families falling within this income bracket. Conversely, the minority of family households, comprising 1.37%, have incomes falling $100,000 to $124,999, representing a smaller but still significant segment of the community.
  • For Non-Family Households: In Price, the majority of non-family households, accounting for 19.85%, have income Less than $10,000, indicating that a substantial portion of non-family households falls within this income bracket. On the other hand, the minority of non-family households, comprising 0.0%, earn $100,000 to $124,999, representing a smaller, yet notable, portion of non-family households in the community.
  • For Total Households (Combining Family and Non-Family): When considering total households in Price, the majority, constituting 11.04%, earn Less than $10,000, demonstrating that a significant portion of community households falls within this income bracket. Simultaneously, the minority of total households, representing 0.97%, have incomes $200,000 or more, signifying a smaller segment of households in the community.

Things to know

What is the Gini index for Price, UT?

As per the Census Bureau, the Gini coefficient for Price is 0.4255. With this value of Gini coefficient, it is evident that income distribution in Price 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 Price.

It also implies that efforts may be needed to enhance economic fairness and reduce the gap between income groups in Price

What is the median household income in Price, UT?

As per the latest data available from American Community Survey, the median household income for Price is $49,105 (in 2022 inflation-adjusted dollars). The next release from the Census is scheduled for Dec 7, 2023. This income is 65.82% of the U.S. median household income of $74,606 (all incomes in 2022 inflation-adjusted dollars).

How does Price, UT median household income compare to the rest of the United States?

In Utah, among cities with populations ranging from 5,000 to 10,000 residents, Price ranks 25th out of 26 for median household income. This rank indicates that it falls within the lower-income range of mid-size cities within the state of Utah.

References

Datasets

Explore datasets by year of publication.
2023
Median Household Income Variation by Family Size in Price, UT: Comparative analysis across 7 household sizes
Last updated January 11, 2024
ACS
Free
Neilsberg
CSV, JSON
2017-2021
CC BY 4.0
About this dataset

Context

The dataset presents median household incomes for various household sizes in Price, UT, as reported by the U.S. Census Bureau. The dataset highlights the variation in median household income with the size of the family unit, offering valuable insights into economic trends and disparities within different household sizes, aiding in data analysis and decision-making.

Key observations

  • Of the 7 household sizes (1 person to 7-or-more person households) reported by the census bureau, all of the household sizes were found in Price. Across the different household sizes in Price the mean income is $59,938, and the standard deviation is $19,924. The coefficient of variation (CV) is 33.24%. This high CV indicates high relative variability, suggesting that the incomes vary significantly across different sizes of households.
  • 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 $25,422. It then further increased to $73,563 for 7-person households, the largest household size for which the bureau reported a median household income.

Price, UT median household income, by household size (in 2022 inflation-adjusted dollars)

Content

When available, the data consists of estimates from the U.S. Census Bureau American Community Survey (ACS) 2017-2021 5-Year Estimates.

Household Sizes:

  • 1-person households
  • 2-person households
  • 3-person households
  • 4-person households
  • 5-person households
  • 6-person households
  • 7-or-more-person households

Variables / Data Columns

  • Household Size: This column showcases 7 household sizes ranging from 1-person households to 7-or-more-person households (As mentioned above).
  • Median Household Income: Median household income, in 2022 inflation-adjusted dollars for the specific household size.

Good to know

Margin of Error

Data in the dataset are based on the estimates and are subject to sampling variability and thus a margin of error. Neilsberg Research recommends using caution when presening these estimates in your research.

Custom data

If you do need custom data for any of your research project, report or presentation, you can contact our research staff at research@neilsberg.com for a feasibility of a custom tabulation on a fee-for-service basis.

Inspiration

Neilsberg Research Team curates, analyze and publishes demographics and economic data from a variety of public and proprietary sources, each of which often includes multiple surveys and programs. The large majority of Neilsberg Research aggregated datasets and insights is made available for free download at https://www.neilsberg.com/research/.

Recommended for further research

This dataset is a part of the main dataset for Price median household income. You can refer the same here

Price, UT households by income brackets: family, non-family, and total, in 2022 inflation-adjusted dollars
Last updated January 11, 2024
ACS
Free
Neilsberg
CSV, JSON
2017-2021
CC BY 4.0
About this dataset

Context

The dataset presents a breakdown of households across various income brackets in Price, UT, as reported by the U.S. Census Bureau. The Census Bureau classifies households into different categories, including total households, family households, and non-family households. Our analysis of U.S. Census Bureau American Community Survey data for Price, UT reveals how household income distribution varies among these categories. The dataset highlights the variation in number of households with income, offering valuable insights into the distribution of Price households based on income levels.

Key observations

  • For Family Households: In Price, the majority of family households, representing 16.18%, earn $75,000 to $99,999, showcasing a substantial share of the community families falling within this income bracket. Conversely, the minority of family households, comprising 1.37%, have incomes falling $100,000 to $124,999, representing a smaller but still significant segment of the community.
  • For Non-Family Households: In Price, the majority of non-family households, accounting for 19.85%, have income Less than $10,000, indicating that a substantial portion of non-family households falls within this income bracket. On the other hand, the minority of non-family households, comprising 0.0%, earn $100,000 to $124,999, representing a smaller, yet notable, portion of non-family households in the community.
Content

When available, the data consists of estimates from the U.S. Census Bureau American Community Survey (ACS) 2017-2021 5-Year Estimates.

Income Levels:

  • Less than $10,000
  • $10,000 to $14,999
  • $15,000 to $19,999
  • $20,000 to $24,999
  • $25,000 to $29,999
  • $30,000 to $34,999
  • $35,000 to $39,999
  • $40,000 to $44,999
  • $45,000 to $49,999
  • $50,000 to $59,999
  • $60,000 to $74,999
  • $75,000 to $99,999
  • $125,000 to $149,999
  • $150,000 to $199,999
  • $200,000 or more

Variables / Data Columns

  • Income Level: The income level represents the income brackets ranging from Less than $10,000 to $200,000 or more in Price, UT (As mentioned above).
  • All Households: Count of households for the specified income level
  • % All Households: Percentage of households at the specified income level relative to the total households in Price, UT
  • Family Households: Count of family households for the specified income level
  • % Family Households: Percentage of family households at the specified income level relative to the total family households in Price, UT
  • Non-Family Households: Count of non-family households for the specified income level
  • % Non-Family Households: Percentage of non-family households at the specified income level relative to the total non-family households in Price, UT

Good to know

Margin of Error

Data in the dataset are based on the estimates and are subject to sampling variability and thus a margin of error. Neilsberg Research recommends using caution when presening these estimates in your research.

Custom data

If you do need custom data for any of your research project, report or presentation, you can contact our research staff at research@neilsberg.com for a feasibility of a custom tabulation on a fee-for-service basis.

Inspiration

Neilsberg Research Team curates, analyze and publishes demographics and economic data from a variety of public and proprietary sources, each of which often includes multiple surveys and programs. The large majority of Neilsberg Research aggregated datasets and insights is made available for free download at https://www.neilsberg.com/research/.

Recommended for further research

This dataset is a part of the main dataset for Price median household income. You can refer the same here

Income Distribution by Quintile: Mean Household Income in Price, UT
Last updated January 11, 2024
ACS
Free
Neilsberg
CSV, JSON
2017-2021
CC BY 4.0
About this dataset

Context

The dataset presents the mean household income for each of the five quintiles in Price, UT, as reported by the U.S. Census Bureau. The dataset highlights the variation in mean household income across quintiles, offering valuable insights into income distribution and inequality.

Key observations

  • Income disparities: The mean income of the lowest quintile (20% of households with the lowest income) is 10,521, while the mean income for the highest quintile (20% of households with the highest income) is 135,349. This indicates that the top earners earn 13 times compared to the lowest earners.
  • *Top 5%: * The mean household income for the wealthiest population (top 5%) is 193,444, which is 142.92% higher compared to the highest quintile, and 1838.65% higher compared to the lowest quintile.

Mean household income by quintiles in Price, UT (in 2022 inflation-adjusted dollars))

Content

When available, the data consists of estimates from the U.S. Census Bureau American Community Survey (ACS) 2017-2021 5-Year Estimates.

Income Levels:

  • Lowest Quintile
  • Second Quintile
  • Third Quintile
  • Fourth Quintile
  • Highest Quintile
  • Top 5 Percent

Variables / Data Columns

  • Income Level: This column showcases the income levels (As mentioned above).
  • Mean Household Income: Mean household income, in 2022 inflation-adjusted dollars for the specific income level.

Good to know

Margin of Error

Data in the dataset are based on the estimates and are subject to sampling variability and thus a margin of error. Neilsberg Research recommends using caution when presening these estimates in your research.

Custom data

If you do need custom data for any of your research project, report or presentation, you can contact our research staff at research@neilsberg.com for a feasibility of a custom tabulation on a fee-for-service basis.

Inspiration

Neilsberg Research Team curates, analyze and publishes demographics and economic data from a variety of public and proprietary sources, each of which often includes multiple surveys and programs. The large majority of Neilsberg Research aggregated datasets and insights is made available for free download at https://www.neilsberg.com/research/.

Recommended for further research

This dataset is a part of the main dataset for Price median household income. You can refer the same here

Price, UT Median Household Income Trends (2010-2021, in 2022 inflation-adjusted dollars)
Last updated January 11, 2024
ACS
Free
Neilsberg
CSV, JSON
2017-2021
CC BY 4.0
About this dataset

Context

The dataset illustrates the median household income in Price, spanning the years from 2010 to 2021, with all figures adjusted to 2022 inflation-adjusted dollars. Based on the latest 2017-2021 5-Year Estimates from the American Community Survey, it displays how income varied over the last decade. The dataset can be utilized to gain insights into median household income trends and explore income variations.

Key observations:

From 2010 to 2021, the median household income for Price decreased by $2,429 (4.71%), 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 5 years and declined for 6 years.

Price, UT median household income trend (2010-2021, in 2022 inflation-adjusted dollars)

Content

When available, the data consists of estimates from the U.S. Census Bureau American Community Survey (ACS) 2017-2021 5-Year Estimates. All incomes have been adjusting for inflation and are presented in 2022-inflation-adjusted dollars.

Years for which data is available:

  • 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021

Variables / Data Columns

  • Year: This column presents the data year from 2010 to 2021
  • Median Household Income: Median household income, in 2022 inflation-adjusted dollars for the specific year
  • YOY Change($): Change in median household income between the current and the previous year, in 2022 inflation-adjusted dollars
  • YOY Change(%): Percent change in median household income between current and the previous year

Good to know

Margin of Error

Data in the dataset are based on the estimates and are subject to sampling variability and thus a margin of error. Neilsberg Research recommends using caution when presening these estimates in your research.

Custom data

If you do need custom data for any of your research project, report or presentation, you can contact our research staff at research@neilsberg.com for a feasibility of a custom tabulation on a fee-for-service basis.

Inspiration

Neilsberg Research Team curates, analyze and publishes demographics and economic data from a variety of public and proprietary sources, each of which often includes multiple surveys and programs. The large majority of Neilsberg Research aggregated datasets and insights is made available for free download at https://www.neilsberg.com/research/.

Recommended for further research

This dataset is a part of the main dataset for Price median household income. You can refer the same here

If you're looking for datasets from another year, please feel free to contact us at research@neilsberg.com and we'll be happy to assist you further.

Explore related topics

Price, UT Income Price, UT Demographics

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Median household income of places that contain Price (in 2022 dollars)
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