Age of householder
Per the latest American Community Survey by the Census Bureau, Franklin town sees its highest median household income among householders in the age group of 25 to 44 years old, at $60,594. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Franklin town, the median household income stands at $60,594 for householders within the 25 to 44 years age group, followed by $54,946 for the 65 years and over age group. Notably, householders within the 45 to 64 years age group, had the lowest median household income at $49,114.
- Notably, household income for individuals within the 65 years and over age group demonstrated a remarkable increase of $16,108(41.47%), escalating from a median of $38,838 in 2011 to $54,946 in 2021.
- 2(0.33%) households where the householder is under 25 years old.
- 93(15.45%) households with a householder aged between 25 and 44 years.
- 219(36.38%) households with a householder aged between 45 and 64 years.
- 288(47.84%) households where the householder is over 65 years old.
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Gender
In Franklin town, the population consists of 785 males (51.75%) and 732 females (48.25%). Here are the primary highlights from the gender-based income distribution analysis:
- In Franklin town, the median income for all workers aged 15 years and older, regardless of work hours, was $29,026 for males and $18,479 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $41,041 for males and $47,186 for females.
- In Franklin town, the median income for all workers aged 15 years and older, regardless of work hours, was $29,026 for males and $18,479 for females.
- In Franklin town, among full-time, year-round workers aged 15 years and older, males earned a median income of $41,041, while females earned $47,186
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Race
In Franklin town, the population is predominantly White, constituting 93.80% 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 $55,847.
- In Franklin town, White is both the largest group and the one with the highest median household income, which stands at $55,847.
- In Franklin town, the median household income for the households where the householder is White increased by $1,414(2.60%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $54,433 in 2011 and $55,847 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
Franklin, Maine median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Franklin town decreased by $2,072 (3.73%), 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 2019 to 2020, when the median household income increased by 9,005 (from $52,531 to $61,536). Similarly the most substantial year-by-year decline occured from 2013 to 2014, when the median household income decreased by 14,100 (from $53,791 to $39,691).
- It then further increased to $107,723 for 5-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.4252, it is evident that income distribution in Franklin, Maine exihibits characterstics of moderate inequality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $61,453. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $34,173.
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