All incomes in 2022 inflation-adjusted dollars using R-CPI-U-RS. Sources: U.S. Census Bureau, American Community Survey (ACS) 2017-2021 5-Year Estimates
TABLE OF CONTENTS
Age of householder
Per the latest American Community Survey by the Census Bureau, Watertown Town sees its highest median household income among householders in the age group of 25 to 44 years old, at $141,088. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Watertown Town, the median household income stands at $141,088 for householders within the 25 to 44 years age group, followed by $120,815 for the 45 to 64 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $70,041.
- Notably, household income for individuals within the 45 to 64 years age group demonstrated a remarkable increase of $19,870(19.68%), escalating from a median of $100,945 in 2011 to $120,815 in 2021.
- 240(1.50%) households where the householder is under 25 years old.
- 6,161(38.44%) households with a householder aged between 25 and 44 years.
- 5,282(32.96%) households with a householder aged between 45 and 64 years.
- 4,344(27.10%) households where the householder is over 65 years old.
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Gender
In Watertown Town, the population consists of 16,309 males (46.37%) and 18,862 females (53.63%). Here are the primary highlights from the gender-based income distribution analysis:
- In Watertown Town, the median income for all workers aged 15 years and older, regardless of work hours, was $66,528 for males and $58,555 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $93,464 for males and $90,606 for females.
- In Watertown Town, the median income for all workers aged 15 years and older, regardless of work hours, was $66,528 for males and $58,555 for females.
- In Watertown Town, among full-time, year-round workers aged 15 years and older, males earned a median income of $93,464, while females earned $90,606, resulting in a 3% gender pay gap among full-time workers. This illustrates that women earn 97 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 city of Watertown Town.
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Race
In Watertown Town, the population is predominantly White, constituting 76.49% 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 $110,603.
- In Watertown Town, despite the White population being the most populous, it is worth noting that Black or African American households actually reports the highest median household income, with a median income of $124,413. This reveals that, while Whites may be the most numerous in Watertown Town, Black or African American households experience greater economic prosperity in terms of median household income.
- In Watertown Town, the median household income for the households where the householder is White increased by $9,556(9.46%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $101,047 in 2011 and $110,603 in 2021.
- In Watertown Town, the median household income for the households where the householder is Black or African American increased by $25,118(25.30%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $99,295 in 2011 and $124,413 in 2021.
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Year by year
Watertown Town, MA median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Watertown Town increased by $9,651 (9.66%), 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 2011 to 2012, when the median household income increased by 6,059 (from $100,315 to $106,374). Similarly the most substantial year-by-year decline occured from 2020 to 2021, when the median household income decreased by 4,199 (from $113,806 to $109,607).
- It then further increased to $176,549 for 5-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.4536, it is evident that income distribution in Watertown Town, MA exihibits characterstics of moderate inequality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $137,153. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $85,945.
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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)