Sharon Springs, NY Median Household Income - 2024 Update | Neilsberg (2024)

Sharon Springs, NY median household income trends: 2010 to 2021

From 2010 to 2021, the median household income for Sharon Springs decreased by $20,864 (29.08%), 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 4 years and declined for 7 years.

The most significant year-by-year growth occured from 2018 to 2019, when the median household income increased by 4,059 (from $47,201 to $51,260). Similarly the most substantial year-by-year decline occured from 2015 to 2016, when the median household income decreased by 9,501 (from $58,072 to $48,571).

In New York, among cities with populations of fewer than 5,000 residents, Sharon Springs ranks 800th out of 899 for median household income. This rank indicates that it falls within the lower-income range of small cities within the state of New York.

Median household income in Sharon Springs, NY by household size

To gain deeper insights into the median household income for Sharon Springs, 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, Sharon Springs did not include 4, 6, or 7-person households. Across the different household sizes in Sharon Springs the mean income is $77,377, and the standard deviation is $41,192. The coefficient of variation (CV) is 53.24%. 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 $26,347. It then further increased to $125,077 for 5-person households, the largest household size for which the bureau reported a median household income.

According to the Census Bureau data, the median household income reaches its peak among 5-person households, reaching $125,077 .

Things to know

What is the Gini index for Sharon Springs, NY?

As per the Census Bureau, the Gini coefficient for Sharon Springs is 0.4603. With this value of Gini coefficient, it is evident that income distribution in Sharon Springs 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 Sharon Springs.

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

What is the median household income in Sharon Springs, NY?

As per the latest data available from American Community Survey, the median household income for Sharon Springs is $50,893 (in 2022 inflation-adjusted dollars). The next release from the Census is scheduled for Dec 7, 2023. This income is 68.22% of the U.S. median household income of $74,606 (all incomes in 2022 inflation-adjusted dollars).

How does Sharon Springs, NY median household income compare to the rest of the United States?

In New York, among cities with populations of fewer than 5,000 residents, Sharon Springs ranks 800th out of 899 for median household income. This rank indicates that it falls within the lower-income range of small cities within the state of New York.

References