Median Household Income Trends in Kentucky
Having already considered population and employment trends in the top ten most populous cities in Kentucky, this post will evaluate trends in the median household income, a key measure for those considering a site selection for their business and an important economic consideration when appraising commercial properties.
To avoid clutter, I have presented these trends in three separate graphs below:
As you can see in the graphs, the trend in the annual change of median household income for the top ten cities has been declining. Only the City of Lexington has a trend line that is nearly flat. Therefore, I’ve given Lexington a neutral rating with respect to trends in income. It is important to note that the income in each city has increased since 2010, but the rate of increase has declined since 2000. These graphs should be interpreted with caution.
In the chart below I have ranked each city in order of income growth and indicated the annual compound rate of increase.
In the next post, I will summarize my conclusions regarding the demand generators for the top ten most populous cities in Kentucky.