The median income in Eldred has shown an upward trend over the past decade, increasing from $43,433 in 2013 to $56,966 in 2022. This represents a growth of about 31% over nine years, which is a positive economic indicator for the community.

The population has decreased from 2,853 in 2013 to 2,276 in 2022, a decline of about 20%. This inverse relationship between population and median income could suggest outmigration of lower-income residents, economic improvements benefiting the remaining residents, or an aging population with more established careers and higher incomes.

Eldred appears to diverge from national trends of increasing diversity, maintaining its homogeneous racial composition. The income growth, however, aligns with broader economic recovery trends seen across the United States in the post-2008 recession era.

Based on observed trends, Eldred will likely continue to be categorized as a low diversity community in the near future. Economically, further increases in median income might be expected if current trends continue. However, the declining population could eventually impact the local economy negatively if it continues unchecked.

In conclusion, Eldred presents a picture of a stable, predominantly white community with improving economic conditions but facing challenges related to population decline. The future of the borough will likely depend on its ability to maintain economic growth while addressing the factors contributing to its shrinking population.