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Placerville in 2022: City with the Fastest Growing Median Income in Idaho
CATEGORY
Top Regions
DATA
Median Income
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Top Regions
Median Income
Placerville, a small city in Idaho, has emerged as a notable example of rapid economic growth in recent years. This analysis focuses on Placerville's distinction as the city with the fastest growing median income in Idaho, based on data from 2013 to 2022. The city's remarkable economic transformation, particularly in terms of household income, offers valuable insights into the changing dynamics of small-town economies in the state.
The most striking feature of Placerville's economic landscape is the dramatic increase in its median income. In 2013, the median income stood at $33,987. By 2022, this figure had skyrocketed to $91,911, representing an impressive growth of approximately 170% over a decade. This substantial increase far outpaces typical income growth rates, positioning Placerville at the forefront of economic development in Idaho.
The trajectory of Placerville's median income growth is particularly noteworthy. The city experienced a steady increase from 2013 to 2017, with the median income rising from $33,987 to $43,365. However, the most significant gains occurred between 2017 and 2021. During this period, the median income more than doubled, reaching a peak of $98,528 in 2021. Although there was a slight decrease to $91,911 in 2022, this figure still represents a substantial improvement over previous years.
This rapid income growth correlates with several other demographic and economic indicators in Placerville. For instance, the city's population density fluctuated over the years, reaching a peak of 283 people per square mile in 2019 before declining to 206 in 2022. This population change might have influenced the local economy and job market, potentially contributing to the income growth.
Another significant factor is the high rate of homeownership in Placerville. The percentage of owner-occupied housing units increased from 77.36% in 2013 to 85.54% in 2022. This trend towards homeownership could be both a cause and effect of rising incomes, as higher incomes enable more residents to purchase homes, while homeownership can contribute to wealth accumulation.
The employment-to-population ratio in Placerville remained relatively stable over the period, hovering around 0.5. This stability suggests that the income growth was not primarily driven by increased employment rates but rather by factors such as higher-paying jobs or increased wages in existing positions.
Interestingly, the median rent in Placerville also saw significant increases, rising from $700 in 2013 to $1,272 in 2022. This 81.7% increase in median rent, while substantial, was not as dramatic as the growth in median income. This disparity suggests that despite rising housing costs, residents of Placerville experienced a net improvement in their economic situation.
The racial composition of Placerville remained predominantly white throughout the period, with a slight increase in diversity. The Hispanic population, for instance, grew from 6.36% in 2013 to 7.77% in 2022. While this demographic shift is modest, it could potentially reflect changes in the local economy and job market that contributed to the overall income growth.
In conclusion, Placerville's distinction as the Idaho city with the fastest growing median income from 2013 to 2022 is supported by an impressive 170% increase in median household income. This growth coincided with stable employment rates, increased homeownership, and rising property values. While the city experienced some population fluctuations and modest changes in its demographic makeup, the overall trend points to a significant economic transformation. Placerville's experience offers a compelling case study of rapid economic growth in a small Idaho city, highlighting the potential for substantial income improvements in similar communities across the state.
