Median Household Income in Hancock County, TN (2010-2021, in 2022 inflation-adjusted dollars)
Below, you will find a table illustrating the median household income in Hancock County, spanning the years from 2010 to 2021, with all figures adjusted to 2022 inflation-adjusted dollars.
Year | Median Household Income | YOY Change($) | YOY Change(%) |
---|---|---|---|
2010 | 31,202 | - | - |
2011 | 28,835 | -2,367 | -7.59% |
2012 | 28,440 | -395 | -1.37% |
2013 | 30,144 | 1,704 | 5.99% |
2014 | 32,922 | 2,778 | 9.22% |
2015 | 33,323 | 401 | 1.22% |
2016 | 34,213 | 890 | 2.67% |
2017 | 35,472 | 1,259 | 3.68% |
2018 | 33,891 | -1,581 | -4.46% |
2019 | 34,603 | 712 | 2.10% |
2020 | 31,993 | -2,610 | -7.54% |
2021 | 32,049 | 56 | 0.18% |
TABLE OF CONTENTS
Hancock County, TN median household income trends: 2010 to 2021
From 2010 to 2021, the median household income for Hancock County increased by $847 (2.71%), 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 7 years and declined for 4 years.
![Hancock County, TN median household income trend (2010-2021, in 2022 inflation-adjusted dollars) The line chart shows Hancock County, TN median household income from 2010 to 2021. The orange line represents Census Bureau data for median household income (without adjusting for any inflation), while the blue line shows inflation-adjusted median household income for 2022.](https://i.neilsberg.com/ch/hancock-county-tn-median-household-income-trend.jpeg)
The most significant year-by-year growth occured from 2013 to 2014, when the median household income increased by 2,778 (from $30,144 to $32,922). Similarly the most substantial year-by-year decline occured from 2019 to 2020, when the median household income decreased by 2,610 (from $34,603 to $31,993).
When compared to all of the counties in the state of Tennessee, Hancock County is ranked 95th among the 95 counties for its median household income. This ranking suggests that Hancock County is among the lower-income counties in Tennessee, in terms of median household income.
Median household income in Hancock County, TN by household size
To gain deeper insights into the median household income for Hancock County, 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, Hancock County did not include 5, 6, or 7-person households. Across the different household sizes in Hancock County the mean income is $49,444, and the standard deviation is $22,666. The coefficient of variation (CV) is 45.84%. 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 $19,328. It then further increased to $59,052 for 4-person households, the largest household size for which the bureau reported a median household income.
![Hancock County, TN median household income, by household size (in 2022 inflation-adjusted dollars) Bar chart showing Hancock County, TN median household income for different household sizes in 2021. The chart illustrates income trends for 1-person to 7-or-more person households, with values adjusted for inflation. It provides insights into income disparities and variations across household sizes, aiding in data analysis and decision-making.](https://i.neilsberg.com/ch/hancock-county-tn-median-household-income-by-household-size.jpeg)
Hancock County median household income by household size
The table below displays median household incomes for various household sizes, as reported by the U.S. Census Bureau. Explore how household income varies with the size of the family unit.
Household Size | Median Household Income |
---|---|
1-person households | 19,328 |
2-person households | 46,822 |
3-person households | 72,576 |
4-person households | 59,052 |
5-person households | 0 |
6-person households | 0 |
7-or-more-person households | 0 |
According to the Census Bureau data, the median household income reaches its peak among 3-person households, reaching $72,576 .
Hancock County, TN income distribution and inequality
To gain a comprehensive understanding of income distribution in Hancock County, we conducted an analysis of quintiles data from the U.S. Census Bureau. While the bureau does not categorize income into subjective classes like lower-income, middle-class, or upper-class, they instead divide the population into five quintiles, ensuring that each quintile represents nearly the same number of households. This classification allows us to analyze income levels across a spectrum from the lowest to the highest income groups.
![Mean household income by quintiles in Hancock County, TN (in 2022 inflation-adjusted dollars) Bar chart illustrating the Hancock County mean household income for different quintiles, plus the top 5%, with values adjusted for 2022 inflation using R-CPI-U-RS. The chart provides insights into income distribution, showcasing variations across quintiles and highlighting the income of the top 5%. Useful for analyzing income disparities and trends for Hancock County.](https://i.neilsberg.com/ch/hancock-county-tn-mean-household-income-by-quintiles.jpeg)
Mean household income by quintile in Hancock County
The table below presents the mean household income for each of the five quintiles in Hancock County, offering valuable insights into income distribution and inequality.
Income Level | Mean Household Income |
---|---|
Lowest Quintile | 9,086 |
Second Quintile | 21,070 |
Third Quintile | 33,837 |
Fourth Quintile | 66,448 |
Highest Quintile | 182,782 |
Top 5 Percent | 413,272 |
Key findings:
- Income disparities: The mean income of the lowest quintile (20% of households with the lowest income) is 9,086, while the mean income for the highest quintile (20% of households with the highest income) is 182,782. This indicates that the top earners earn 20 times compared to the lowest earners.
- Top 5%: The mean household income for the wealthiest population (top 5%) is 413,272, which is 226.10% higher compared to the highest quintile, and 4548.45% higher compared to the lowest quintile.
Furthermore, as per the Census Bureau, the Gini coefficient for Hancock County is 0.5585. Gini coefficient is a numeric measure ranging from 0 to 1, where lower numbers indicate greater income equality (with 0 representing complete equality, where all households earn the same income) and higher values signify greater income inequality (with 1 being complete inequality where one household receives all income).
Sources: U.S. Census Bureau, American Community Survey (ACS)
With a Gini coefficient of 0.5585, it is evident that income distribution in Hancock County, TN 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 Hancock County.
It also implies that efforts may be needed to enhance economic fairness and reduce the gap between income groups in Hancock County
Things to know
What is the Gini index for Hancock County, TN?
As per the Census Bureau, the Gini coefficient for Hancock County is 0.5585. With this value of Gini coefficient, it is evident that income distribution in Hancock County 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 Hancock County.
It also implies that efforts may be needed to enhance economic fairness and reduce the gap between income groups in Hancock County
What is the median household income in Hancock County, TN?
As per the latest data available from American Community Survey, the median household income for Hancock County is $32,049 (in 2022 inflation-adjusted dollars). The next release from the Census is scheduled for Dec 7, 2023. This income is 42.96% of the U.S. median household income of $74,606 (all incomes in 2022 inflation-adjusted dollars).
How does Hancock County, TN median household income compare to the rest of the United States?
When compared to all of the counties in the state of Tennessee, Hancock County is ranked 95th among the 95 counties for its median household income. This ranking suggests that Hancock County is among the lower-income counties in Tennessee, in terms of median household income.
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)