Panama City, FL median household income diversity
Based on our analysis of the distribution of Panama City population by race & ethnicity, the population is predominantly White. This particular racial category constitutes the majority, accounting for 65.48% of the total residents in Panama City. Notably, the median household income for White households is $62,971.
Interestingly, despite the White population being the most populous, it is worth noting that Some Other Race households actually reports the highest median household income, with a median income of $75,046. This reveals that, while Whites may be the most numerous in Panama City, Some Other Race households experience greater economic prosperity in terms of median household income.
For a better visual representation of these income disparities, take a look at the bar chart below. It illustrates the varying median household incomes across races, providing a clear comparison for each of the racial categories defined by the U.S. Census Bureau. All incomes have been adjusted for 2022 inflation using the Consumer Price Index retroactive series (R-CPI-U-RS).
In Panama City, a diversity of median household incomes is evident among households of different races. The Some Other Race households boast the highest median household income at about $75,046. White households have a median income of approximately $62,971. American Indian and Alaska Native households have a median income of approximately $44,781. Two or More Races households have a median income of approximately $44,111. Asian households have a median income of approximately $43,828. Conversely, Black or African American households reveal the lowest median income at $36,730. These disparities underscore the varied income distribution within the city of Panama City.
Panama City, FL median household income trends across races
A decade typically encompasses substantial economic changes. To conduct a comprehensive analysis of these changes in Panama City, we have analysed how these changes have unfolded among the racial categories identified by the U.S. Census Bureau for the city of Panama City.
Key stats for each racial category as per our analysis of U.S. Census Bureau American Community Survey:
- White: In Panama City, the median household income for the households where the householder is White increased by $5,530(9.63%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $57,441 in 2011 and $62,971 in 2021.
- Black or African American: In Panama City, the median household income for the households where the householder is Black or African American increased by $1,161(3.26%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $35,569 in 2011 and $36,730 in 2021.
- American Indian and Alaska Native: In Panama City, there was no reported median household income for American Indian and Alaska Native households in 2011. However, in 2021, the median household income increased to $44,781(2022 inflation-adjusted dollars), marking a significant change.
- Asian: In Panama City, the median household income for the households where the householder is Asian decreased by $16,898(27.83%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $60,726 in 2011 and $43,828 in 2021.
- Native Hawaiian and Other Pacific Islander: Even though there is a population where the householder is Native Hawaiian and Other Pacific Islander, there was no median household income reported by the U.S. Census Bureau for both 2011 and 2021.
- Some other race: In Panama City, the median household income for the households where the householder is Some other race decreased by $60,831(44.77%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $135,877 in 2011 and $75,046 in 2021.
- Two or more races (multiracial): In Panama City, there was no reported median household income for multiracial households in 2011. However, in 2021, the median household income increased to $44,111(2022 inflation-adjusted dollars), marking a significant change.
- Above analysis reconfirms that there are 6 race households in Panama City. Households are categorized based on the self-identified race of the head of household.
Panama City median household income by race betwen 2011 and 2021
Explore the evolution of median household incomes over the past decade across various racial categories identified by the U.S. Census Bureau. This table showcases the annual income trends, from 2011 to 2021, providing insights into the economic shifts within diverse racial communities.
| Race Of The Head Of Household | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| White | $57,523 | $57,441 | $54,938 | $54,089 | $52,897 | $52,334 | $53,222 | $53,697 | $53,302 | $55,220 | $59,270 | $62,971 | N/A |
| Black or African American | $33,033 | $35,569 | $30,680 | $31,682 | $33,407 | $32,400 | $31,514 | $32,691 | $35,836 | $33,365 | $35,573 | $36,730 | N/A |
| American Indian and Alaska Native | $36,864 | N/A | $43,104 | $17,348 | $13,100 | N/A | $15,713 | N/A | $16,440 | N/A | $32,211 | $44,781 | N/A |
| Asian | $61,914 | $60,726 | $59,520 | $49,717 | $52,309 | $44,237 | $54,602 | $51,620 | $43,940 | N/A | $45,042 | $43,828 | N/A |
| Some Other Race | $137,223 | $135,877 | $89,656 | N/A | N/A | N/A | N/A | $27,783 | $27,008 | $72,009 | $75,071 | $75,046 | N/A |
| Two or More Races | $35,379 | N/A | $34,944 | $33,704 | $33,386 | N/A | N/A | $32,103 | N/A | N/A | N/A | $44,111 | N/A |
Key observations: Households with American Indian and Alaska Native householders witnessed significant growth in median household income, marking an impressive increase of $44,781. On the other hand, households where householder is Some other race experienced a notable decline, with a decrease of $60,831 in median income.