Median Household Income in Paxton, FL (2010-2021, in 2022 inflation-adjusted dollars)
Below, you will find a table illustrating the median household income in Paxton, 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 | 42,693 | - | - |
2011 | 46,484 | 3,791 | 8.88% |
2012 | 48,487 | 2,003 | 4.31% |
2013 | 41,835 | -6,652 | -13.72% |
2014 | 43,435 | 1,600 | 3.82% |
2015 | 51,413 | 7,978 | 18.37% |
2016 | 41,088 | -10,325 | -20.08% |
2017 | 40,794 | -294 | -0.72% |
2018 | 40,917 | 123 | 0.30% |
2019 | 41,094 | 177 | 0.43% |
2020 | 40,874 | -220 | -0.54% |
2021 | 45,128 | 4,254 | 10.41% |
TABLE OF CONTENTS
Paxton, FL median household income trends: 2010 to 2021
From 2010 to 2021, the median household income for Paxton increased by $2,435 (5.70%), 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.
The most significant year-by-year growth occured from 2014 to 2015, when the median household income increased by 7,978 (from $43,435 to $51,413). Similarly the most substantial year-by-year decline occured from 2015 to 2016, when the median household income decreased by 10,325 (from $51,413 to $41,088).
In Florida, among cities with populations of fewer than 5,000 residents, Paxton ranks 120th out of 176 for median household income. This rank indicates that it falls within the lower-income range of small cities within the state of Florida.
Median household income in Paxton, FL by household size
To gain deeper insights into the median household income for Paxton, 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, Paxton did not include 5, 6, or 7-person households. Across the different household sizes in Paxton the mean income is $55,927, and the standard deviation is $22,935. The coefficient of variation (CV) is 41.01%. 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 $25,743. It then further increased to $64,179 for 4-person households, the largest household size for which the bureau reported a median household income.
Paxton 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 | 25,743 |
2-person households | 53,505 |
3-person households | 80,280 |
4-person households | 64,179 |
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 $80,280 .
Things to know
What is the Gini index for Paxton, FL?
As per the Census Bureau, the Gini coefficient for Paxton is 0.432. With this value of Gini coefficient, it is evident that income distribution in Paxton 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 Paxton.
It also implies that efforts may be needed to enhance economic fairness and reduce the gap between income groups in Paxton
What is the median household income in Paxton, FL?
As per the latest data available from American Community Survey, the median household income for Paxton is $45,128 (in 2022 inflation-adjusted dollars). The next release from the Census is scheduled for Dec 7, 2023. This income is 60.49% of the U.S. median household income of $74,606 (all incomes in 2022 inflation-adjusted dollars).
How does Paxton, FL median household income compare to the rest of the United States?
In Florida, among cities with populations of fewer than 5,000 residents, Paxton ranks 120th out of 176 for median household income. This rank indicates that it falls within the lower-income range of small cities within the state of Florida.
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)