Age of householder
Per the latest American Community Survey by the Census Bureau, Banner Elk sees its highest median household income among householders in the age group of 45 to 64 years old, at $142,835. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Banner Elk, the median household income stands at $142,835 for householders within the 45 to 64 years age group, followed by $59,450 for the 65 years and over age group. Notably, householders within the 25 to 44 years age group, had the lowest median household income at $47,676.
- Notably, household income for individuals within the 45 to 64 years age group demonstrated a remarkable increase of $69,284(94.20%), escalating from a median of $73,551 in 2011 to $142,835 in 2021.
- 15(4.57%) households where the householder is under 25 years old.
- 75(22.87%) households with a householder aged between 25 and 44 years.
- 102(31.10%) households with a householder aged between 45 and 64 years.
- 136(41.46%) households where the householder is over 65 years old.
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Race
In Banner Elk, the population is predominantly White, constituting 87.26% of the total residents. Here are the key highlights from the analysis of income distribution by race:
- The median household income for White households is $54,496.
- In Banner Elk, despite the White population being the most populous, it is worth noting that Asian households actually reports the highest median household income, with a median income of $182,324. This reveals that, while Whites may be the most numerous in Banner Elk, Asian households experience greater economic prosperity in terms of median household income.
- In Banner Elk, the median household income for the households where the householder is White increased by $7,036(14.83%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $47,460 in 2011 and $54,496 in 2021.
- Even though there is a population where the householder is Black or African American, there was no median household income reported by the U.S. Census Bureau for both 2011 and 2021.
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Year by year
Banner Elk, NC median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Banner Elk increased by $10,956 (21.03%), as per the American Community Survey estimates.
- Between 2010 and 2021, median household income, adjusted for 2022 inflation, experienced growth year by year for 6 years and declined for 5 years.
- The most significant year-by-year growth occured from 2011 to 2012, when the median household income increased by 17,797 (from $46,916 to $64,713). Similarly the most substantial year-by-year decline occured from 2016 to 2017, when the median household income decreased by 20,151 (from $84,523 to $64,372).
- It then further increased to $139,167 for 2-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.6059, it is evident that income distribution in Banner Elk, NC exihibits characterstics of high inequality .
- NA. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $41,435.
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