Age of householder
Per the latest American Community Survey by the Census Bureau, Biscayne Park sees its highest median household income among householders in the age group of 45 to 64 years old, at $87,904. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, Biscayne Park only reports a median household income of $87,904 among householders in the 45 to 64 years age group.
- Notably, household income for individuals within the 45 to 64 years age group demonstrated a remarkable increase of $9,138(11.60%), escalating from a median of $78,766 in 2011 to $87,904 in 2021.
- 12(1.22%) households where the householder is under 25 years old.
- 338(34.49%) households with a householder aged between 25 and 44 years.
- 464(47.35%) households with a householder aged between 45 and 64 years.
- 166(16.94%) households where the householder is over 65 years old.
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Gender
In Biscayne Park, the population consists of 1,876 males (60.19%) and 1,241 females (39.81%). Here are the primary highlights from the gender-based income distribution analysis:
- In Biscayne Park, the median income for all workers aged 15 years and older, regardless of work hours, was $64,034 for males and $32,207 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $69,869 for males and $51,017 for females.
- In Biscayne Park, the median income for all workers aged 15 years and older, regardless of work hours, was $64,034 for males and $32,207 for females.
- In Biscayne Park, among full-time, year-round workers aged 15 years and older, males earned a median income of $69,869, while females earned $51,017, leading to a 27% gender pay gap among full-time workers. This illustrates that women earn 73 cents for each dollar earned by men in full-time roles. This analysis indicates a widening gender pay gap, showing a substantial income disparity where women, despite working full-time, face a more significant wage discrepancy compared to men in the same roles.
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Race
In Biscayne Park, the population is predominantly White, constituting 49.73% 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 $87,920.
- In Biscayne Park, despite the White population being the most populous, it is worth noting that Two or More Races households actually reports the highest median household income, with a median income of $157,494. This reveals that, while Whites may be the most numerous in Biscayne Park, Two or More Races households experience greater economic prosperity in terms of median household income.
- In Biscayne Park, the median household income for the households where the householder is White increased by $5,096(6.15%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $82,824 in 2011 and $87,920 in 2021.
- In Biscayne Park, the median household income for Black or African American households was $76,062 in 2011(2022 inflation-adjusted dollars). However there is no reported data for 2021, indicating a lack of information for this specific year.
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Year by year
Biscayne Park, FL median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Biscayne Park decreased by $17,223 (19.69%), as per the American Community Survey estimates.
- Between 2010 and 2021, median household income, adjusted for 2022 inflation, experienced growth year by year for 5 years and declined for 6 years.
- The most significant year-by-year growth occured from 2018 to 2019, when the median household income increased by 25,060 (from $75,652 to $100,712). Similarly the most substantial year-by-year decline occured from 2020 to 2021, when the median household income decreased by 16,389 (from $86,648 to $70,259).
- It then further increased to $157,252 for 4-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.4687, it is evident that income distribution in Biscayne Park, FL exihibits characterstics of moderate inequality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $104,690. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $35,805.
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