Cedar Key, FL Income

The inflation-adjusted median household income in Cedar Key was $67,868, based on U.S. Census Bureau ACS estimates.
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Updated Dec 15, 2023
Overview
$67,868
Median household income
0.524
Gini coefficient
45 to 64 years ($122,233)
Highest median income age group
$359,549
Income of top 5%

All incomes in 2022 inflation-adjusted dollars using R-CPI-U-RS. Sources: U.S. Census Bureau, American Community Survey (ACS) 2017-2021 5-Year Estimates

Age of householder

Per the latest American Community Survey by the Census Bureau, Cedar Key sees its highest median household income among householders in the age group of 45 to 64 years old, at $122,233. Here are the key highlights for income distribution by age:

  • In terms of income distribution across age cohorts, in Cedar Key, the median household income stands at $122,233 for householders within the 45 to 64 years age group, followed by $103,915 for the 25 to 44 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $68,701.
  • Notably, household income for individuals within the 25 to 44 years age group demonstrated a remarkable increase of $82,122(376.83%), escalating from a median of $21,793 in 2011 to $103,915 in 2021.
  • 61(15.60%) households where the householder is under 25 years old.
  • 38(9.72%) households with a householder aged between 25 and 44 years.
  • 67(17.14%) households with a householder aged between 45 and 64 years.
  • 225(57.54%) households where the householder is over 65 years old.
The bar chart shows Cedar Key, FL median household income by age of householder. All incomes have been adjusted for 2022 inflation using the Consumer Price Index retroactive series (R-CPI-U-RS).
Cedar Key, FL median household income by age of householder: It offers a clear illustration of the differences in median household incomes in Cedar Key, based on the age of householders divided into four cohorts : Under 25 years, 25 - 44 years, 45 to 64 years and 65 years and over. Source: U.S. Census Bureau American Community Survey (ACS) 2017-2021 5-Year Estimates

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Gender

In Cedar Key, the population consists of 439 males (48.94%) and 458 females (51.06%). Here are the primary highlights from the gender-based income distribution analysis:

  • In Cedar Key, the median income for all workers aged 15 years and older, regardless of work hours, was $43,293 for males and $25,201 for females.
  • However, when specifically considering full-time, year-round workers within the same age group, the median income was $81,249 for males and $56,297 for females.
  • In Cedar Key, the median income for all workers aged 15 years and older, regardless of work hours, was $43,293 for males and $25,201 for females.
  • In Cedar Key, among full-time, year-round workers aged 15 years and older, males earned a median income of $81,249, while females earned $56,297, leading to a 31% gender pay gap among full-time workers. This illustrates that women earn 69 cents for each dollar earned by men in full-time roles. This level of income gap emphasizes the urgency to address and rectify this ongoing disparity, where women, despite working full-time, face a more significant wage discrepancy compared to men in the same employment roles.
Line chart showing the annual median income trends in Cedar Key, FL for males and females across four employment categories: (1) Males in full-time year-round positions, (2) Males in non-full-time roles (part-time and other employment types), (3) Females in full-time year-round positions, and (4) Females in non-full-time roles (part-time and other employment types).
Cedar Key, FL gender based income disparity: Gain insights into gender-based pay disparity trends and explore the variations in income for male and female individuals, in 2022 inflation adjusted dollars. Source: U.S. Census Bureau American Community Survey (ACS) 2017-2021 5-Year Estimates

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Race

In Cedar Key, the population is predominantly White, constituting 87.29% 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 $76,545.
  • In Cedar Key, White is both the largest group and the one with the highest median household income, which stands at $76,545.
  • In Cedar Key, the median household income for the households where the householder is White increased by $40,587(112.87%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $35,958 in 2011 and $76,545 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.
The bar chart shows Cedar Key, FL median household income across all racial categories identified by the U.S. Census Bureau.
Cedar Key, FL median household income diversity across racial categories: Gain insights into economic disparities and trends and explore the variations in median houshold income for diverse racial categories. Source: U.S. Census Bureau American Community Survey (ACS) 2017-2021 5-Year Estimates

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Year by year

Cedar Key, FL median household income trends by year, family type and household size (2010-2021):

  • From 2010 to 2021, the median household income for Cedar Key increased by $37,969 (126.99%), as per the American Community Survey estimates.
  • Between 2010 and 2021, median household income, adjusted for 2022 inflation, experienced growth year by year for 7 years and declined for 4 years.
  • The most significant year-by-year growth occured from 2017 to 2018, when the median household income increased by 15,872 (from $52,146 to $68,018). Similarly the most substantial year-by-year decline occured from 2020 to 2021, when the median household income decreased by 6,302 (from $74,170 to $67,868).
  • It then further increased to $227,600 for 3-person households, the largest household size for which the bureau reported a median household income.
  • With a Gini coefficient of 0.524, it is evident that income distribution in Cedar Key, FL exihibits characterstics of moderate inequality .
  • For the family households, the median income (in 2022 inflation-adjusted dollars) was $72,811. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $39,933.
The line chart shows Cedar Key, FL 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.
Cedar Key, FL median household income trends: 2010 to 2021. The chart illustrates income fluctuations over the years, highlighting the impact of inflation on economic trends. Source: U.S. Census Bureau American Community Survey (ACS) 2017-2021 5-Year Estimates

Read more about Cedar Key, FL median household income ➔

References

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Cedar Key, FL Demographics

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Median household income of places that contain Cedar Key (in 2022 dollars)
Median household income of nearby cities (in 2022 dollars)

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Neilsberg Research
Neilsberg Research team are data scientists with expertise in processing, analysis and visualization of big data helping small businesses make right decisions.

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