Age of householder
Per the latest American Community Survey by the Census Bureau, Florence sees its highest median household income among householders in the age group of 25 to 44 years old, at $68,666. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Florence, the median household income stands at $68,666 for householders within the 25 to 44 years age group, followed by $62,228 for the 45 to 64 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $38,388.
- Notably, household income for individuals within the 25 to 44 years age group demonstrated a remarkable increase of $8,163(13.49%), escalating from a median of $60,503 in 2011 to $68,666 in 2021.
- 512(3.12%) households where the householder is under 25 years old.
- 5,657(34.47%) households with a householder aged between 25 and 44 years.
- 5,504(33.54%) households with a householder aged between 45 and 64 years.
- 4,739(28.88%) households where the householder is over 65 years old.
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Gender
In Florence, the population consists of 17,967 males (45.13%) and 21,849 females (54.87%). Here are the primary highlights from the gender-based income distribution analysis:
- In Florence, the median income for all workers aged 15 years and older, regardless of work hours, was $39,655 for males and $26,473 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $58,073 for males and $43,159 for females.
- In Florence, the median income for all workers aged 15 years and older, regardless of work hours, was $39,655 for males and $26,473 for females.
- In Florence, among full-time, year-round workers aged 15 years and older, males earned a median income of $58,073, while females earned $43,159, leading to a 26% gender pay gap among full-time workers. This illustrates that women earn 74 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 Florence, the population is predominantly Black or African American, constituting 47.47% of the total residents. Here are the key highlights from the analysis of income distribution by race:
- The median household income for Black or African American households is $34,820.
- In Florence, despite the Black or African American 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 $105,791. This reveals that, while Black or African Americans may be the most numerous in Florence, Two or More Races households experience greater economic prosperity in terms of median household income.
- In Florence, the median household income for the households where the householder is White decreased by $4,533(6%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $75,573 in 2011 and $71,040 in 2021.
- In Florence, the median household income for the households where the householder is Black or African American increased by $75(0.22%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $34,745 in 2011 and $34,820 in 2021.
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Year by year
Florence, SC median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Florence decreased by $677 (1.18%), 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 2015 to 2016, when the median household income increased by 1,935 (from $53,090 to $55,025). Similarly the most substantial year-by-year decline occured from 2011 to 2012, when the median household income decreased by 1,656 (from $55,858 to $54,202).
- It then further increased to $76,723 for 7-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.5225, it is evident that income distribution in Florence, SC exihibits characterstics of moderate inequality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $74,825. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $30,650.
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