Age of householder
Per the latest American Community Survey by the Census Bureau, Fuquay-Varina sees its highest median household income among householders in the age group of 45 to 64 years old, at $111,998. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Fuquay-Varina, householders within the 45 to 64 years age group have the highest median household income at $111,998, followed by those in the 25 to 44 years age group with an income of $106,327. Meanwhile householders within the 65 years and over age group report the second lowest median household income of $62,963. Notably, householders within the under 25 years age group, had the lowest median household income at $45,327.
- Notably, household income for individuals within the 45 to 64 years age group demonstrated a remarkable increase of $36,637(48.62%), escalating from a median of $75,361 in 2011 to $111,998 in 2021.
- 195(1.69%) households where the householder is under 25 years old.
- 4,651(40.21%) households with a householder aged between 25 and 44 years.
- 3,957(34.21%) households with a householder aged between 45 and 64 years.
- 2,764(23.90%) households where the householder is over 65 years old.
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Gender
In Fuquay-Varina, the population consists of 15,563 males (46.97%) and 17,572 females (53.03%). Here are the primary highlights from the gender-based income distribution analysis:
- In Fuquay-Varina, the median income for all workers aged 15 years and older, regardless of work hours, was $53,846 for males and $31,633 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $66,568 for males and $60,524 for females.
- In Fuquay-Varina, the median income for all workers aged 15 years and older, regardless of work hours, was $53,846 for males and $31,633 for females.
- In Fuquay-Varina, among full-time, year-round workers aged 15 years and older, males earned a median income of $66,568, while females earned $60,524, resulting in a 9% gender pay gap among full-time workers. This illustrates that women earn 91 cents for each dollar earned by men in full-time positions. While this gap shows a trend where women are inching closer to wage parity with men, it also exhibits a noticeable income difference for women working full-time in the town of Fuquay-Varina.
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Race
In Fuquay-Varina, the population is predominantly White, constituting 71.70% 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 $93,492.
- In Fuquay-Varina, 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 $113,882. This reveals that, while Whites may be the most numerous in Fuquay-Varina, Two or More Races households experience greater economic prosperity in terms of median household income.
- In Fuquay-Varina, the median household income for the households where the householder is White increased by $8,358(9.82%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $85,134 in 2011 and $93,492 in 2021.
- In Fuquay-Varina, the median household income for the households where the householder is Black or African American increased by $16,455(34%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $48,400 in 2011 and $64,855 in 2021.
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Year by year
Fuquay-Varina, NC median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Fuquay-Varina increased by $11,750 (14.65%), 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 2014 to 2015, when the median household income increased by 6,382 (from $73,954 to $80,336). Similarly the most substantial year-by-year decline occured from 2011 to 2012, when the median household income decreased by 6,289 (from $82,193 to $75,904).
- It then further increased to $200,644 for 7-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.4008, it is evident that income distribution in Fuquay-Varina, NC exihibits characterstics of moderate inequality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $111,363. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $49,902.
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