Age of householder
Per the latest American Community Survey by the Census Bureau, Granite Falls sees its highest median household income among householders in the age group of 45 to 64 years old, at $94,819. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Granite Falls, the median household income stands at $94,819 for householders within the 45 to 64 years age group, followed by $78,704 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 $41,041.
- Notably, household income for individuals within the 45 to 64 years age group demonstrated a remarkable increase of $34,810(58.01%), escalating from a median of $60,009 in 2011 to $94,819 in 2021.
- 141(7.98%) households where the householder is under 25 years old.
- 451(25.54%) households with a householder aged between 25 and 44 years.
- 619(35.05%) households with a householder aged between 45 and 64 years.
- 555(31.43%) households where the householder is over 65 years old.
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Gender
In Granite Falls, the population consists of 2,332 males (47.61%) and 2,566 females (52.39%). Here are the primary highlights from the gender-based income distribution analysis:
- In Granite Falls, the median income for all workers aged 15 years and older, regardless of work hours, was $39,835 for males and $27,464 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $67,622 for males and $44,441 for females.
- In Granite Falls, the median income for all workers aged 15 years and older, regardless of work hours, was $39,835 for males and $27,464 for females.
- In Granite Falls, among full-time, year-round workers aged 15 years and older, males earned a median income of $67,622, while females earned $44,441, leading to a 34% gender pay gap among full-time workers. This illustrates that women earn 66 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.
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Race
In Granite Falls, the population is predominantly White, constituting 82.36% 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 $69,828.
- In Granite Falls, despite the White population being the most populous, it is worth noting that Black or African American households actually reports the highest median household income, with a median income of $119,962. This reveals that, while Whites may be the most numerous in Granite Falls, Black or African American households experience greater economic prosperity in terms of median household income.
- In Granite Falls, the median household income for the households where the householder is White increased by $14,319(25.80%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $55,509 in 2011 and $69,828 in 2021.
- In Granite Falls, the median household income for the households where the householder is Black or African American increased by $80,648(205.14%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $39,314 in 2011 and $119,962 in 2021.
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Year by year
Granite Falls, NC median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Granite Falls increased by $12,970 (20.65%), 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 2015 to 2016, when the median household income increased by 6,041 (from $53,778 to $59,819). Similarly the most substantial year-by-year decline occured from 2010 to 2011, when the median household income decreased by 8,581 (from $62,801 to $54,220).
- It then further increased to $104,038 for 5-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.3973, it is evident that income distribution in Granite Falls, NC exihibits characterstics of moderate equality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $81,669. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $25,360.
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