Age of householder
Per the latest American Community Survey by the Census Bureau, Hancock County sees its highest median household income among householders in the age group of 45 to 64 years old, at $76,933. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Hancock County, householders within the 45 to 64 years age group have the highest median household income at $76,933, followed by those in the 25 to 44 years age group with an income of $74,983. Meanwhile householders within the 65 years and over age group report the second lowest median household income of $49,260. Notably, householders within the under 25 years age group, had the lowest median household income at $35,130.
- Notably, household income for individuals within the 25 to 44 years age group demonstrated a remarkable increase of $6,718(9.84%), escalating from a median of $68,265 in 2011 to $74,983 in 2021.
- 408(1.69%) households where the householder is under 25 years old.
- 5,807(24.09%) households with a householder aged between 25 and 44 years.
- 9,263(38.43%) households with a householder aged between 45 and 64 years.
- 8,625(35.78%) households where the householder is over 65 years old.
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Gender
In Hancock County, the population consists of 27,017 males (48.75%) and 28,400 females (51.25%). Here are the primary highlights from the gender-based income distribution analysis:
- In Hancock County, the median income for all workers aged 15 years and older, regardless of work hours, was $43,351 for males and $29,003 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $57,623 for males and $49,175 for females.
- In Hancock County, the median income for all workers aged 15 years and older, regardless of work hours, was $43,351 for males and $29,003 for females.
- In Hancock County, among full-time, year-round workers aged 15 years and older, males earned a median income of $57,623, while females earned $49,175, resulting in a 15% gender pay gap among full-time workers. This illustrates that women earn 85 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 county of Hancock County.
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Race
In Hancock County, the population is predominantly White, constituting 95.05% 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 $64,984.
- In Hancock County, 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 $156,929. This reveals that, while Whites may be the most numerous in Hancock County, Black or African American households experience greater economic prosperity in terms of median household income.
- In Hancock County, the median household income for the households where the householder is White increased by $2,522(4.04%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $62,462 in 2011 and $64,984 in 2021.
- In Hancock County, the median household income for the households where the householder is Black or African American increased by $118,205(305.25%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $38,724 in 2011 and $156,929 in 2021.
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Year by year
Hancock County, ME median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Hancock County increased by $1,102 (1.72%), 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 2018 to 2019, when the median household income increased by 3,613 (from $62,040 to $65,653). Similarly the most substantial year-by-year decline occured from 2013 to 2014, when the median household income decreased by 3,107 (from $59,880 to $56,773).
- It then further increased to $114,847 for 7-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.4465, it is evident that income distribution in Hancock County, ME exihibits characterstics of moderate inequality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $83,350. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $38,560.
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