Age of householder
Per the latest American Community Survey by the Census Bureau, Hancock sees its highest median household income among householders in the age group of 45 to 64 years old, at $115,298. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Hancock, the median household income stands at $115,298 for householders within the 45 to 64 years age group, followed by $38,339 for the 65 years and over age group. Notably, householders within the under 25 years age group, had the lowest median household income at $25,818.
- Notably, household income for individuals within the 45 to 64 years age group demonstrated a remarkable increase of $61,906(115.95%), escalating from a median of $53,392 in 2011 to $115,298 in 2021.
- 289(16.81%) households where the householder is under 25 years old.
- 363(21.12%) households with a householder aged between 25 and 44 years.
- 616(35.83%) households with a householder aged between 45 and 64 years.
- 451(26.24%) households where the householder is over 65 years old.
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Gender
In Hancock, the population consists of 2,496 males (54.76%) and 2,062 females (45.24%). Here are the primary highlights from the gender-based income distribution analysis:
- In Hancock, the median income for all workers aged 15 years and older, regardless of work hours, was $24,706 for males and $25,084 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $57,454 for males and $43,056 for females.
- In Hancock, the median income for all workers aged 15 years and older, regardless of work hours, was $24,706 for males and $25,084 for females.
- In Hancock, among full-time, year-round workers aged 15 years and older, males earned a median income of $57,454, while females earned $43,056, leading to a 25% gender pay gap among full-time workers. This illustrates that women earn 75 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 Hancock, the population is predominantly White, constituting 92.47% 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 $48,131.
- In Hancock, White is both the largest group and the one with the highest median household income, which stands at $48,131.
- In Hancock, the median household income for the households where the householder is White increased by $8,653(21.92%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $39,478 in 2011 and $48,131 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.
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Year by year
Hancock, MI median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Hancock increased by $2,468 (5.54%), 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 5,469 (from $41,992 to $47,461). Similarly the most substantial year-by-year decline occured from 2018 to 2019, when the median household income decreased by 7,089 (from $47,461 to $40,372).
- It then further increased to $134,921 for 4-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.4955, it is evident that income distribution in Hancock, MI exihibits characterstics of moderate inequality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $119,501. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $27,938.
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