Age of householder
Per the latest American Community Survey by the Census Bureau, Hoffman sees its highest median household income among householders in the age group of 45 to 64 years old, at $38,001. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Hoffman, where there exist only two delineated age groups, the median household income is $38,001 for householders within the 45 to 64 years age group, compared to $32,005 for the 25 to 44 years age group.
- Notably, household income for individuals within the 25 to 44 years age group demonstrated the smallest decline of $9,402(22.71%), declining from a median of $41,407 in 2011 to $32,005 in 2021.
- 3(1.42%) households where the householder is under 25 years old.
- 45(21.23%) households with a householder aged between 25 and 44 years.
- 115(54.25%) households with a householder aged between 45 and 64 years.
- 49(23.11%) households where the householder is over 65 years old.
Read more about Hoffman, NC median household income by age ➔
Gender
In Hoffman, the population consists of 326 males (47.11%) and 366 females (52.89%). Here are the primary highlights from the gender-based income distribution analysis:
- In Hoffman, while the Census reported a median income of $20,461 for all male workers aged 15 years and older, data for females in the same category was unavailable due to an insufficient number of sample observations.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $34,905 for males and $44,684 for females.
- In Hoffman, while the Census reported a median income of $20,461 for all male workers aged 15 years and older, data for females in the same category was unavailable due to an insufficient number of sample observations.
- In Hoffman, among full-time, year-round workers aged 15 years and older, males earned a median income of $34,905, while females earned $44,684
Read more about Hoffman, NC income by gender ➔
Race
In Hoffman, the population is predominantly Black or African American, constituting 66.62% 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 $30,176.
- In Hoffman, despite the Black or African American population being the most populous, it is worth noting that White households actually reports the highest median household income, with a median income of $38,057. This reveals that, while Black or African Americans may be the most numerous in Hoffman, White households experience greater economic prosperity in terms of median household income.
- In Hoffman, the median household income for the households where the householder is White increased by $5,858(18.19%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $32,199 in 2011 and $38,057 in 2021.
- In Hoffman, the median household income for the households where the householder is Black or African American decreased by $11,558(27.69%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $41,734 in 2011 and $30,176 in 2021.
Read more about Hoffman, NC median household income by race ➔
Year by year
Hoffman, NC median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Hoffman decreased by $2,290 (6.32%), 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 2016 to 2017, when the median household income increased by 4,877 (from $31,800 to $36,677). Similarly the most substantial year-by-year decline occured from 2011 to 2012, when the median household income decreased by 14,483 (from $40,099 to $25,616).
- It then further increased to $62,603 for 3-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.5641, it is evident that income distribution in Hoffman, NC exihibits characterstics of moderate inequality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $45,745. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $19,559.
Read more about Hoffman, NC median household income ➔