Hoffman, NC Income

The inflation-adjusted median household income in Hoffman was $33,972, based on U.S. Census Bureau ACS estimates.
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Updated Dec 15, 2023
Overview
$33,972
Median household income
0.5641
Gini coefficient
45 to 64 years ($38,001)
Highest median income age group
$372,800
Income of top 5%

All incomes in 2022 inflation-adjusted dollars using R-CPI-U-RS. Sources: U.S. Census Bureau, American Community Survey (ACS) 2017-2021 5-Year Estimates

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.
The bar chart shows Hoffman, NC median household income by age of householder. All incomes have been adjusted for 2022 inflation using the Consumer Price Index retroactive series (R-CPI-U-RS).
Hoffman, NC median household income by age of householder: It offers a clear illustration of the differences in median household incomes in Hoffman, based on the age of householders divided into four cohorts : Under 25 years, 25 - 44 years, 45 to 64 years and 65 years and over. Source: U.S. Census Bureau American Community Survey (ACS) 2017-2021 5-Year Estimates

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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
Line chart showing the annual median income trends in Hoffman, NC for males and females across four employment categories: (1) Males in full-time year-round positions, (2) Males in non-full-time roles (part-time and other employment types), (3) Females in full-time year-round positions, and (4) Females in non-full-time roles (part-time and other employment types).
Hoffman, NC gender based income disparity: Gain insights into gender-based pay disparity trends and explore the variations in income for male and female individuals, in 2022 inflation adjusted dollars. Source: U.S. Census Bureau American Community Survey (ACS) 2017-2021 5-Year Estimates

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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.
The bar chart shows Hoffman, NC median household income across all racial categories identified by the U.S. Census Bureau.
Hoffman, NC median household income diversity across racial categories: Gain insights into economic disparities and trends and explore the variations in median houshold income for diverse racial categories. Source: U.S. Census Bureau American Community Survey (ACS) 2017-2021 5-Year Estimates

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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.
The line chart shows Hoffman, NC median household income from 2010 to 2021. The orange line represents Census Bureau data for median household income (without adjusting for any inflation), while the blue line shows inflation-adjusted median household income for 2022.
Hoffman, NC median household income trends: 2010 to 2021. The chart illustrates income fluctuations over the years, highlighting the impact of inflation on economic trends. Source: U.S. Census Bureau American Community Survey (ACS) 2017-2021 5-Year Estimates

Read more about Hoffman, NC median household income ➔

References

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Hoffman, NC Demographics

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Median household income of places that contain Hoffman (in 2022 dollars)
Median household income of nearby cities (in 2022 dollars)

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Neilsberg Research team are data scientists with expertise in processing, analysis and visualization of big data helping small businesses make right decisions.

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