Gender
In Homestead, the population consists of 38,927 males (49.35%) and 39,958 females (50.65%). Here are the primary highlights from the gender-based income distribution analysis:
- In Homestead, the median income for all workers aged 15 years and older, regardless of work hours, was $28,587 for males and $24,773 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $40,955 for males and $40,188 for females.
- In Homestead, the median income for all workers aged 15 years and older, regardless of work hours, was $28,587 for males and $24,773 for females.
- In Homestead, among full-time, year-round workers aged 15 years and older, males earned a median income of $40,955, while females earned $40,188, resulting in a 2% gender pay gap among full-time workers. This illustrates that women earn 98 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 city of Homestead.
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Race
In Homestead, the population is predominantly White, constituting 53.92% 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 $60,002.
- In Homestead, despite the White population being the most populous, it is worth noting that Some Other Race households actually reports the highest median household income, with a median income of $79,803. This reveals that, while Whites may be the most numerous in Homestead, Some Other Race households experience greater economic prosperity in terms of median household income.
- In Homestead, there was no reported median household income for White households in 2012. However, in 2022, the median household income increased to $60,002, marking a significant change.
- In Homestead, there was no reported median household income for Black or African American households in 2012. However, in 2022, the median household income increased to $77,571, marking a significant change.
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Year by year
Homestead, FL median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Homestead increased by $5,429 (10.62%), as per the American Community Survey estimates.
- Between 2010 and 2021, median household income, adjusted for 2022 inflation, experienced growth year by year for 5 years and declined for 6 years.
- The most significant year-by-year growth occured from 2018 to 2019, when the median household income increased by 3,615 (from $50,934 to $54,549). Similarly the most substantial year-by-year decline occured from 2015 to 2016, when the median household income decreased by 1,267 (from $50,743 to $49,476).
- It then further increased to $106,725 for 7-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.4377, it is evident that income distribution in Homestead, FL exihibits characterstics of moderate inequality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $72,919. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $23,438.
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