Age of householder
Per the latest American Community Survey by the Census Bureau, Honor sees its highest median household income among householders in the age group of 45 to 64 years old, at $81,913. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Honor, where there exist only two delineated age groups, the median household income is $81,913 for householders within the 45 to 64 years age group, compared to $50,893 for the 25 to 44 years age group.
- Notably, household income for individuals within the 45 to 64 years age group demonstrated a remarkable increase of $27,975(51.87%), escalating from a median of $53,938 in 2011 to $81,913 in 2021.
- 0 households where the householder is under 25 years old.
- 9(13.04%) households with a householder aged between 25 and 44 years.
- 27(39.13%) households with a householder aged between 45 and 64 years.
- 33(47.83%) households where the householder is over 65 years old.
Read more about Honor, MI median household income by age ➔
Gender
In Honor, the population consists of 83 males (47.98%) and 90 females (52.02%). Here are the primary highlights from the gender-based income distribution analysis:
- In Honor, the median income for all workers aged 15 years and older, regardless of work hours, was $45,038 for males and $27,378 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $55,397 for males and $29,185 for females.
- In Honor, the median income for all workers aged 15 years and older, regardless of work hours, was $45,038 for males and $27,378 for females.
- In Honor, among full-time, year-round workers aged 15 years and older, males earned a median income of $55,397, while females earned $29,185, leading to a 47% gender pay gap among full-time workers. This illustrates that women earn 53 cents for each dollar earned by men in full-time roles. This level of income gap emphasizes the urgency to address and rectify this ongoing disparity, where women, despite working full-time, face a more significant wage discrepancy compared to men in the same employment roles.
Read more about Honor, MI income by gender ➔
Race
In Honor, the population is predominantly White, constituting 88.44% 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 $63,504.
- In Honor, White is both the largest group and the one with the highest median household income, which stands at $63,504.
- In Honor, the median household income for the households where the householder is White increased by $23,459(58.58%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $40,045 in 2011 and $63,504 in 2021.
- As per the U.S. Census Bureau population data, in Honor, there are no households where the householder is Black or African American; hence, the median household income for the Black or African American population is not applicable.
Read more about Honor, MI median household income by race ➔
Year by year
Honor, MI median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Honor increased by $7,610 (15.92%), 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 8,713 (from $61,376 to $70,089). Similarly the most substantial year-by-year decline occured from 2020 to 2021, when the median household income decreased by 15,627 (from $71,024 to $55,397).
- It then further increased to $83,771 for 3-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.38, it is evident that income distribution in Honor, MI exihibits characterstics of moderate equality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $83,230. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $30,401.
Read more about Honor, MI median household income ➔