Age of householder
Per the latest American Community Survey by the Census Bureau, Lake Placid sees its highest median household income among householders in the age group of 65 years and over old, at $49,385. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Lake Placid, the median household income stands at $49,385 for householders within the 65 years and over age group, followed by $44,803 for the 45 to 64 years age group. Notably, householders within the 25 to 44 years age group, had the lowest median household income at $38,259.
- Notably, household income for individuals within the 65 years and over age group demonstrated a remarkable increase of $2,219(4.70%), escalating from a median of $47,166 in 2011 to $49,385 in 2021.
- 13(1.50%) households where the householder is under 25 years old.
- 184(21.20%) households with a householder aged between 25 and 44 years.
- 298(34.33%) households with a householder aged between 45 and 64 years.
- 373(42.97%) households where the householder is over 65 years old.
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Gender
In Lake Placid, the population consists of 1,194 males (49.08%) and 1,239 females (50.92%). Here are the primary highlights from the gender-based income distribution analysis:
- In Lake Placid, the median income for all workers aged 15 years and older, regardless of work hours, was $31,902 for males and $21,618 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $41,148 for males and $29,030 for females.
- In Lake Placid, the median income for all workers aged 15 years and older, regardless of work hours, was $31,902 for males and $21,618 for females.
- In Lake Placid, among full-time, year-round workers aged 15 years and older, males earned a median income of $41,148, while females earned $29,030, leading to a 29% gender pay gap among full-time workers. This illustrates that women earn 71 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 Lake Placid, the population is predominantly White, constituting 77.31% 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 $48,844.
- In Lake Placid, despite the White population being the most populous, it is worth noting that American Indian and Alaska Native households actually reports the highest median household income, with a median income of $51,967. This reveals that, while Whites may be the most numerous in Lake Placid, American Indian and Alaska Native households experience greater economic prosperity in terms of median household income.
- In Lake Placid, the median household income for the households where the householder is White increased by $7,471(18.06%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $41,373 in 2011 and $48,844 in 2021.
- In Lake Placid, the median household income for the households where the householder is Black or African American increased by $2,596(6.17%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $42,088 in 2011 and $44,684 in 2021.
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Year by year
Lake Placid, FL median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Lake Placid increased by $3,445 (8.29%), as per the American Community Survey estimates.
- Between 2010 and 2021, median household income, adjusted for 2022 inflation, experienced growth year by year for 6 years and declined for 5 years.
- The most significant year-by-year growth occured from 2020 to 2021, when the median household income increased by 7,560 (from $37,417 to $44,977). Similarly the most substantial year-by-year decline occured from 2012 to 2013, when the median household income decreased by 7,963 (from $46,903 to $38,940).
- It then further decreased to 2,701 for 5-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.4972, it is evident that income distribution in Lake Placid, FL exihibits characterstics of moderate inequality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $46,074. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $43,719.
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