Age of householder
Per the latest American Community Survey by the Census Bureau, Miami Beach sees its highest median household income among householders in the age group of 25 to 44 years old, at $85,213. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Miami Beach, householders within the 25 to 44 years age group have the highest median household income at $85,213, followed by those in the 45 to 64 years age group with an income of $84,167. Meanwhile householders within the under 25 years age group report the second lowest median household income of $56,018. Notably, householders within the 65 years and over age group, had the lowest median household income at $39,070.
- Notably, household income for individuals within the 25 to 44 years age group demonstrated a remarkable increase of $26,464(45.05%), escalating from a median of $58,749 in 2012 to $85,213 in 2022.
- 1,956(4.70%) households where the householder is under 25 years old.
- 15,891(38.20%) households with a householder aged between 25 and 44 years.
- 13,978(33.60%) households with a householder aged between 45 and 64 years.
- 9,772(23.49%) households where the householder is over 65 years old.
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Gender
In Miami Beach, the population consists of 42,489 males (50.90%) and 40,980 females (49.10%). Here are the primary highlights from the gender-based income distribution analysis:
- In Miami Beach, the median income for all workers aged 15 years and older, regardless of work hours, was $50,008 for males and $32,151 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $67,653 for males and $67,517 for females.
- In Miami Beach, the median income for all workers aged 15 years and older, regardless of work hours, was $50,008 for males and $32,151 for females.
- In Miami Beach, for all full-time workers aged 15 years and older, the median income was equal at, $67,517 for both males and females. This indicates a gender income balance in Miami Beach, where both men and women, in full-time year-round roles, earn an equal income.
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Race
In Miami Beach, the population is predominantly White, constituting 65.64% 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 $82,518.
- In Miami Beach, despite the White population being the most populous, it is worth noting that Asian households actually reports the highest median household income, with a median income of $89,386. This reveals that, while Whites may be the most numerous in Miami Beach, Asian households experience greater economic prosperity in terms of median household income.
- In Miami Beach, the median household income for the households where the householder is White increased by $26,655(47.71%), between 2012 and 2022. The median household income, in 2022 inflation-adjusted dollars, was $55,863 in 2012 and $82,518 in 2022.
- In Miami Beach, the median household income for Black or African American households was $26,804 in 2012(2022 inflation-adjusted dollars). However there is no reported data for 2022, indicating a lack of information for this specific year.
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Year by year
Miami Beach, FL median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Miami Beach increased by $5,204 (8.86%), 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 2019 to 2020, when the median household income increased by 2,858 (from $61,970 to $64,828). Similarly the most substantial year-by-year decline occured from 2010 to 2011, when the median household income decreased by 3,289 (from $58,745 to $55,456).
- It then further decreased to -666,666,666 for 7-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.6205, it is evident that income distribution in Miami Beach, FL exihibits characterstics of high inequality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $99,256. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $48,800.
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