Age of householder
Per the latest American Community Survey by the Census Bureau, Miami-Dade County sees its highest median household income among householders in the age group of 45 to 64 years old, at $79,179. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Miami-Dade County, householders within the 45 to 64 years age group have the highest median household income at $79,179, followed by those in the 25 to 44 years age group with an income of $77,824. Meanwhile householders within the under 25 years age group report the second lowest median household income of $42,401. Notably, householders within the 65 years and over age group, had the lowest median household income at $38,225.
- Notably, household income for individuals within the 25 to 44 years age group demonstrated a remarkable increase of $18,599(31.40%), escalating from a median of $59,225 in 2012 to $77,824 in 2022.
- 24,964(2.54%) households where the householder is under 25 years old.
- 311,518(31.67%) households with a householder aged between 25 and 44 years.
- 392,388(39.90%) households with a householder aged between 45 and 64 years.
- 254,639(25.89%) households where the householder is over 65 years old.
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Gender
In Miami-Dade County, the population consists of 1.32 million males (48.92%) and 1.37 million females (51.08%). Here are the primary highlights from the gender-based income distribution analysis:
- In Miami-Dade County, the median income for all workers aged 15 years and older, regardless of work hours, was $39,073 for males and $26,337 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $51,150 for males and $42,004 for females.
- In Miami-Dade County, the median income for all workers aged 15 years and older, regardless of work hours, was $39,073 for males and $26,337 for females.
- In Miami-Dade County, among full-time, year-round workers aged 15 years and older, males earned a median income of $51,150, while females earned $42,004, leading to a 18% gender pay gap among full-time workers. This illustrates that women earn 82 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 Miami-Dade County, the population is predominantly White, constituting 56.50% 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 $81,052.
- In Miami-Dade County, 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 $96,671. This reveals that, while Whites may be the most numerous in Miami-Dade County, Asian households experience greater economic prosperity in terms of median household income.
- In Miami-Dade County, the median household income for the households where the householder is White increased by $24,824(44.15%), between 2012 and 2022. The median household income, in 2022 inflation-adjusted dollars, was $56,228 in 2012 and $81,052 in 2022.
- In Miami-Dade County, the median household income for the households where the householder is Black or African American increased by $10,940(27.75%), between 2012 and 2022. The median household income, in 2022 inflation-adjusted dollars, was $39,427 in 2012 and $50,367 in 2022.
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Year by year
Miami-Dade County, FL median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Miami-Dade County increased by $3,658 (6.22%), 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 2,204 (from $58,957 to $61,161). Similarly the most substantial year-by-year decline occured from 2011 to 2012, when the median household income decreased by 1,809 (from $57,477 to $55,668).
- It then further increased to $113,432 for 7-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.5212, it is evident that income distribution in Miami-Dade County, FL exihibits characterstics of moderate inequality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $74,762. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $40,778.
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