Age of householder
Per the latest American Community Survey by the Census Bureau, Palm Bay sees its highest median household income among householders in the age group of under 25 years old, at $110,022. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Palm Bay, householders within the under 25 years age group have the highest median household income at $110,022, followed by those in the 45 to 64 years age group with an income of $84,069. Meanwhile householders within the 25 to 44 years age group report the second lowest median household income of $78,105. Notably, householders within the 65 years and over age group, had the lowest median household income at $48,327.
- Notably, household income for individuals within the Under 25 years age group demonstrated a remarkable increase of $81,299(283.04%), escalating from a median of $28,723 in 2012 to $110,022 in 2022.
- 945(2.13%) households where the householder is under 25 years old.
- 12,992(29.30%) households with a householder aged between 25 and 44 years.
- 15,859(35.77%) households with a householder aged between 45 and 64 years.
- 14,542(32.80%) households where the householder is over 65 years old.
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Gender
In Palm Bay, the population consists of 59,856 males (50.42%) and 58,853 females (49.58%). Here are the primary highlights from the gender-based income distribution analysis:
- In Palm Bay, the median income for all workers aged 15 years and older, regardless of work hours, was $40,773 for males and $27,869 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $54,904 for males and $44,710 for females.
- In Palm Bay, the median income for all workers aged 15 years and older, regardless of work hours, was $40,773 for males and $27,869 for females.
- In Palm Bay, among full-time, year-round workers aged 15 years and older, males earned a median income of $54,904, while females earned $44,710, leading to a 19% gender pay gap among full-time workers. This illustrates that women earn 81 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 Palm Bay, the population is predominantly White, constituting 65.60% 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 $73,012.
- In Palm Bay, 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 $97,787. This reveals that, while Whites may be the most numerous in Palm Bay, Asian households experience greater economic prosperity in terms of median household income.
- In Palm Bay, the median household income for the households where the householder is White increased by $23,249(46.72%), between 2012 and 2022. The median household income, in 2022 inflation-adjusted dollars, was $49,763 in 2012 and $73,012 in 2022.
- In Palm Bay, the median household income for the households where the householder is Black or African American increased by $9,384(20.83%), between 2012 and 2022. The median household income, in 2022 inflation-adjusted dollars, was $45,053 in 2012 and $54,437 in 2022.
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Year by year
Palm Bay, FL median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Palm Bay increased by $410 (0.68%), 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 3,334 (from $55,694 to $59,028). Similarly the most substantial year-by-year decline occured from 2012 to 2013, when the median household income decreased by 2,608 (from $56,957 to $54,349).
- It then further increased to $155,244 for 7-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.3709, it is evident that income distribution in Palm Bay, FL exihibits characterstics of moderate equality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $72,355. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $51,700.
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