Age of householder
Per the latest American Community Survey by the Census Bureau, Panama City sees its highest median household income among householders in the age group of 25 to 44 years old, at $68,976. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Panama City, householders within the 25 to 44 years age group have the highest median household income at $68,976, followed by those in the 45 to 64 years age group with an income of $56,247. Meanwhile householders within the 65 years and over age group report the second lowest median household income of $45,604. Notably, householders within the under 25 years age group, had the lowest median household income at $36,710.
- Notably, household income for individuals within the 25 to 44 years age group demonstrated a remarkable increase of $15,916(30%), escalating from a median of $53,060 in 2011 to $68,976 in 2021.
- 707(4.82%) households where the householder is under 25 years old.
- 4,468(30.46%) households with a householder aged between 25 and 44 years.
- 5,252(35.81%) households with a householder aged between 45 and 64 years.
- 4,240(28.91%) households where the householder is over 65 years old.
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Gender
In Panama City, the population consists of 16,279 males (47.16%) and 18,242 females (52.84%). Here are the primary highlights from the gender-based income distribution analysis:
- In Panama City, the median income for all workers aged 15 years and older, regardless of work hours, was $39,293 for males and $27,316 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $54,108 for males and $45,416 for females.
- In Panama City, the median income for all workers aged 15 years and older, regardless of work hours, was $39,293 for males and $27,316 for females.
- In Panama City, among full-time, year-round workers aged 15 years and older, males earned a median income of $54,108, while females earned $45,416, leading to a 16% gender pay gap among full-time workers. This illustrates that women earn 84 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 Panama City, the population is predominantly White, constituting 65.48% 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 $62,971.
- In Panama City, despite the White population being the most populous, it is worth noting that Some Other Race households actually reports the highest median household income, with a median income of $75,046. This reveals that, while Whites may be the most numerous in Panama City, Some Other Race households experience greater economic prosperity in terms of median household income.
- In Panama City, the median household income for the households where the householder is White increased by $5,530(9.63%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $57,441 in 2011 and $62,971 in 2021.
- In Panama City, the median household income for the households where the householder is Black or African American increased by $1,161(3.26%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $35,569 in 2011 and $36,730 in 2021.
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Year by year
Panama City, FL median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Panama City increased by $1,884 (3.50%), 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 4,132 (from $50,468 to $54,600). Similarly the most substantial year-by-year decline occured from 2011 to 2012, when the median household income decreased by 3,655 (from $53,698 to $50,043).
- It then further increased to $118,152 for 6-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.4758, it is evident that income distribution in Panama City, FL exihibits characterstics of moderate inequality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $70,884. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $38,405.
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