Age of householder
Per the latest American Community Survey by the Census Bureau, Penney Farms sees its highest median household income among householders in the age group of 65 years and over old, at $61,283. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, Penney Farms only reports a median household income of $61,283 among householders in the 65 years and over age group.
- Notably, household income for individuals within the 65 years and over age group demonstrated a remarkable increase of $11,105(22.13%), escalating from a median of $50,178 in 2011 to $61,283 in 2021.
- 0 households where the householder is under 25 years old.
- 17(6.18%) households with a householder aged between 25 and 44 years.
- 21(7.64%) households with a householder aged between 45 and 64 years.
- 237(86.18%) households where the householder is over 65 years old.
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Gender
In Penney Farms, the population consists of 307 males (45.15%) and 373 females (54.85%). Here are the primary highlights from the gender-based income distribution analysis:
- In Penney Farms, the median income for all workers aged 15 years and older, regardless of work hours, was $49,368 for males and $27,530 for females.
- However, when specifically considering full-time, year-round workers within the same age group, while the Census reported a median income of $74,154 for males, while data for females was unavailable due to an insufficient number of sample observations.
- In Penney Farms, the median income for all workers aged 15 years and older, regardless of work hours, was $49,368 for males and $27,530 for females.
- In Penney Farms, for full-time, year-round workers aged 15 years and older, while the Census reported a median income of $74,154 for males, while data for females was unavailable due to an insufficient number of sample observations.
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Race
In Penney Farms, the population is predominantly White, constituting 95% 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 $62,896.
- In Penney Farms, White is both the largest group and the one with the highest median household income, which stands at $62,896.
- In Penney Farms, the median household income for the households where the householder is White increased by $14,920(31.10%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $47,976 in 2011 and $62,896 in 2021.
- In Penney Farms, the median household income for Black or African American households was $56,226 in 2011(2022 inflation-adjusted dollars). However there is no reported data for 2021, indicating a lack of information for this specific year.
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Year by year
Penney Farms, FL median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Penney Farms increased by $12,619 (25.10%), as per the American Community Survey estimates.
- Between 2010 and 2021, median household income, adjusted for 2022 inflation, experienced growth year by year for 3 years and declined for 8 years.
- The most significant year-by-year growth occured from 2017 to 2018, when the median household income increased by 19,046 (from $40,981 to $60,027). Similarly the most substantial year-by-year decline occured from 2014 to 2015, when the median household income decreased by 5,731 (from $42,731 to $37,000).
- It then further increased to $75,394 for 2-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.3604, it is evident that income distribution in Penney Farms, FL exihibits characterstics of moderate equality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $84,193. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $36,211.
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