What is the Median Household Income in Loxahatchee Groves, Florida?
The median household income in Loxahatchee Groves, Florida, was $113,942 in 2022. This figure represents a significant increase from the previous year, reflecting economic growth within the community.
Understanding Income in Loxahatchee Groves
When discussing income, it's important to distinguish between "median" and "average" (or mean) income.
- Median Household Income is the point at which half of the households earn more and half earn less. It is generally considered a more accurate representation of typical income in a community because it is less skewed by extremely high or low incomes.
- Average (Mean) Income is calculated by summing all incomes and dividing by the number of earners or households. It can be heavily influenced by a few very high earners, potentially giving a misleading picture of the typical financial situation.
The data for Loxahatchee Groves specifically provides the median household income, which offers a robust insight into the economic well-being of its residents.
Key Income Statistics for Loxahatchee Groves, FL
The income trend in Loxahatchee Groves demonstrates notable growth:
| Year | Median Household Income | Number of Households |
|---|---|---|
| 2022 | $113,942 | 1,270 |
| 2021 | $104,792 | N/A |
As shown, the median household income for the 1,270 households in Loxahatchee Groves grew from $104,792 in 2021 to $113,942 in 2022. This upward trend suggests a strengthening local economy and improving financial prospects for residents.
What This Means for Residents and the Community
- Economic Health: A high and growing median household income indicates a healthy and robust local economy, attracting businesses and potentially leading to improved public services.
- Cost of Living: While a higher income is positive, it often correlates with a higher cost of living. Understanding the median income helps residents and prospective residents gauge affordability within the area.
- Community Profile: Income data contributes to the overall demographic and economic profile of a community, providing insights into its socio-economic characteristics.
For more detailed demographic and economic data on Loxahatchee Groves, Florida, you can refer to comprehensive profiles from sources like Data USA, which compiles information from various government and public data sets.
