1-407-575-5392
Menu

What Is The Median Family Household Income In Hillsborough County Florida

NEXT
PREV
Sun, Nov 26, 2023 at 7:50AM

What Is The Median Family Household Income In Hillsborough County Florida

Understanding What is the Median Family Household Income in Hillsborough County Florida, $68,602

What’s the story behind the numbers and trends in Hillsborough County, Florida? From population growth to “what is the median family household income in Hillsborough County Florida”, and from the housing market to commuting patterns, there’s a compelling narrative that paints a vivid picture of life in this vibrant region. By examining the latest data and statistics, we can uncover the factors that shape the economic and social fabric of Hillsborough County and gain insights into the experiences of its residents.

Hillsborough County FL

Key Takeaways

  • Hillsborough County has a median family household income of $68,602 per year and an unemployment rate of 2.3%.

  • Education attainment is high in Hillsborough County with 36% holding a bachelor’s degree, while home values have experienced significant increases over the past five years.

  • Primary modes of transportation are cars, public transit and walking. Average commute time is nearly 30 minutes.

Hillsborough County at a Glance

Aerial view of Hillsborough County, Florida

Nestled on the west coast of Florida, Hillsborough County is home to a diverse and growing population. With its thriving economy and attractive quality of life, it’s no wonder that the county’s population has been steadily increasing, resulting in a vibrant and dynamic community.

But what exactly does this growth mean for the residents of Hillsborough County? To address this, we need to examine the county’s demographics more closely, beginning with population growth and median age.

Population Growth

The story of Hillsborough County’s growth is one of steady progress, driven by factors such as strong net migration, natural increase, and demographic transformations. In fact, Florida is projected to reach 25 million residents by 2030, suggesting a bright future for the county. Data from the American Community Survey helps us comprehend this growth, offering useful details about the county’s demographic changes.

Although specific growth rates over the past decade are not readily available, the Census Bureau’s population estimates offer a useful starting point for analysis. By examining these figures and demographic data, we can identify the key drivers of growth in Hillsborough County and anticipate the challenges and opportunities that lie ahead, with the help of the census bureau data.

Median Age

While population growth is a significant part of Hillsborough County’s narrative, considering the median age of its residents is also imperative. At 37.5 years old, the county’s median age is lower than both the state of Florida’s 42.4 years and the national average in the United States. This relative youthfulness could be an indicator of the county’s vitality and potential for continued growth.

Of course, age is just one piece of the demographic puzzle. Gender distribution, for example, is another important factor, with Hillsborough County’s population skewed slightly towards women (96.8 males per 100 females). By examining these demographic trends, we can gain a more comprehensive understanding of the county’s residents and the forces shaping their lives.

Median Family Household Income

Median family household income comparison chart

Financial matters are significant, including the median household income and capita income in Hillsborough County. At $68,602 per year, the county’s median income is slightly higher than Florida’s median income of $65,370. But what influences this income level, and how does it affect the lives of county residents?

We need to examine the elements that affect income levels in Hillsborough County to estimate and address these queries, including analyzing poverty estimates.

Factors Influencing Income

Various factors affect income levels in Hillsborough County, including age, education, and employment status. As employment rises, individuals have the potential to gain a consistent income, leading to higher income levels in the county. Age and education also play significant roles in determining income, with higher education levels generally resulting in access to more lucrative job opportunities.

Understanding these elements and their effect on income levels allows us to gain useful knowledge about the economic health of Hillsborough County residents. This knowledge can help us identify potential areas for growth and improvement, as well as inform policy decisions that promote economic stability and prosperity.

Employment and Industries in Hillsborough County

Hillsborough County unemployment rate statistics

A prosperous job market is pivotal to the economic well-being of any region, including Hillsborough County. With a current unemployment rate of 3.1%, the county is faring better than both the state of Florida and the national average.

But what industries are driving this success, and how do they contribute to the local economy?

Unemployment Rate

Hillsborough County’s unemployment rate of 2.3% is lower than the state of Florida’s 2.6% rate and the national average in the United States. Over the past decade, the unemployment rate in the county has decreased by 0.2 percentage points, reflecting a healthy job market and a robust local economy.

The county’s comparatively low unemployment rate, which contributes to reduced poverty, is probably due to the variety of industries in the area, providing plenty of job opportunities to residents.

Top Industries

Healthcare, education, professional services, tourism, and manufacturing are among the most prominent industries in Hillsborough County, Florida. These industries not only provide employment opportunities for local residents but also contribute significantly to the local economy.

Notable employers in the county include:

  • TD Synnex

  • Jabil

  • Mosaic

  • Raymond James Financial

  • Roper Technologies

  • Bloomin’ Brands

  • Masonite

  • MarineMax

By fostering a diverse and thriving industrial landscape, Hillsborough County continues to create a stable and prosperous environment for its residents.

Education and Its Impact on Income

Educational attainment in Hillsborough County, Florida

Education has a significant impact on forming the economic potential of Hillsborough County residents. With higher education levels generally associated with increased income and better employment opportunities, it’s important to examine the educational attainment of the county’s population and the role of local institutions in fostering workforce development.

Educational Attainment

Hillsborough County residents boast a diverse range of educational attainment levels, from high school diplomas to advanced degrees. Approximately 36% of the population holds a bachelor’s degree, indicating a well-educated workforce capable of meeting the demands of the county’s top industries.

Higher education levels can lead to better job opportunities and higher incomes, as individuals with advanced degrees often have access to more lucrative positions in fields such as healthcare, technology, finance, and public relations.

Higher Education Institutions

Hillsborough County is home to several higher education institutions, including Hillsborough Community College (HCC). These institutions play a significant role in the local economy, with HCC students alone contributing over $1 billion in additional income and economic impact in the county.

Moreover, higher education institutions in Hillsborough County emphasize workforce development, offering resources and support services to boost employability and foster a competitive workforce. By investing in education, the county is paving the way for a bright and prosperous future for its residents.

Housing Market in Hillsborough County

Housing market trends in Hillsborough County, Florida

The housing market is a vital part of any community, including Hillsborough County. With home values and homeownership rates on the rise, it’s important to understand the factors driving these trends and their implications for the county’s households.

Home Values

The median home value in Hillsborough County has risen from $164,000 to $275,000 over the past five years, representing a 68% increase. This growth surpasses both the state’s average home value of $313,217 and the national average.

While this surge in home values indicates a strong housing market, considering the possible difficulties it may cause residents, such as affordability and accessibility, is important. By staying informed about these trends, policymakers and community members can work together to ensure that Hillsborough County remains a desirable place to live.

Homeownership Rates

In Hillsborough County, 60.78% of housing units are owner-occupied, reflecting a strong sense of community and stability among Hillsborough County households. Factors such as housing affordability, race, ethnicity, age, education, income, and marriage all influence homeownership rates in the county.

However, disparities in homeownership rates between different demographic groups still exist, highlighting the need for ongoing efforts to promote equitable housing opportunities for all residents, even those living in the same house. By addressing these challenges, Hillsborough County can continue to foster a vibrant and inclusive community.

Transportation and Commuting Patterns

Transportation and commuting patterns are integral parts of daily life in Hillsborough County. With a variety of modes available, including:

  • cars

  • public transit

  • walking

  • biking

It’s important to understand how residents navigate the county and the impact of commuting on their lives.

Primary Modes of Transportation

Cars are the primary mode of transportation for Hillsborough County residents, with 89.8% of daily commutes conducted by private vehicles. Public transit is available, but it’s not as widely utilized as automobiles. Additionally, 20,482 Hillsborough County residents walk to work regularly, showcasing the diversity of transportation options available to the community.

Knowing the main modes of transportation used by residents can aid in planning infrastructure and investments, enhancing the living standards of those residing and working in Hillsborough County.

Average Commute Time

The average commute time for Hillsborough County residents is nearly 30 minutes, slightly higher than the state of Florida’s average of 28.4 minutes and the national average of 27.6 minutes. Factors such as housing affordability, fuel prices, and economic circumstances can all influence average commute times in the county.

By studying these elements and their effect on commuting patterns, we can understand the daily routines of Hillsborough County residents better and strive for solutions that enhance transportation efficiency and overall living standards.

Summary

Hillsborough County, Florida, is a dynamic and growing region characterized by diverse demographics, a thriving economy, and a vibrant housing market. By examining the factors that shape the lives of its residents, from education and income to transportation and commuting patterns, we can gain valuable insights into the forces driving the county’s growth and success. As we look to the future, it’s clear that Hillsborough County is well-positioned for continued prosperity and offers a wealth of opportunities for its residents to thrive.

Frequently Asked Questions

What is the median family household income in Hillsborough County, Florida?

The median family household income in Hillsborough County, Florida, is $68,602 per year.

What is the current unemployment rate in Hillsborough County?

The latest unemployment rate for Hillsborough County stands at 3.1%.

What are the most prominent industries in Hillsborough County?

Hillsborough County is home to a thriving economy, with healthcare, education, professional services, tourism, and manufacturing being the most prominent industries.

What is the average commute time for residents in Hillsborough County?

On average, Hillsborough County residents spend nearly 30 minutes commuting each day.

What is the homeownership rate in Hillsborough County?

The homeownership rate in Hillsborough County stands at 60.78%.


Bookmark & Share



User Comments


Be the first to comment on this post below!




All listing information is deemed reliable but not guaranteed and should be independently verified through personal inspection by appropriate professionals. Listings displayed on this website may be subject to prior sale or removal from sale; availability of any listing should always be independent verified. Listing information is provided for consumer personal, non-commercial use, solely to identify potential properties for potential purchase; all other use is strictly prohibited and may violate relevant federal and state law. The source of the listing data is as follows: Stellar MLS (updated 2/22/24 8:14 PM) |

Listing Search



Translate Tool

Featured Listings
Tampa Real Estate
$10,000,000
5 BED
5 BATH
Welcome to the prestigious waterfront enclave of Sunset Park Isles in South Tampa, where luxury living meets panoramic ... Read More
Tampa Real Estate
$5,000,000
5 BED
6 BATH
Located just off the open bay, this immaculate Windstar built 5, 000 sf 5+ bath pool home boasts timeless quality craft... Read More
Tampa Real Estate
$4,250,000
5 BED
4.5 BATH
Welcome to perfection in Golf View! This estate boasts .49 acres on a corner lot just steps away from Palma Ceia golf co... Read More
Tampa Real Estate
$3,995,000
6 BED
8 BATH
It is an entertainer’s delight with plenty of room for family and for everyone to feel special. Tucked away on a quiet s... Read More
Tampa Real Estate
$3,890,000
3 BED
2.5 BATH
Escape to your 1.8 acre private paradise on Lake Carroll. This estate home is located in the only privately gated commun... Read More
Contact Wendy Morris

407-575-5392

Wendy Morris LLC
DBA Wendy Morris Realty
Licensed in the State of Florida
BK 3146762
16797 Broadwater Avenue
Winter Garden, Florida 34787

Your privacy is our utmost concern. We will never sell your personal information. Privacy Policy
©2024 tampafl.com - all rights reserved. | Site Map