Canaan, Connecticut median household income by age of householder
As one can expect, household incomes typically rise as the head of the household gets older. However, this upward trend reaches a peak at a certain point, and beyond that, it tends to level off or even decrease. Based on our analysis of the distribution of Canaan town population by age, the median age in Canaan town is 55.4 years.
Typically for a location with median age in this range, it tends to house more established professionals, possibly reflecting stable households and higher earning poptential. Interestingly, within Canaan town, the age group of 45 to 64 years had the second lowest median household income, recorded at $82,926.
In terms of income distribution across age cohorts, in Canaan town, the median household income stands at $105,929 for householders within the 65 years and over age group, followed by $91,277 for the 25 to 44 years age group. Notably, householders within the 45 to 64 years age group, had the lowest median household income at $82,926.
For a better visual representation of these income disparities, refer to the bar chart below. It offers a clear illustration of the differences in median household incomes based on the age of householders, derived from most current ACS data provided by the Census Bureau for the town of Canaan town.
Analysis of income trends over the past decade highlights notable shifts across various age groups. Among the three age groups with available Census data in both 2011 and 2021, two groups encountered a decline in their median household income, while the remaining one experienced an increase during this period. Notably, household income for individuals within the 65 years and over age group demonstrated a remarkable increase of $55,396(109.62%), escalating from a median of $50,533 in 2011 to $105,929 in 2021. Conversely, the age group of 25 to 44 years years witnessed the most significant decline in household income across the same span. Their median income saw a substantial drop of $19,166(17.35%), declining from a median of $110,443 in 2011 to $91,277 in 2021.
Canaan, Connecticut household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Canaan town population, we conducted an analysis of household incomes across 16 distinct brackets within four age cohorts: under 25 years, 25 to 44 years, 45 to 64 years, and over 65 years.
Upon closer examination of the distribution of households among age brackets, it reveals that there are 20(3.62%) households where the householder is under 25 years old, 84(15.19%) households with a householder aged between 25 and 44 years, 271(49.01%) households with a householder aged between 45 and 64 years, and 178(32.19%) households where the householder is over 65 years old.
The age group of 65 years and over exhibits the highest median household income, while the largest number of households falls within the 45 to 64 years bracket. This distribution hints at economic disparities within the town of Canaan town, showcasing varying income levels among different age demographics.
Age-wise distribution of Canaan town household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Canaan town: Under 25 years, 25-44 years, 45-64 years, and over 65 years. This table highlights the variation in household income, offering valuable insights into economic trends and disparities within different age categories.
| Household Income Age of Householder | Under 25 years | 25 to 44 years | 45 to 64 years | 65 years and over |
|---|---|---|---|---|
| Less than $10,000 | - | - | 61 | 3 |
| $10,000 - $14,999 | - | - | - | 3 |
| $15,000 - $19,999 | - | 3 | 4 | 6 |
| $20,000 - $24,999 | 17 | 5 | - | 16 |
| $25,000 - $29,999 | 3 | - | 10 | 4 |
| $30,000 - $34,999 | - | - | 10 | 6 |
| $35,000 - $39,999 | - | - | 4 | - |
| $40,000 - $44,999 | - | 3 | 3 | - |
| $45,000 - $49,999 | - | 13 | 18 | 9 |
| $50,000 - $59,999 | - | 8 | 17 | 3 |
| $60,000 - $74,999 | - | 3 | 3 | 29 |
| $75,000 - $99,999 | - | 20 | 25 | 14 |
| $100,000 - $124,999 | - | 14 | 33 | 9 |
| $125,000 - $149,999 | - | 2 | 30 | 21 |
| $150,000 - $199,999 | - | 5 | 13 | 26 |
| $200,000 or more | - | 8 | 40 | 29 |
To further explore the income distribution and gain insights into financial landscape of Canaan town when compared to the state of Connecticut and The United States, we analyzed household incomes across various age cohorts and their corresponding income brackets. Here, are our key findings:
- Householder under 25 years: It is noteworthy that no households in Canaan town, where householders are under 25 years old, fall within or exceed the income bracket representing the median income of $88,429 for the state of Connecticut. This indicates an income disparity among households headed by individuals under 25 years old when compared to the median income of the state.
- Householder 25 to 44 years: In Canaan town, among households headed by individuals aged 25 to 44, an impressive 58.33% match or surpass the state of Connecticut median income of $88,429. These 49 households, represent a significant portion of the total 84 households in Canaan town within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Canaan town, within the age group of 45 to 64 years, a remarkable 52.03% of households meet or exceed the state of Connecticut median income of $88,429. These 141 households, out of the total 271 households in this age cohort, signify a substantial portion of mature demographic of Canaan town, showcasing commendable financial stability in comparison to the Connecticut state median income benchmark.
- Householder 65 years and over: In Canaan town, among the over 65 years age group, an impressive 55.62% of households either match or surpass the state of Connecticut median income of $88,429. These 99 households, constituting a significant portion of the Canaan town town senior population, showcase commendable financial stability compared to the Connecticut state median income benchmark.