Median Household Income by Age of Householder in Addison (Webster Springs), WV (2022, in 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Addison (Webster Springs). Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Addison (Webster Springs).
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | - |
| 25 to 44 years | - |
| 45 to 64 years | $44,687 |
| 65 years and over | $21,736 |
TABLE OF CONTENTS
Addison (Webster Springs), WV 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 Addison (Webster Springs) population by age, the median age in Addison (Webster Springs) is 35.2 years.
Typically for a location with median age in this range, it suggests a dynamic mix of young professionals, often indicative of family formation and career advancement. Interestingly, according to the latest American Community Survey data, the US Census Bureau did not report the median household income for householders in the 25 to 44 years age group in Addison (Webster Springs). This absence could be attributed to a smaller working population or fewer household heads within this age range, potentially resulting in less reliable or unavailable data for reporting.
In terms of income distribution across age cohorts, in Addison (Webster Springs), where there exist only two delineated age groups, the median household income is $44,687 for householders within the 45 to 64 years age group, compared to $21,736 for the 65 years and over age group.
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 Addison (Webster Springs).
FIGURE 1
Addison (Webster Springs), WV median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Addison (Webster Springs), based on the age of householders divided into four cohorts : Under 25 years, 25 - 44 years, 45 to 64 years and 65 years and over.
Analysis of income trends over the past decade highlights notable shifts across various age groups. Among the two age groups with available Census data in both 2012 and 2022, none had an increase in this time period. Notably, household income for individuals within the 65 years and over age group demonstrated the smallest decline of $4,870(18.30%), declining from a median of $26,606 in 2012 to $21,736 in 2022. Conversely, the age group of 45 to 64 years years witnessed the most significant decline in household income across the same span. Their median income saw a substantial drop of $8,936(16.66%), declining from a median of $53,623 in 2012 to $44,687 in 2022.
Addison (Webster Springs), WV household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Addison (Webster Springs) 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 5(1.52%) households where the householder is under 25 years old, 91(27.74%) households with a householder aged between 25 and 44 years, 145(44.21%) households with a householder aged between 45 and 64 years, and 87(26.52%) households where the householder is over 65 years old.
In Addison (Webster Springs), the age group of 45 to 64 years stands out with both the highest median income and the maximum share of households. This alignment suggests a financially stable demographic, indicating an established community with stable careers and higher incomes.
FIGURE 2
Addison (Webster Springs), WV household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Addison (Webster Springs): under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Addison (Webster Springs) household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Addison (Webster Springs): 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 | - | 8 | 29 | 3 |
| $10,000 - $14,999 | - | 21 | 20 | 33 |
| $15,000 - $19,999 | - | 1 | 6 | 4 |
| $20,000 - $24,999 | - | 14 | - | 14 |
| $25,000 - $29,999 | - | - | 12 | - |
| $30,000 - $34,999 | - | 8 | 2 | - |
| $35,000 - $39,999 | - | - | 3 | 2 |
| $40,000 - $44,999 | - | 2 | 3 | 6 |
| $45,000 - $49,999 | - | - | 8 | 4 |
| $50,000 - $59,999 | - | 5 | 12 | 1 |
| $60,000 - $74,999 | 5 | 12 | 13 | 1 |
| $75,000 - $99,999 | - | 18 | 9 | 7 |
| $100,000 - $124,999 | - | - | 11 | 8 |
| $125,000 - $149,999 | - | - | 7 | 1 |
| $150,000 - $199,999 | - | 2 | 8 | - |
| $200,000 or more | - | - | 2 | 3 |
To further explore the income distribution and gain insights into financial landscape of Addison (Webster Springs) when compared to the state of West Virginia 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 impressive that 100% of the households in Addison (Webster Springs), where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $57,495 for the state of West Virginia. These 5 Addison (Webster Springs) households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
- Householder 25 to 44 years: In Addison (Webster Springs), among households headed by individuals aged 25 to 44,worth noting that 40.66% match or surpass the state of West Virginia median income of $57,495. These 37 households, represent a notable portion of the total 91 households in Addison (Webster Springs) within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Addison (Webster Springs), within the age group of 45 to 64 years, a noteworthy 42.76% of households meet or exceed the state of West Virginia median income of $57,495. These 62 households, out of the total 145 households in this age cohort, signify a notable portion of mature demographic of Addison (Webster Springs), showcasing commendable financial stability in comparison to the West Virginia state median income benchmark.
- Householder 65 years and over: In Addison (Webster Springs), among the over 65 years age group, only 24.14% of households either match or surpass the state of West Virginia median income of $57,495. These 21 households, constituting low portion of the Addison (Webster Springs) town senior population, showcase commendable financial stability compared to the West Virginia state median income benchmark.
Things to know
Which age group reports the highest median household income in Addison (Webster Springs), WV?
In Addison (Webster Springs), households led by individuals aged 45 to 64 years report the highest median household income of $44,687 according to the American Community Survey 2018-2022 5-Year Estimates by the US Census Bureau.
How does the median household income vary by age in Addison (Webster Springs), WV?
In terms of income distribution across age cohorts, in Addison (Webster Springs), where there exist only two delineated age groups, the median household income is $44,687 for householders within the 45 to 64 years age group, compared to $21,736 for the 65 years and over age group..
How does the median household income for households led by individuals of median age compare in Addison (Webster Springs), WV?
The median age in Addison (Webster Springs) is 35.2, which falls within the 25 to 44 years range among the four age groups defined by the US Census Bureau. This demographic suggests a dynamic mix of young professionals, often indicative of family formation and career advancement. Interestingly, according to the latest American Community Survey data, the US Census Bureau did not report the median household income for householders in the 25 to 44 years age group in Addison (Webster Springs). This absence could be attributed to a smaller working population or fewer household heads within this age range, potentially resulting in less reliable or unavailable data for reporting.
References
- U.S. Census Bureau American Community Survey (ACS) 2018-2022 5-Year Estimates
- Consumer Price Index retroactive series using current methods (R-CPI-U-RS)