Allagash, Maine Median Household Income By Age

Allagash, Maine 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 Allagash town population by age, the median age in Allagash town is 62.8 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 Allagash town, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $35,793.

In terms of income distribution across age cohorts, in Allagash town, where there exist only two delineated age groups, the median household income is $35,793 for householders within the 45 to 64 years age group, compared to $21,910 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 Allagash town.

FIGURE 1

Allagash, Maine median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Allagash town, 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, one 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 45 to 64 years age group demonstrated a remarkable increase of $229(0.64%), escalating from a median of $35,564 in 2012 to $35,793 in 2022. Conversely, the age group of 65 years and over years witnessed the most significant decline in household income across the same span. Their median income saw a substantial drop of $11,764(34.93%), declining from a median of $33,674 in 2012 to $21,910 in 2022.

Allagash, Maine household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Allagash 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 4(3.31%) households where the householder is under 25 years old, 5(4.13%) households with a householder aged between 25 and 44 years, 41(33.88%) households with a householder aged between 45 and 64 years, and 71(58.68%) households where the householder is over 65 years old.

The age group of 45 to 64 years exhibits the highest median household income, while the largest number of households falls within the 65 years and over bracket. This distribution hints at economic disparities within the town of Allagash town, showcasing varying income levels among different age demographics.

FIGURE 2

Allagash, Maine household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Allagash town: under 25 years, 25-44 years, 45-64 years, and over 65 years

To further explore the income distribution and gain insights into financial landscape of Allagash town when compared to the state of Maine 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 only 25% of the households in Allagash town, where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $71,066 for the state of Maine. These 1 Allagash town households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
• Householder 25 to 44 years: In Allagash town, there are no households led by individuals aged 25 to 44, that meet or surpass the state of Maine median income of $71,066. Thus of the total 5 households in Allagash town, where the householder is 25-44 years old, none had an income higher than the median state income.
• Householder 45 to 64 years: In Allagash town, within the age group of 45 to 64 years, a noteworthy 26.83% of households meet or exceed the state of Maine median income of $71,066. These 11 households, out of the total 41 households in this age cohort, signify a notable portion of mature demographic of Allagash town, showcasing commendable financial stability in comparison to the Maine state median income benchmark.
• Householder 65 years and over: In Allagash town, among the over 65 years age group, only 14.08% of households either match or surpass the state of Maine median income of $71,066. These 10 households, constituting low portion of the Allagash town town senior population, showcase commendable financial stability compared to the Maine state median income benchmark.

Things to know

Which age group reports the highest median household income in Allagash, Maine?

In Allagash town, households led by individuals aged 45 to 64 years report the highest median household income of $35,793 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 Allagash, Maine?

In terms of income distribution across age cohorts, in Allagash town, where there exist only two delineated age groups, the median household income is $35,793 for householders within the 45 to 64 years age group, compared to $21,910 for the 65 years and over age group..

How does the median household income for households led by individuals of median age compare in Allagash, Maine?

The median age in Allagash town is 62.8, which falls within the 45 to 64 years range among the four age groups defined by the US Census Bureau. This demographic tends to house more established professionals, possibly reflecting stable households and higher earning poptential. Interestingly, within Allagash town, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $35,793.

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