Median Household Income by Age of Householder in Andover, Maine (2022, in 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Andover town. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Andover town.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | - |
| 25 to 44 years | $54,992 |
| 45 to 64 years | $46,336 |
| 65 years and over | $39,430 |
TABLE OF CONTENTS
Andover, 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 Andover town population by age, the median age in Andover town is 55.6 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 Andover town, the age group of 45 to 64 years exhibited the second-highest median household income, recorded at $46,336.
In terms of income distribution across age cohorts, in Andover town, the median household income stands at $54,992 for householders within the 25 to 44 years age group, followed by $46,336 for the 45 to 64 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $39,430.
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 Andover town.
FIGURE 1
Andover, Maine median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Andover 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 three age groups with available Census data in both 2012 and 2022, 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 25 to 44 years age group demonstrated a remarkable increase of $8,554(18.42%), escalating from a median of $46,438 in 2012 to $54,992 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 $3,259(6.57%), declining from a median of $49,595 in 2012 to $46,336 in 2022.
Andover, Maine household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Andover 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 3(1.02%) households where the householder is under 25 years old, 47(15.93%) households with a householder aged between 25 and 44 years, 106(35.93%) households with a householder aged between 45 and 64 years, and 139(47.12%) households where the householder is over 65 years old.
The age group of 25 to 44 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 Andover town, showcasing varying income levels among different age demographics.
FIGURE 2
Andover, Maine household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Andover town: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Andover town household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Andover 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 | - | 13 | 3 | 6 |
| $10,000 - $14,999 | - | - | 8 | 11 |
| $15,000 - $19,999 | - | - | 2 | 9 |
| $20,000 - $24,999 | - | 3 | 15 | 10 |
| $25,000 - $29,999 | - | - | - | 11 |
| $30,000 - $34,999 | - | - | 3 | 17 |
| $35,000 - $39,999 | - | - | 11 | 20 |
| $40,000 - $44,999 | - | 3 | 13 | 9 |
| $45,000 - $49,999 | - | - | 6 | 10 |
| $50,000 - $59,999 | - | 8 | 3 | 7 |
| $60,000 - $74,999 | - | 1 | 6 | 16 |
| $75,000 - $99,999 | 3 | 13 | 9 | 4 |
| $100,000 - $124,999 | - | 3 | 16 | 7 |
| $125,000 - $149,999 | - | - | - | 2 |
| $150,000 - $199,999 | - | - | 6 | - |
| $200,000 or more | - | 3 | 5 | - |
To further explore the income distribution and gain insights into financial landscape of Andover 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 impressive that 100% of the households in Andover 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 3 Andover town households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
- Householder 25 to 44 years: In Andover town, among households headed by individuals aged 25 to 44,worth noting that 42.55% match or surpass the state of Maine median income of $71,066. These 20 households, represent a notable portion of the total 47 households in Andover town within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Andover town, within the age group of 45 to 64 years, a noteworthy 39.62% of households meet or exceed the state of Maine median income of $71,066. These 42 households, out of the total 106 households in this age cohort, signify a notable portion of mature demographic of Andover town, showcasing commendable financial stability in comparison to the Maine state median income benchmark.
- Householder 65 years and over: In Andover town, among the over 65 years age group, only 20.86% of households either match or surpass the state of Maine median income of $71,066. These 29 households, constituting low portion of the Andover 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 Andover, Maine?
In Andover town, households led by individuals aged 25 to 44 years report the highest median household income of $54,992 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 Andover, Maine?
In terms of income distribution across age cohorts, in Andover town, the median household income stands at $54,992 for householders within the 25 to 44 years age group, followed by $46,336 for the 45 to 64 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $39,430..
How does the median household income for households led by individuals of median age compare in Andover, Maine?
The median age in Andover town is 55.6, 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 Andover town, the age group of 45 to 64 years exhibited the second-highest median household income, recorded at $46,336.
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)