Banner Elk, NC Median Household Income By Age

Banner Elk, NC 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 Banner Elk population by age, the median age in Banner Elk is 21 years.

Typically for a location with median age in this range, it likely boasts a youthful population, indication a potential hub for emerging workforce. Interestingly, within Banner Elk, the age group of Under 25 years had the second lowest median household income, recorded at $25,771.

In terms of income distribution across age cohorts, in Banner Elk, the median household income stands at $187,826 for householders within the 45 to 64 years age group, followed by $50,218 for the 25 to 44 years age group. Notably, householders within the under 25 years age group, had the lowest median household income at $25,771.

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 Banner Elk.

FIGURE 1

Banner Elk, NC median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Banner Elk, 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 a decline during this time period. Notably, household income for individuals within the 45 to 64 years age group demonstrated a remarkable increase of $104,890(126.47%), escalating from a median of $82,936 in 2012 to $187,826 in 2022. Conversely, the age group of 25 to 44 years years witnessed the smallest growth in household income across the same span. Their median income saw a small increase of $1,729(3.57%), increasing from a median of $48,489 in 2012 to $50,218 in 2022.

Banner Elk, NC household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Banner Elk 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(5.83%) households where the householder is under 25 years old, 93(27.11%) households with a householder aged between 25 and 44 years, 102(29.74%) households with a householder aged between 45 and 64 years, and 128(37.32%) 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 Banner Elk, showcasing varying income levels among different age demographics.

FIGURE 2

Banner Elk, NC household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Banner Elk: 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 Banner Elk when compared to the state of North Carolina 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 5% of the households in Banner Elk, where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $68,916 for the state of North Carolina. These 1 Banner Elk households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
• Householder 25 to 44 years: In Banner Elk, among households headed by individuals aged 25 to 44,worth noting that 40.86% match or surpass the state of North Carolina median income of $68,916. These 38 households, represent a notable portion of the total 93 households in Banner Elk within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Banner Elk, within the age group of 45 to 64 years, a remarkable 75.49% of households meet or exceed the state of North Carolina median income of $68,916. These 77 households, out of the total 102 households in this age cohort, signify a substantial portion of mature demographic of Banner Elk, showcasing commendable financial stability in comparison to the North Carolina state median income benchmark.
• Householder 65 years and over: In Banner Elk, among the over 65 years age group, a noteworthy 50% of households either match or surpass the state of North Carolina median income of $68,916. These 64 households, constituting notable portion of the Banner Elk town senior population, showcase commendable financial stability compared to the North Carolina state median income benchmark.

Things to know

Which age group reports the highest median household income in Banner Elk, NC?

In Banner Elk, households led by individuals aged 45 to 64 years report the highest median household income of $187,826 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 Banner Elk, NC?

In terms of income distribution across age cohorts, in Banner Elk, the median household income stands at $187,826 for householders within the 45 to 64 years age group, followed by $50,218 for the 25 to 44 years age group. Notably, householders within the under 25 years age group, had the lowest median household income at $25,771..

How does the median household income for households led by individuals of median age compare in Banner Elk, NC?

The median age in Banner Elk is 21, which falls within the Under 25 years range among the four age groups defined by the US Census Bureau. This demographic likely boasts a youthful population, indication a potential hub for emerging workforce. Interestingly, within Banner Elk, the age group of Under 25 years had the second lowest median household income, recorded at $25,771.

References

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