Bean Station, TN Median Household Income By Age

Bean Station, TN 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 Bean Station population by age, the median age in Bean Station is 45.8 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 Bean Station, the age group of 45 to 64 years had the second lowest median household income, recorded at $40,837.

In terms of income distribution across age cohorts, in Bean Station, the median household income stands at $75,856 for householders within the 25 to 44 years age group, followed by $47,019 for the 65 years and over age group. Notably, householders within the 45 to 64 years age group, had the lowest median household income at $40,837.

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 city of Bean Station.

FIGURE 1

Bean Station, TN median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Bean Station, 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, none had a decline during this time period. Notably, household income for individuals within the 25 to 44 years age group demonstrated a remarkable increase of $14,864(24.37%), escalating from a median of $60,992 in 2012 to $75,856 in 2022. Conversely, the age group of 45 to 64 years years witnessed the smallest growth in household income across the same span. Their median income saw a small increase of $2,124(5.49%), increasing from a median of $38,713 in 2012 to $40,837 in 2022.

Bean Station, TN household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Bean Station 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 0 households where the householder is under 25 years old, 329(29.48%) households with a householder aged between 25 and 44 years, 419(37.54%) households with a householder aged between 45 and 64 years, and 368(32.97%) 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 45 to 64 years bracket. This distribution hints at economic disparities within the city of Bean Station, showcasing varying income levels among different age demographics.

FIGURE 2

Bean Station, TN household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Bean Station: 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 Bean Station when compared to the state of Tennessee 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: In Bean Station, the comparison with the median income of the state and the nation remains inapplicable as there are no households headed by individuals under 25 years old.
• Householder 25 to 44 years: In Bean Station, among households headed by individuals aged 25 to 44, an impressive 61.09% match or surpass the state of Tennessee median income of $66,677. These 201 households, represent a significant portion of the total 329 households in Bean Station within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Bean Station, within the age group of 45 to 64 years, a noteworthy 36.28% of households meet or exceed the state of Tennessee median income of $66,677. These 152 households, out of the total 419 households in this age cohort, signify a notable portion of mature demographic of Bean Station, showcasing commendable financial stability in comparison to the Tennessee state median income benchmark.
• Householder 65 years and over: In Bean Station, among the over 65 years age group, a noteworthy 36.14% of households either match or surpass the state of Tennessee median income of $66,677. These 133 households, constituting notable portion of the Bean Station city senior population, showcase commendable financial stability compared to the Tennessee state median income benchmark.

Things to know

Which age group reports the highest median household income in Bean Station, TN?

In Bean Station, households led by individuals aged 25 to 44 years report the highest median household income of $75,856 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 Bean Station, TN?

In terms of income distribution across age cohorts, in Bean Station, the median household income stands at $75,856 for householders within the 25 to 44 years age group, followed by $47,019 for the 65 years and over age group. Notably, householders within the 45 to 64 years age group, had the lowest median household income at $40,837..

How does the median household income for households led by individuals of median age compare in Bean Station, TN?

The median age in Bean Station is 45.8, 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 Bean Station, the age group of 45 to 64 years had the second lowest median household income, recorded at $40,837.

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