Beatrice, AL Median Household Income By Age

Beatrice, AL 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 Beatrice population by age, the median age in Beatrice is 37.1 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, within Beatrice, the age group of 25 to 44 years had the second lowest median household income, recorded at $2,602.

In terms of income distribution across age cohorts, in Beatrice, the median household income stands at $40,999 for householders within the 45 to 64 years age group, followed by $34,361 for the 65 years and over age group. Notably, householders within the 25 to 44 years age group, had the lowest median household income at $2,602.

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 Beatrice.

FIGURE 1

Beatrice, AL median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Beatrice, 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 65 years and over age group demonstrated a remarkable increase of $8,641(33.60%), escalating from a median of $25,720 in 2012 to $34,361 in 2022. Conversely, the age group of 25 to 44 years years witnessed the most significant decline in household income across the same span. Their median income saw a substantial drop of $30,284(92.09%), declining from a median of $32,886 in 2012 to $2,602 in 2022.

Beatrice, AL household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Beatrice 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, 13(21.67%) households with a householder aged between 25 and 44 years, 21(35%) households with a householder aged between 45 and 64 years, and 26(43.33%) 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 Beatrice, showcasing varying income levels among different age demographics.

FIGURE 2

Beatrice, AL household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Beatrice: 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 Beatrice when compared to the state of Alabama 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 Beatrice, 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 Beatrice, among households headed by individuals aged 25 to 44,noteworthy that only 23.08% match or surpass the state of Alabama median income of $62,068. These 3 households, represent a low portion of the total 13 households in Beatrice within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Beatrice, within the age group of 45 to 64 years, only 19.05% of households meet or exceed the state of Alabama median income of $62,068. These 4 households, out of the total 21 households in this age cohort, signify a low portion of mature demographic of Beatrice, showcasing commendable financial stability in comparison to the Alabama state median income benchmark.
• Householder 65 years and over: In Beatrice, within the over 65 years age cohort, there are no households that meet or exceed the state of Alabama median income of $62,068. Therefore, among the total number of households in this senior demographic, none have an income higher than the Alabama state median income range.

Things to know

Which age group reports the highest median household income in Beatrice, AL?

In Beatrice, households led by individuals aged 45 to 64 years report the highest median household income of $40,999 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 Beatrice, AL?

In terms of income distribution across age cohorts, in Beatrice, the median household income stands at $40,999 for householders within the 45 to 64 years age group, followed by $34,361 for the 65 years and over age group. Notably, householders within the 25 to 44 years age group, had the lowest median household income at $2,602..

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

The median age in Beatrice is 37.1, 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, within Beatrice, the age group of 25 to 44 years had the second lowest median household income, recorded at $2,602.

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