Beaver Cove, Maine Median Household Income By Age

Beaver Cove, 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 Beaver Cove town population by age, the median age in Beaver Cove town is 72.4 years.

Typically for a location with median age in this range, it suggests a significant population of retirees or older individuals. Interestingly, within Beaver Cove town, the age group of 65 years and over also exhibits the highest median household income, recorded at $69,811.

In terms of income distribution across age cohorts, Beaver Cove town only reports a median household income of $69,811 among householders in 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 Beaver Cove town.

FIGURE 1

Beaver Cove, Maine median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Beaver Cove 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. Notably, household income for individuals within the 65 years and over age group demonstrated a remarkable increase of $28,135(67.51%), escalating from a median of $41,676 in 2012 to $69,811 in 2022. Conversely, the age group of 65 years and over years witnessed the smallest growth in household income across the same span. Their median income saw a small increase of $28,135(67.51%), increasing from a median of $41,676 in 2012 to $69,811 in 2022.

Beaver Cove, Maine household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Beaver Cove 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 0 households where the householder is under 25 years old, 18(13.64%) households with a householder aged between 25 and 44 years, 14(10.61%) households with a householder aged between 45 and 64 years, and 100(75.76%) households where the householder is over 65 years old.

In Beaver Cove town, the age group of 65 years and over stands out with both the highest median income and the maximum share of households. This alignment suggests a financially stable demographic, indicating an established community with stable careers and higher incomes.

FIGURE 2

Beaver Cove, Maine household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Beaver Cove 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 Beaver Cove 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: In Beaver Cove town, 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 Beaver Cove town, among households headed by individuals aged 25 to 44, an impressive 100% match or surpass the state of Maine median income of $71,066. These 18 households, represent a significant portion of the total 18 households in Beaver Cove town within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Beaver Cove town, within the age group of 45 to 64 years, a remarkable 57.14% of households meet or exceed the state of Maine median income of $71,066. These 8 households, out of the total 14 households in this age cohort, signify a substantial portion of mature demographic of Beaver Cove town, showcasing commendable financial stability in comparison to the Maine state median income benchmark.
• Householder 65 years and over: In Beaver Cove town, among the over 65 years age group, an impressive 70% of households either match or surpass the state of Maine median income of $71,066. These 70 households, constituting a significant portion of the Beaver Cove 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 Beaver Cove, Maine?

In Beaver Cove town, households led by individuals aged 65 years and over report the highest median household income of $69,811 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 Beaver Cove, Maine?

In terms of income distribution across age cohorts, Beaver Cove town only reports a median household income of $69,811 among householders in the 65 years and over age group..

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

The median age in Beaver Cove town is 72.4, which falls within the 65 years and over range among the four age groups defined by the US Census Bureau. This demographic suggests a significant population of retirees or older individuals. Interestingly, within Beaver Cove town, the age group of 65 years and over also exhibits the highest median household income, recorded at $69,811.

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