Beaver Dam, KY Median Household Income By Age

Beaver Dam, KY 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 Dam population by age, the median age in Beaver Dam is 45.1 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 Beaver Dam, the age group of 45 to 64 years exhibited the second-highest median household income, recorded at $53,834.

In terms of income distribution across age cohorts, in Beaver Dam, where there exist only two delineated age groups, the median household income is $54,114 for householders within the 65 years and over age group, compared to $53,834 for the 45 to 64 years 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 city of Beaver Dam.

FIGURE 1

Beaver Dam, KY median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Beaver Dam, 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 65 years and over age group demonstrated a remarkable increase of $12,929(31.39%), escalating from a median of $41,185 in 2012 to $54,114 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 $5,823(12.13%), increasing from a median of $48,011 in 2012 to $53,834 in 2022.

Beaver Dam, KY household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Beaver Dam 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 69(4.69%) households where the householder is under 25 years old, 456(30.98%) households with a householder aged between 25 and 44 years, 513(34.85%) households with a householder aged between 45 and 64 years, and 434(29.48%) households where the householder is over 65 years old.

The age group of 65 years and over 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 Beaver Dam, showcasing varying income levels among different age demographics.

FIGURE 2

Beaver Dam, KY household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Beaver Dam: 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 Dam when compared to the state of Kentucky 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 no households in Beaver Dam, where householders are under 25 years old, fall within or exceed the income bracket representing the median income of $62,666 for the state of Kentucky. This indicates an income disparity among households headed by individuals under 25 years old when compared to the median income of the state.
• Householder 25 to 44 years: In Beaver Dam, among households headed by individuals aged 25 to 44,noteworthy that only 14.04% match or surpass the state of Kentucky median income of $62,666. These 64 households, represent a low portion of the total 456 households in Beaver Dam within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Beaver Dam, within the age group of 45 to 64 years, only 39.18% of households meet or exceed the state of Kentucky median income of $62,666. These 201 households, out of the total 513 households in this age cohort, signify a low portion of mature demographic of Beaver Dam, showcasing commendable financial stability in comparison to the Kentucky state median income benchmark.
• Householder 65 years and over: In Beaver Dam, among the over 65 years age group, a noteworthy 46.54% of households either match or surpass the state of Kentucky median income of $62,666. These 202 households, constituting notable portion of the Beaver Dam city senior population, showcase commendable financial stability compared to the Kentucky state median income benchmark.

Things to know

Which age group reports the highest median household income in Beaver Dam, KY?

In Beaver Dam, households led by individuals aged 65 years and over report the highest median household income of $54,114 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 Dam, KY?

In terms of income distribution across age cohorts, in Beaver Dam, where there exist only two delineated age groups, the median household income is $54,114 for householders within the 65 years and over age group, compared to $53,834 for the 45 to 64 years age group..

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

The median age in Beaver Dam is 45.1, 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 Beaver Dam, the age group of 45 to 64 years exhibited the second-highest median household income, recorded at $53,834.

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