Big Stone Gap, VA Median Household Income By Age

Big Stone Gap, VA 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 Big Stone Gap population by age, the median age in Big Stone Gap is 38.3 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 Big Stone Gap, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $76,706.

In terms of income distribution across age cohorts, in Big Stone Gap, the median household income stands at $76,706 for householders within the 25 to 44 years age group, followed by $54,955 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 $50,724.

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 Big Stone Gap.

FIGURE 1

Big Stone Gap, VA median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Big Stone Gap, 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, one groups encountered a decline in their median household income, while the remaining two experienced an increase during this period. Notably, household income for individuals within the 25 to 44 years age group demonstrated a remarkable increase of $52,634(218.65%), escalating from a median of $24,072 in 2012 to $76,706 in 2022. Conversely, the age group of 45 to 64 years years witnessed the most significant decline in household income across the same span. Their median income saw a substantial drop of $5,072(9.09%), declining from a median of $55,796 in 2012 to $50,724 in 2022.

Big Stone Gap, VA household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Big Stone Gap 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 181(11.15%) households where the householder is under 25 years old, 496(30.56%) households with a householder aged between 25 and 44 years, 546(33.64%) households with a householder aged between 45 and 64 years, and 400(24.65%) 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 town of Big Stone Gap, showcasing varying income levels among different age demographics.

FIGURE 2

Big Stone Gap, VA household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Big Stone Gap: 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 Big Stone Gap when compared to the state of Virginia 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 Big Stone Gap, where householders are under 25 years old, fall within or exceed the income bracket representing the median income of $90,848 for the state of Virginia. 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 Big Stone Gap, among households headed by individuals aged 25 to 44,worth noting that 40.32% match or surpass the state of Virginia median income of $90,848. These 200 households, represent a notable portion of the total 496 households in Big Stone Gap within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Big Stone Gap, within the age group of 45 to 64 years, a noteworthy 15.93% of households meet or exceed the state of Virginia median income of $90,848. These 87 households, out of the total 546 households in this age cohort, signify a notable portion of mature demographic of Big Stone Gap, showcasing commendable financial stability in comparison to the Virginia state median income benchmark.
• Householder 65 years and over: In Big Stone Gap, among the over 65 years age group, a noteworthy 45% of households either match or surpass the state of Virginia median income of $90,848. These 180 households, constituting notable portion of the Big Stone Gap town senior population, showcase commendable financial stability compared to the Virginia state median income benchmark.

Things to know

Which age group reports the highest median household income in Big Stone Gap, VA?

In Big Stone Gap, households led by individuals aged 25 to 44 years report the highest median household income of $76,706 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 Big Stone Gap, VA?

In terms of income distribution across age cohorts, in Big Stone Gap, the median household income stands at $76,706 for householders within the 25 to 44 years age group, followed by $54,955 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 $50,724..

How does the median household income for households led by individuals of median age compare in Big Stone Gap, VA?

The median age in Big Stone Gap is 38.3, 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 Big Stone Gap, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $76,706.

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