Median Household Income by Age of Householder in Bingham, Maine (2022, in 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Bingham town. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Bingham town.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | - |
| 25 to 44 years | - |
| 45 to 64 years | $53,838 |
| 65 years and over | $41,049 |
TABLE OF CONTENTS
Bingham, 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 Bingham town population by age, the median age in Bingham town is 49.7 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 Bingham town, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $53,838.
In terms of income distribution across age cohorts, in Bingham town, where there exist only two delineated age groups, the median household income is $53,838 for householders within the 45 to 64 years age group, compared to $41,049 for 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 Bingham town.
FIGURE 1
Bingham, Maine median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Bingham 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. 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 $14,710(55.85%), escalating from a median of $26,339 in 2012 to $41,049 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 $12,849(31.35%), increasing from a median of $40,989 in 2012 to $53,838 in 2022.
Bingham, Maine household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Bingham 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, 114(33.24%) households with a householder aged between 25 and 44 years, 93(27.11%) households with a householder aged between 45 and 64 years, and 136(39.65%) 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 Bingham town, showcasing varying income levels among different age demographics.
FIGURE 2
Bingham, Maine household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Bingham town: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Bingham town household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Bingham town: Under 25 years, 25-44 years, 45-64 years, and over 65 years. This table highlights the variation in household income, offering valuable insights into economic trends and disparities within different age categories.
| Household Income Age of Householder | Under 25 years | 25 to 44 years | 45 to 64 years | 65 years and over |
|---|---|---|---|---|
| Less than $10,000 | - | 16 | 8 | 4 |
| $10,000 - $14,999 | - | 15 | 4 | 3 |
| $15,000 - $19,999 | - | - | 5 | 21 |
| $20,000 - $24,999 | - | 6 | 3 | 18 |
| $25,000 - $29,999 | - | - | 14 | 6 |
| $30,000 - $34,999 | - | - | 5 | 6 |
| $35,000 - $39,999 | - | 11 | - | 13 |
| $40,000 - $44,999 | - | 12 | - | 8 |
| $45,000 - $49,999 | - | - | - | - |
| $50,000 - $59,999 | - | - | 11 | 4 |
| $60,000 - $74,999 | - | 16 | 11 | 17 |
| $75,000 - $99,999 | - | 28 | 32 | 20 |
| $100,000 - $124,999 | - | - | - | 5 |
| $125,000 - $149,999 | - | - | - | - |
| $150,000 - $199,999 | - | - | - | 7 |
| $200,000 or more | - | 10 | - | 4 |
To further explore the income distribution and gain insights into financial landscape of Bingham 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 Bingham 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 Bingham town, among households headed by individuals aged 25 to 44,worth noting that 47.37% match or surpass the state of Maine median income of $71,066. These 54 households, represent a notable portion of the total 114 households in Bingham town within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Bingham town, within the age group of 45 to 64 years, a noteworthy 46.24% of households meet or exceed the state of Maine median income of $71,066. These 43 households, out of the total 93 households in this age cohort, signify a notable portion of mature demographic of Bingham town, showcasing commendable financial stability in comparison to the Maine state median income benchmark.
- Householder 65 years and over: In Bingham town, among the over 65 years age group, a noteworthy 38.97% of households either match or surpass the state of Maine median income of $71,066. These 53 households, constituting notable portion of the Bingham 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 Bingham, Maine?
In Bingham town, households led by individuals aged 45 to 64 years report the highest median household income of $53,838 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 Bingham, Maine?
In terms of income distribution across age cohorts, in Bingham town, where there exist only two delineated age groups, the median household income is $53,838 for householders within the 45 to 64 years age group, compared to $41,049 for the 65 years and over age group..
How does the median household income for households led by individuals of median age compare in Bingham, Maine?
The median age in Bingham town is 49.7, 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 Bingham town, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $53,838.
References
- U.S. Census Bureau American Community Survey (ACS) 2018-2022 5-Year Estimates
- Consumer Price Index retroactive series using current methods (R-CPI-U-RS)