Biscayne Park, FL Median Household Income By Age

Biscayne Park, FL 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 Biscayne Park population by age, the median age in Biscayne Park is 33.6 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 Biscayne Park, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $71,028.

In terms of income distribution across age cohorts, in Biscayne Park, where there exist only two delineated age groups, the median household income is $88,651 for householders within the 45 to 64 years age group, compared to $71,028 for the 25 to 44 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 village of Biscayne Park.

FIGURE 1

Biscayne Park, FL median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Biscayne Park, 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, one 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 45 to 64 years age group demonstrated a remarkable increase of $3,632(4.27%), escalating from a median of $85,019 in 2012 to $88,651 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 $29,920(29.64%), declining from a median of $100,948 in 2012 to $71,028 in 2022.

Biscayne Park, FL household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Biscayne Park 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 23(2.29%) households where the householder is under 25 years old, 352(35.06%) households with a householder aged between 25 and 44 years, 450(44.82%) households with a householder aged between 45 and 64 years, and 179(17.83%) households where the householder is over 65 years old.

In Biscayne Park, the age group of 45 to 64 years 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

Biscayne Park, FL household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Biscayne Park: 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 Biscayne Park when compared to the state of Florida 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 Biscayne Park, where householders are under 25 years old, fall within or exceed the income bracket representing the median income of $70,719 for the state of Florida. 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 Biscayne Park, among households headed by individuals aged 25 to 44, an impressive 56.82% match or surpass the state of Florida median income of $70,719. These 200 households, represent a significant portion of the total 352 households in Biscayne Park within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Biscayne Park, within the age group of 45 to 64 years, a remarkable 66% of households meet or exceed the state of Florida median income of $70,719. These 297 households, out of the total 450 households in this age cohort, signify a substantial portion of mature demographic of Biscayne Park, showcasing commendable financial stability in comparison to the Florida state median income benchmark.
• Householder 65 years and over: In Biscayne Park, among the over 65 years age group, a noteworthy 41.90% of households either match or surpass the state of Florida median income of $70,719. These 75 households, constituting notable portion of the Biscayne Park village senior population, showcase commendable financial stability compared to the Florida state median income benchmark.

Things to know

Which age group reports the highest median household income in Biscayne Park, FL?

In Biscayne Park, households led by individuals aged 45 to 64 years report the highest median household income of $88,651 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 Biscayne Park, FL?

In terms of income distribution across age cohorts, in Biscayne Park, where there exist only two delineated age groups, the median household income is $88,651 for householders within the 45 to 64 years age group, compared to $71,028 for the 25 to 44 years age group..

How does the median household income for households led by individuals of median age compare in Biscayne Park, FL?

The median age in Biscayne Park is 33.6, 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 Biscayne Park, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $71,028.

References

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