Boones Mill, VA Median Household Income By Age

Boones Mill, 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 Boones Mill population by age, the median age in Boones Mill is 52.4 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 Boones Mill, the age group of 45 to 64 years exhibited the second-highest median household income, recorded at $68,983.

In terms of income distribution across age cohorts, in Boones Mill, the median household income stands at $102,173 for householders within the 25 to 44 years age group, followed by $68,983 for the 45 to 64 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $65,078.

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 Boones Mill.

FIGURE 1

Boones Mill, VA median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Boones Mill, 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 65 years and over age group demonstrated a remarkable increase of $31,737(95.19%), escalating from a median of $33,341 in 2012 to $65,078 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 $26,633(27.85%), declining from a median of $95,616 in 2012 to $68,983 in 2022.

Boones Mill, VA household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Boones Mill 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 2(2.04%) households where the householder is under 25 years old, 24(24.49%) households with a householder aged between 25 and 44 years, 44(44.90%) households with a householder aged between 45 and 64 years, and 28(28.57%) 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 Boones Mill, showcasing varying income levels among different age demographics.

FIGURE 2

Boones Mill, VA household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Boones Mill: 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 Boones Mill 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 impressive that 100% of the households in Boones Mill, where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $90,848 for the state of Virginia. These 2 Boones Mill households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
• Householder 25 to 44 years: In Boones Mill, among households headed by individuals aged 25 to 44, an impressive 58.33% match or surpass the state of Virginia median income of $90,848. These 14 households, represent a significant portion of the total 24 households in Boones Mill within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Boones Mill, within the age group of 45 to 64 years, a noteworthy 43.18% of households meet or exceed the state of Virginia median income of $90,848. These 19 households, out of the total 44 households in this age cohort, signify a notable portion of mature demographic of Boones Mill, showcasing commendable financial stability in comparison to the Virginia state median income benchmark.
• Householder 65 years and over: In Boones Mill, among the over 65 years age group, a noteworthy 42.86% of households either match or surpass the state of Virginia median income of $90,848. These 12 households, constituting notable portion of the Boones Mill 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 Boones Mill, VA?

In Boones Mill, households led by individuals aged 25 to 44 years report the highest median household income of $102,173 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 Boones Mill, VA?

In terms of income distribution across age cohorts, in Boones Mill, the median household income stands at $102,173 for householders within the 25 to 44 years age group, followed by $68,983 for the 45 to 64 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $65,078..

How does the median household income for households led by individuals of median age compare in Boones Mill, VA?

The median age in Boones Mill is 52.4, 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 Boones Mill, the age group of 45 to 64 years exhibited the second-highest median household income, recorded at $68,983.

References

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