Box Elder, SD Median Household Income By Age

Box Elder, SD 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 Box Elder population by age, the median age in Box Elder is 28.6 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 Box Elder, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $82,354.

In terms of income distribution across age cohorts, in Box Elder, householders within the 45 to 64 years age group have the highest median household income at $106,858, followed by those in the 25 to 44 years age group with an income of $82,354. Meanwhile householders within the 65 years and over age group report the second lowest median household income of $50,664. Notably, householders within the under 25 years age group, had the lowest median household income at $47,656.

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 Box Elder.

FIGURE 1

Box Elder, SD median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Box Elder, 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 four 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 45 to 64 years age group demonstrated a remarkable increase of $36,624(52.15%), escalating from a median of $70,234 in 2012 to $106,858 in 2022. Conversely, the age group of Under 25 years years witnessed the smallest growth in household income across the same span. Their median income saw a small increase of $6,763(16.54%), increasing from a median of $40,893 in 2012 to $47,656 in 2022.

Box Elder, SD household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Box Elder 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 489(11.87%) households where the householder is under 25 years old, 1,950(47.33%) households with a householder aged between 25 and 44 years, 1,204(29.22%) households with a householder aged between 45 and 64 years, and 477(11.58%) 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 25 to 44 years bracket. This distribution hints at economic disparities within the city of Box Elder, showcasing varying income levels among different age demographics.

FIGURE 2

Box Elder, SD household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Box Elder: 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 Box Elder when compared to the state of South Dakota 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 worth noting that 38.65% of the households in Box Elder, where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $72,322 for the state of South Dakota. These 189 Box Elder households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
• Householder 25 to 44 years: In Box Elder, among households headed by individuals aged 25 to 44, an impressive 70.46% match or surpass the state of South Dakota median income of $72,322. These 1,374 households, represent a significant portion of the total 1,950 households in Box Elder within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Box Elder, within the age group of 45 to 64 years, a remarkable 74.58% of households meet or exceed the state of South Dakota median income of $72,322. These 898 households, out of the total 1,204 households in this age cohort, signify a substantial portion of mature demographic of Box Elder, showcasing commendable financial stability in comparison to the South Dakota state median income benchmark.
• Householder 65 years and over: In Box Elder, among the over 65 years age group, a noteworthy 35.64% of households either match or surpass the state of South Dakota median income of $72,322. These 170 households, constituting notable portion of the Box Elder city senior population, showcase commendable financial stability compared to the South Dakota state median income benchmark.

Things to know

Which age group reports the highest median household income in Box Elder, SD?

In Box Elder, households led by individuals aged 45 to 64 years report the highest median household income of $106,858 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 Box Elder, SD?

In terms of income distribution across age cohorts, in Box Elder, householders within the 45 to 64 years age group have the highest median household income at $106,858, followed by those in the 25 to 44 years age group with an income of $82,354. Meanwhile householders within the 65 years and over age group report the second lowest median household income of $50,664. Notably, householders within the under 25 years age group, had the lowest median household income at $47,656..

How does the median household income for households led by individuals of median age compare in Box Elder, SD?

The median age in Box Elder is 28.6, 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 Box Elder, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $82,354.

References

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