Median Household Income by Age of Householder in Brookneal, VA (2022, in 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Brookneal. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Brookneal.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | - |
| 25 to 44 years | - |
| 45 to 64 years | $42,652 |
| 65 years and over | $63,516 |
TABLE OF CONTENTS
Brookneal, 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 Brookneal population by age, the median age in Brookneal is 47.2 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 Brookneal, the age group of 45 to 64 years exhibited the second-highest median household income, recorded at $42,652.
In terms of income distribution across age cohorts, in Brookneal, where there exist only two delineated age groups, the median household income is $63,516 for householders within the 65 years and over age group, compared to $42,652 for the 45 to 64 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 town of Brookneal.
FIGURE 1
Brookneal, VA median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Brookneal, 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 65 years and over age group demonstrated a remarkable increase of $42,215(198.18%), escalating from a median of $21,301 in 2012 to $63,516 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 $16,170(27.49%), declining from a median of $58,822 in 2012 to $42,652 in 2022.
Brookneal, VA household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Brookneal 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 8(1.66%) households where the householder is under 25 years old, 95(19.67%) households with a householder aged between 25 and 44 years, 264(54.66%) households with a householder aged between 45 and 64 years, and 116(24.02%) households where the householder is over 65 years old.
The age group of 65 years and over 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 Brookneal, showcasing varying income levels among different age demographics.
FIGURE 2
Brookneal, VA household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Brookneal: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Brookneal household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Brookneal: 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 | 6 | 19 | 23 | 4 |
| $10,000 - $14,999 | - | - | 14 | 3 |
| $15,000 - $19,999 | - | - | 22 | 11 |
| $20,000 - $24,999 | - | 14 | 2 | 7 |
| $25,000 - $29,999 | 2 | 21 | 22 | 8 |
| $30,000 - $34,999 | - | - | 29 | 4 |
| $35,000 - $39,999 | - | 5 | 15 | - |
| $40,000 - $44,999 | - | - | 13 | 15 |
| $45,000 - $49,999 | - | - | 5 | - |
| $50,000 - $59,999 | - | 5 | 49 | 4 |
| $60,000 - $74,999 | - | 16 | 41 | 44 |
| $75,000 - $99,999 | - | 15 | 9 | 16 |
| $100,000 - $124,999 | - | - | 7 | - |
| $125,000 - $149,999 | - | - | 4 | - |
| $150,000 - $199,999 | - | - | 9 | - |
| $200,000 or more | - | - | - | - |
To further explore the income distribution and gain insights into financial landscape of Brookneal 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 Brookneal, 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 Brookneal, among households headed by individuals aged 25 to 44,noteworthy that only 15.79% match or surpass the state of Virginia median income of $90,848. These 15 households, represent a low portion of the total 95 households in Brookneal within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Brookneal, within the age group of 45 to 64 years, only 10.98% of households meet or exceed the state of Virginia median income of $90,848. These 29 households, out of the total 264 households in this age cohort, signify a low portion of mature demographic of Brookneal, showcasing commendable financial stability in comparison to the Virginia state median income benchmark.
- Householder 65 years and over: In Brookneal, among the over 65 years age group, only 13.79% of households either match or surpass the state of Virginia median income of $90,848. These 16 households, constituting low portion of the Brookneal 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 Brookneal, VA?
In Brookneal, households led by individuals aged 65 years and over report the highest median household income of $63,516 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 Brookneal, VA?
In terms of income distribution across age cohorts, in Brookneal, where there exist only two delineated age groups, the median household income is $63,516 for householders within the 65 years and over age group, compared to $42,652 for the 45 to 64 years age group..
How does the median household income for households led by individuals of median age compare in Brookneal, VA?
The median age in Brookneal is 47.2, 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 Brookneal, the age group of 45 to 64 years exhibited the second-highest median household income, recorded at $42,652.
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)