Charlotte County, VA Median Household Income By Age

Charlotte County, 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 Charlotte County population by age, the median age in Charlotte County is 45.4 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 Charlotte County, the age group of 45 to 64 years exhibited the second-highest median household income, recorded at $62,457.

In terms of income distribution across age cohorts, in Charlotte County, householders within the 25 to 44 years age group have the highest median household income at $72,382, followed by those in the 45 to 64 years age group with an income of $62,457. Meanwhile householders within the 65 years and over age group report the second lowest median household income of $37,511. Notably, householders within the under 25 years age group, had the lowest median household income at $31,337.

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 county of Charlotte County.

FIGURE 1

Charlotte County, VA median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Charlotte County, 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, one groups encountered a decline in their median household income, while the remaining three experienced an increase during this period. Notably, household income for individuals within the 25 to 44 years age group demonstrated a remarkable increase of $15,077(26.31%), escalating from a median of $57,305 in 2012 to $72,382 in 2022. Conversely, the age group of Under 25 years years witnessed the most significant decline in household income across the same span. Their median income saw a substantial drop of $15,896(33.65%), declining from a median of $47,233 in 2012 to $31,337 in 2022.

Charlotte County, VA household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Charlotte County 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 51(1.12%) households where the householder is under 25 years old, 1,077(23.72%) households with a householder aged between 25 and 44 years, 1,785(39.32%) households with a householder aged between 45 and 64 years, and 1,627(35.84%) 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 county of Charlotte County, showcasing varying income levels among different age demographics.

FIGURE 2

Charlotte County, VA household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Charlotte County: 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 Charlotte County 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 Charlotte County, 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 Charlotte County, among households headed by individuals aged 25 to 44,worth noting that 45.50% match or surpass the state of Virginia median income of $90,848. These 490 households, represent a notable portion of the total 1,077 households in Charlotte County within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Charlotte County, within the age group of 45 to 64 years, a noteworthy 36.58% of households meet or exceed the state of Virginia median income of $90,848. These 653 households, out of the total 1,785 households in this age cohort, signify a notable portion of mature demographic of Charlotte County, showcasing commendable financial stability in comparison to the Virginia state median income benchmark.
• Householder 65 years and over: In Charlotte County, among the over 65 years age group, only 21.88% of households either match or surpass the state of Virginia median income of $90,848. These 356 households, constituting low portion of the Charlotte County county 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 Charlotte County, VA?

In Charlotte County, households led by individuals aged 25 to 44 years report the highest median household income of $72,382 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 Charlotte County, VA?

In terms of income distribution across age cohorts, in Charlotte County, householders within the 25 to 44 years age group have the highest median household income at $72,382, followed by those in the 45 to 64 years age group with an income of $62,457. Meanwhile householders within the 65 years and over age group report the second lowest median household income of $37,511. Notably, householders within the under 25 years age group, had the lowest median household income at $31,337..

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

The median age in Charlotte County is 45.4, 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 Charlotte County, the age group of 45 to 64 years exhibited the second-highest median household income, recorded at $62,457.

References

Notes