Median Household Income by Age of Householder in Chatham, NY (2021, in 2022 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Chatham. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Chatham.
Age Of The Head Of Household | Median Household Income |
---|---|
Under 25 years | - |
25 to 44 years | $104,038 |
45 to 64 years | $106,934 |
65 years and over | - |
TABLE OF CONTENTS
Chatham, NY 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 Chatham population by age, the median age in Chatham is 43.1 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 Chatham, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $104,038.
In terms of income distribution across age cohorts, in Chatham, where there exist only two delineated age groups, the median household income is $106,934 for householders within the 45 to 64 years age group, compared to $104,038 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 Chatham.
![Chatham, NY median household income by age of householder The bar chart shows Chatham, NY median household income by age of householder. All incomes have been adjusted for 2022 inflation using the Consumer Price Index retroactive series (R-CPI-U-RS).](https://i.neilsberg.com/ch/chatham-ny-median-household-income-by-age.jpeg)
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 2011 and 2021, none had a decline during this time period. Notably, household income for individuals within the 25 to 44 years age group demonstrated a remarkable increase of $38,005(57.55%), escalating from a median of $66,033 in 2011 to $104,038 in 2021. Conversely, the age group of 45 to 64 years years witnessed the smallest growth in household income across the same span. Their median income saw a small increase of $17,335(19.35%), increasing from a median of $89,599 in 2011 to $106,934 in 2021.
Chatham, NY household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Chatham 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 17(2.25%) households where the householder is under 25 years old, 204(27.06%) households with a householder aged between 25 and 44 years, 350(46.42%) households with a householder aged between 45 and 64 years, and 183(24.27%) households where the householder is over 65 years old.
In Chatham, 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.
![>Chatham, NY household income distribution across age groups The bar chart displays the distribution of household income in Chatham, NY across different age groups as categorized by the U.S. Census Bureau. It illustrates the number of households within each income bracket across age categories. This visualization offers valuable insights into income disparities and variations across age groups, facilitating data analysis and informed decision-making. It enables the identification of demographics with specific financial statuses within distinct age brackets.](https://i.neilsberg.com/ch/chatham-ny-household-income-by-age-groups.jpeg)
Age-wise distribution of Chatham household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Chatham: 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 | 4 | 10 |
$10,000 - $14,999 | - | 2 | 5 | 23 |
$15,000 - $19,999 | - | 14 | 12 | 14 |
$20,000 - $24,999 | - | - | 18 | 3 |
$25,000 - $29,999 | - | - | 22 | 20 |
$30,000 - $34,999 | 17 | - | - | 29 |
$35,000 - $39,999 | - | - | 14 | - |
$40,000 - $44,999 | - | - | 16 | - |
$45,000 - $49,999 | - | 9 | 4 | 6 |
$50,000 - $59,999 | - | 25 | 15 | 5 |
$60,000 - $74,999 | - | 15 | 11 | 20 |
$75,000 - $99,999 | - | 31 | 57 | 14 |
$100,000 - $124,999 | - | 49 | 30 | 20 |
$125,000 - $149,999 | - | 44 | 76 | 12 |
$150,000 - $199,999 | - | 4 | 25 | 4 |
$200,000 or more | - | 5 | 41 | 3 |
To further explore the income distribution and gain insights into financial landscape of Chatham when compared to the state of New York 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 Chatham, where householders are under 25 years old, fall within or exceed the income bracket representing the median income of $79,557 for the state of New York. 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 Chatham, among households headed by individuals aged 25 to 44, an impressive 65.20% match or surpass the state of New York median income of $79,557. These 133 households, represent a significant portion of the total 204 households in Chatham within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Chatham, within the age group of 45 to 64 years, a remarkable 65.43% of households meet or exceed the state of New York median income of $79,557. These 229 households, out of the total 350 households in this age cohort, signify a substantial portion of mature demographic of Chatham, showcasing commendable financial stability in comparison to the New York state median income benchmark.
- Householder 65 years and over: In Chatham, among the over 65 years age group, a noteworthy 28.96% of households either match or surpass the state of New York median income of $79,557. These 53 households, constituting notable portion of the Chatham village senior population, showcase commendable financial stability compared to the New York state median income benchmark.
Things to know
Which age group reports the highest median household income in Chatham, NY?
In Chatham, households led by individuals aged 45 to 64 years report the highest median household income of $106,934 according to the American Community Survey 2017-2021 5-Year Estimates by the US Census Bureau.
How does the median household income vary by age in Chatham, NY?
In terms of income distribution across age cohorts, in Chatham, where there exist only two delineated age groups, the median household income is $106,934 for householders within the 45 to 64 years age group, compared to $104,038 for the 25 to 44 years age group..
How does the median household income for households led by individuals of median age compare in Chatham, NY?
The median age in Chatham is 43.1, 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 Chatham, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $104,038.
References
- U.S. Census Bureau American Community Survey (ACS) 2017-2021 5-Year Estimates
- Consumer Price Index retroactive series using current methods (R-CPI-U-RS)