Chestnut Ridge, NY Median Household Income By Age

Chestnut Ridge, 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 Chestnut Ridge population by age, the median age in Chestnut Ridge is 29.2 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 Chestnut Ridge, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $115,579.

In terms of income distribution across age cohorts, in Chestnut Ridge, the median household income stands at $162,324 for householders within the 45 to 64 years age group, followed by $115,579 for the 25 to 44 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $69,884.

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 Chestnut Ridge.

FIGURE 1

Chestnut Ridge, NY median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Chestnut Ridge, 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, none had an increase in this time period. Notably, household income for individuals within the 65 years and over age group demonstrated the smallest decline of $1,799(2.51%), declining from a median of $71,683 in 2012 to $69,884 in 2022. Conversely, the age group of 25 to 44 years years witnessed the most significant decline in household income across the same span. Their median income saw a substantial drop of $38,899(25.18%), declining from a median of $154,478 in 2012 to $115,579 in 2022.

Chestnut Ridge, NY household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Chestnut Ridge 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 0 households where the householder is under 25 years old, 998(36.40%) households with a householder aged between 25 and 44 years, 818(29.83%) households with a householder aged between 45 and 64 years, and 926(33.77%) 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 village of Chestnut Ridge, showcasing varying income levels among different age demographics.

FIGURE 2

Chestnut Ridge, NY household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Chestnut Ridge: 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 Chestnut Ridge 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: In Chestnut Ridge, the comparison with the median income of the state and the nation remains inapplicable as there are no households headed by individuals under 25 years old.
• Householder 25 to 44 years: In Chestnut Ridge, among households headed by individuals aged 25 to 44, an impressive 81.46% match or surpass the state of New York median income of $84,743. These 813 households, represent a significant portion of the total 998 households in Chestnut Ridge within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Chestnut Ridge, within the age group of 45 to 64 years, a remarkable 89.49% of households meet or exceed the state of New York median income of $84,743. These 732 households, out of the total 818 households in this age cohort, signify a substantial portion of mature demographic of Chestnut Ridge, showcasing commendable financial stability in comparison to the New York state median income benchmark.
• Householder 65 years and over: In Chestnut Ridge, among the over 65 years age group, a noteworthy 47.19% of households either match or surpass the state of New York median income of $84,743. These 437 households, constituting notable portion of the Chestnut Ridge 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 Chestnut Ridge, NY?

In Chestnut Ridge, households led by individuals aged 45 to 64 years report the highest median household income of $162,324 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 Chestnut Ridge, NY?

In terms of income distribution across age cohorts, in Chestnut Ridge, the median household income stands at $162,324 for householders within the 45 to 64 years age group, followed by $115,579 for the 25 to 44 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $69,884..

How does the median household income for households led by individuals of median age compare in Chestnut Ridge, NY?

The median age in Chestnut Ridge is 29.2, 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 Chestnut Ridge, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $115,579.

References

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