Chevy Chase View, MD Median Household Income By Age

Chevy Chase View, MD 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 Chevy Chase View population by age, the median age in Chevy Chase View is 40 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 Chevy Chase View, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $260,314.

In terms of income distribution across age cohorts, in Chevy Chase View, the median household income stands at $260,314 for householders within the 25 to 44 years age group, followed by $260,314 for the 45 to 64 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $179,291.

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 Chevy Chase View.

FIGURE 1

Chevy Chase View, MD median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Chevy Chase View, 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, two 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 $23,700(15.23%), escalating from a median of $155,591 in 2012 to $179,291 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 $38,380(12.85%), declining from a median of $298,694 in 2012 to $260,314 in 2022.

Chevy Chase View, MD household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Chevy Chase View 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, 55(16.52%) households with a householder aged between 25 and 44 years, 197(59.16%) households with a householder aged between 45 and 64 years, and 81(24.32%) 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 town of Chevy Chase View, showcasing varying income levels among different age demographics.

FIGURE 2

Chevy Chase View, MD household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Chevy Chase View: 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 Chevy Chase View when compared to the state of Maryland 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 Chevy Chase View, 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 Chevy Chase View, among households headed by individuals aged 25 to 44, an impressive 94.55% match or surpass the state of Maryland median income of $102,523. These 52 households, represent a significant portion of the total 55 households in Chevy Chase View within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Chevy Chase View, within the age group of 45 to 64 years, a remarkable 89.85% of households meet or exceed the state of Maryland median income of $102,523. These 177 households, out of the total 197 households in this age cohort, signify a substantial portion of mature demographic of Chevy Chase View, showcasing commendable financial stability in comparison to the Maryland state median income benchmark.
• Householder 65 years and over: In Chevy Chase View, among the over 65 years age group, an impressive 77.78% of households either match or surpass the state of Maryland median income of $102,523. These 63 households, constituting a significant portion of the Chevy Chase View town senior population, showcase commendable financial stability compared to the Maryland state median income benchmark.

Things to know

Which age group reports the highest median household income in Chevy Chase View, MD?

In Chevy Chase View, households led by individuals aged 25 to 44 years report the highest median household income of $260,314 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 Chevy Chase View, MD?

In terms of income distribution across age cohorts, in Chevy Chase View, the median household income stands at $260,314 for householders within the 25 to 44 years age group, followed by $260,314 for the 45 to 64 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $179,291..

How does the median household income for households led by individuals of median age compare in Chevy Chase View, MD?

The median age in Chevy Chase View is 40, 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 Chevy Chase View, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $260,314.

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