Chowan County, NC Median Household Income By Age

Chowan County, NC 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 Chowan County population by age, the median age in Chowan County is 48.7 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 Chowan County, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $59,828.

In terms of income distribution across age cohorts, in Chowan County, the median household income stands at $59,828 for householders within the 45 to 64 years age group, followed by $56,293 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 $48,240.

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 Chowan County.

FIGURE 1

Chowan County, NC median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Chowan 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 three age groups with available Census data in both 2012 and 2022, none had a decline during this time period. Notably, household income for individuals within the 65 years and over age group demonstrated a remarkable increase of $12,565(35.22%), escalating from a median of $35,675 in 2012 to $48,240 in 2022. 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 $1,027(1.75%), increasing from a median of $58,801 in 2012 to $59,828 in 2022.

Chowan County, NC household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Chowan 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 43(0.69%) households where the householder is under 25 years old, 1,708(27.48%) households with a householder aged between 25 and 44 years, 2,218(35.68%) households with a householder aged between 45 and 64 years, and 2,247(36.15%) 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 65 years and over bracket. This distribution hints at economic disparities within the county of Chowan County, showcasing varying income levels among different age demographics.

FIGURE 2

Chowan County, NC household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Chowan 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 Chowan County when compared to the state of North Carolina 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 worth noting that 27.91% of the households in Chowan County, where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $68,916 for the state of North Carolina. These 12 Chowan County households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
• Householder 25 to 44 years: In Chowan County, among households headed by individuals aged 25 to 44,worth noting that 49.65% match or surpass the state of North Carolina median income of $68,916. These 848 households, represent a notable portion of the total 1,708 households in Chowan County within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Chowan County, within the age group of 45 to 64 years, a noteworthy 44.68% of households meet or exceed the state of North Carolina median income of $68,916. These 991 households, out of the total 2,218 households in this age cohort, signify a notable portion of mature demographic of Chowan County, showcasing commendable financial stability in comparison to the North Carolina state median income benchmark.
• Householder 65 years and over: In Chowan County, among the over 65 years age group, a noteworthy 37.69% of households either match or surpass the state of North Carolina median income of $68,916. These 847 households, constituting notable portion of the Chowan County county senior population, showcase commendable financial stability compared to the North Carolina state median income benchmark.

Things to know

Which age group reports the highest median household income in Chowan County, NC?

In Chowan County, households led by individuals aged 45 to 64 years report the highest median household income of $59,828 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 Chowan County, NC?

In terms of income distribution across age cohorts, in Chowan County, the median household income stands at $59,828 for householders within the 45 to 64 years age group, followed by $56,293 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 $48,240..

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

The median age in Chowan County is 48.7, 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 Chowan County, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $59,828.

References

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