Cove Neck, NY Median Household Income By Age

Cove Neck, 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 Cove Neck population by age, the median age in Cove Neck is 53.3 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 Cove Neck, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $241,570.

In terms of income distribution across age cohorts, in Cove Neck, where there exist only two delineated age groups, the median household income is $241,570 for householders within the 45 to 64 years age group, compared to $201,742 for the 65 years and over 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 Cove Neck.

FIGURE 1

Cove Neck, NY median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Cove Neck, 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 two 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 45 to 64 years age group demonstrated the smallest decline of $13,487(5.29%), declining from a median of $255,057 in 2012 to $241,570 in 2022. Conversely, the age group of 65 years and over years witnessed the most significant decline in household income across the same span. Their median income saw a substantial drop of $99,753(33.09%), declining from a median of $301,495 in 2012 to $201,742 in 2022.

Cove Neck, NY household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Cove Neck 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 3(2.97%) households where the householder is under 25 years old, 8(7.92%) households with a householder aged between 25 and 44 years, 36(35.64%) households with a householder aged between 45 and 64 years, and 54(53.47%) 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 village of Cove Neck, showcasing varying income levels among different age demographics.

FIGURE 2

Cove Neck, NY household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Cove Neck: 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 Cove Neck 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 Cove Neck, where householders are under 25 years old, fall within or exceed the income bracket representing the median income of $84,743 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 Cove Neck, among households headed by individuals aged 25 to 44,worth noting that 50% match or surpass the state of New York median income of $84,743. These 4 households, represent a notable portion of the total 8 households in Cove Neck within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Cove Neck, within the age group of 45 to 64 years, a remarkable 94.44% of households meet or exceed the state of New York median income of $84,743. These 34 households, out of the total 36 households in this age cohort, signify a substantial portion of mature demographic of Cove Neck, showcasing commendable financial stability in comparison to the New York state median income benchmark.
• Householder 65 years and over: In Cove Neck, among the over 65 years age group, an impressive 79.63% of households either match or surpass the state of New York median income of $84,743. These 43 households, constituting a significant portion of the Cove Neck 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 Cove Neck, NY?

In Cove Neck, households led by individuals aged 45 to 64 years report the highest median household income of $241,570 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 Cove Neck, NY?

In terms of income distribution across age cohorts, in Cove Neck, where there exist only two delineated age groups, the median household income is $241,570 for householders within the 45 to 64 years age group, compared to $201,742 for the 65 years and over age group..

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

The median age in Cove Neck is 53.3, 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 Cove Neck, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $241,570.

References

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