Drakes Branch, VA Median Household Income By Age

Drakes Branch, VA 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 Drakes Branch population by age, the median age in Drakes Branch is 42.7 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, according to the latest American Community Survey data, the US Census Bureau did not report the median household income for householders in the 25 to 44 years age group in Drakes Branch. This absence could be attributed to a smaller working population or fewer household heads within this age range, potentially resulting in less reliable or unavailable data for reporting.

In terms of income distribution across age cohorts, Drakes Branch only reports a median household income of $21,827 among householders in 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 town of Drakes Branch.

FIGURE 1

Drakes Branch, VA median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Drakes Branch, 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. Notably, household income for individuals within the 65 years and over age group demonstrated a remarkable increase of $1,823(9.11%), escalating from a median of $20,004 in 2012 to $21,827 in 2022. Conversely, the age group of 65 years and over years witnessed the smallest growth in household income across the same span. Their median income saw a small increase of $1,823(9.11%), increasing from a median of $20,004 in 2012 to $21,827 in 2022.

Drakes Branch, VA household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Drakes Branch 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 14(5.98%) households where the householder is under 25 years old, 46(19.66%) households with a householder aged between 25 and 44 years, 66(28.21%) households with a householder aged between 45 and 64 years, and 108(46.15%) households where the householder is over 65 years old.

In Drakes Branch, the age group of 65 years and over 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.

FIGURE 2

Drakes Branch, VA household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Drakes Branch: 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 Drakes Branch when compared to the state of Virginia 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 Drakes Branch, where householders are under 25 years old, fall within or exceed the income bracket representing the median income of $90,848 for the state of Virginia. 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 Drakes Branch, among households headed by individuals aged 25 to 44,noteworthy that only 2.17% match or surpass the state of Virginia median income of $90,848. These 1 households, represent a low portion of the total 46 households in Drakes Branch within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Drakes Branch, within the age group of 45 to 64 years, only 15.15% of households meet or exceed the state of Virginia median income of $90,848. These 10 households, out of the total 66 households in this age cohort, signify a low portion of mature demographic of Drakes Branch, showcasing commendable financial stability in comparison to the Virginia state median income benchmark.
• Householder 65 years and over: In Drakes Branch, among the over 65 years age group, only 5.56% of households either match or surpass the state of Virginia median income of $90,848. These 6 households, constituting low portion of the Drakes Branch town senior population, showcase commendable financial stability compared to the Virginia state median income benchmark.

Things to know

Which age group reports the highest median household income in Drakes Branch, VA?

In Drakes Branch, households led by individuals aged 65 years and over report the highest median household income of $21,827 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 Drakes Branch, VA?

In terms of income distribution across age cohorts, Drakes Branch only reports a median household income of $21,827 among householders in the 65 years and over age group..

How does the median household income for households led by individuals of median age compare in Drakes Branch, VA?

The median age in Drakes Branch is 42.7, 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, according to the latest American Community Survey data, the US Census Bureau did not report the median household income for householders in the 25 to 44 years age group in Drakes Branch. This absence could be attributed to a smaller working population or fewer household heads within this age range, potentially resulting in less reliable or unavailable data for reporting.

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