Median Household Income by Age of Householder in Drakes Branch, VA (In 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Drakes Branch. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Drakes Branch.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | - |
| 25 to 44 years | - |
| 45 to 64 years | - |
| 65 years and over | $19,891 |
TABLE OF CONTENTS
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 50.5 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, according to the latest American Community Survey data, the US Census Bureau did not report the median household income for householders in the 45 to 64 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 $19,891 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 the smallest decline of $9,258(31.76%), declining from a median of $29,149 in 2013 to $19,891 in 2023. 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 $9,258(31.76%), declining from a median of $29,149 in 2013 to $19,891 in 2023.
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 29(12.34%) households where the householder is under 25 years old, 25(10.64%) households with a householder aged between 25 and 44 years, 67(28.51%) households with a householder aged between 45 and 64 years, and 114(48.51%) 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
Age-wise distribution of Drakes Branch household incomes: Comparative analysis across 16 income brackets
Discover the household 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. This table highlights the variation in household income, offering valuable insights into economic trends and disparities within different age categories.
| Household Income Age of Householder | Under 25 years | 25 to 44 years | 45 to 64 years | 65 years and over |
|---|---|---|---|---|
| Less than $10,000 | - | - | 32 | - |
| $10,000 - $14,999 | 29 | - | 2 | 2 |
| $15,000 - $19,999 | - | - | - | 56 |
| $20,000 - $24,999 | - | - | 4 | 14 |
| $25,000 - $29,999 | - | 3 | 1 | 9 |
| $30,000 - $34,999 | - | 2 | - | 1 |
| $35,000 - $39,999 | - | - | - | 2 |
| $40,000 - $44,999 | - | 8 | 3 | 2 |
| $45,000 - $49,999 | - | - | 2 | - |
| $50,000 - $59,999 | - | - | - | 5 |
| $60,000 - $74,999 | - | 12 | 4 | 7 |
| $75,000 - $99,999 | - | - | 4 | 9 |
| $100,000 - $124,999 | - | - | 11 | - |
| $125,000 - $149,999 | - | - | 1 | - |
| $150,000 - $199,999 | - | - | 3 | 7 |
| $200,000 or more | - | - | - | - |
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 $90,974 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, there are no households led by individuals aged 25 to 44, that meet or surpass the state of Virginia median income of $90,974. Thus of the total 25 households in Drakes Branch, where the householder is 25-44 years old, none had an income higher than the median state income.
- Householder 45 to 64 years: In Drakes Branch, within the age group of 45 to 64 years, a noteworthy 28.36% of households meet or exceed the state of Virginia median income of $90,974. These 19 households, out of the total 67 households in this age cohort, signify a notable 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 14.04% of households either match or surpass the state of Virginia median income of $90,974. These 16 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 $19,891 according to the American Community Survey 2019-2023 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 $19,891 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 50.5, 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, according to the latest American Community Survey data, the US Census Bureau did not report the median household income for householders in the 45 to 64 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.
References
- U.S. Census Bureau American Community Survey (ACS) 2019-2023 5-Year Estimates
- Consumer Price Index retroactive series using current methods (R-CPI-U-RS)
