Median Household Income by Age of Householder in East Bank, WV (In 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in East Bank. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in East Bank.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | - |
| 25 to 44 years | $42,833 |
| 45 to 64 years | $86,410 |
| 65 years and over | $53,594 |
TABLE OF CONTENTS
East Bank, WV 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 East Bank population by age, the median age in East Bank is 40.8 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 East Bank, the age group of 25 to 44 years had the second lowest median household income, recorded at $42,833.
In terms of income distribution across age cohorts, in East Bank, the median household income stands at $86,410 for householders within the 45 to 64 years age group, followed by $53,594 for the 65 years and over age group. Notably, householders within the 25 to 44 years age group, had the lowest median household income at $42,833.
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 East Bank.
FIGURE 1
East Bank, WV median household income by age of householder
It offers a clear illustration of the differences in median household incomes in East Bank, 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 2013 and 2023, one groups encountered a decline in their median household income, while the remaining two experienced an increase during this period. Notably, household income for individuals within the 45 to 64 years age group demonstrated a remarkable increase of $12,512(16.93%), escalating from a median of $73,898 in 2013 to $86,410 in 2023. 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 $20,039(31.87%), declining from a median of $62,872 in 2013 to $42,833 in 2023.
East Bank, WV household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the East Bank 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 11(3.73%) households where the householder is under 25 years old, 84(28.47%) households with a householder aged between 25 and 44 years, 111(37.63%) households with a householder aged between 45 and 64 years, and 89(30.17%) households where the householder is over 65 years old.
In East Bank, the age group of 45 to 64 years 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
East Bank, WV household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in East Bank: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of East Bank household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in East Bank: 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 | - | 13 | 8 | 2 |
| $10,000 - $14,999 | - | 15 | - | 3 |
| $15,000 - $19,999 | - | 4 | - | 5 |
| $20,000 - $24,999 | - | 3 | 5 | 14 |
| $25,000 - $29,999 | - | 2 | - | 7 |
| $30,000 - $34,999 | - | 3 | - | 6 |
| $35,000 - $39,999 | 2 | - | 3 | - |
| $40,000 - $44,999 | - | 15 | - | - |
| $45,000 - $49,999 | - | 8 | 2 | 4 |
| $50,000 - $59,999 | - | - | 6 | 8 |
| $60,000 - $74,999 | 9 | 2 | 5 | 6 |
| $75,000 - $99,999 | - | - | 49 | 7 |
| $100,000 - $124,999 | - | 17 | 13 | 2 |
| $125,000 - $149,999 | - | 2 | 2 | 23 |
| $150,000 - $199,999 | - | - | 18 | 2 |
| $200,000 or more | - | - | - | - |
To further explore the income distribution and gain insights into financial landscape of East Bank when compared to the state of West 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 impressive that 81.82% of the households in East Bank, where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $57,917 for the state of West Virginia. These 9 East Bank households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
- Householder 25 to 44 years: In East Bank, among households headed by individuals aged 25 to 44,noteworthy that only 25% match or surpass the state of West Virginia median income of $57,917. These 21 households, represent a low portion of the total 84 households in East Bank within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In East Bank, within the age group of 45 to 64 years, a remarkable 83.78% of households meet or exceed the state of West Virginia median income of $57,917. These 93 households, out of the total 111 households in this age cohort, signify a substantial portion of mature demographic of East Bank, showcasing commendable financial stability in comparison to the West Virginia state median income benchmark.
- Householder 65 years and over: In East Bank, among the over 65 years age group, an impressive 53.93% of households either match or surpass the state of West Virginia median income of $57,917. These 48 households, constituting a significant portion of the East Bank town senior population, showcase commendable financial stability compared to the West Virginia state median income benchmark.
Things to know
Which age group reports the highest median household income in East Bank, WV?
In East Bank, households led by individuals aged 45 to 64 years report the highest median household income of $86,410 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 East Bank, WV?
In terms of income distribution across age cohorts, in East Bank, the median household income stands at $86,410 for householders within the 45 to 64 years age group, followed by $53,594 for the 65 years and over age group. Notably, householders within the 25 to 44 years age group, had the lowest median household income at $42,833..
How does the median household income for households led by individuals of median age compare in East Bank, WV?
The median age in East Bank is 40.8, 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 East Bank, the age group of 25 to 44 years had the second lowest median household income, recorded at $42,833.
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)