Median Household Income by Age of Householder in East Spencer, NC (2021, in 2022 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in East Spencer. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in East Spencer.
Age Of The Head Of Household | Median Household Income |
---|---|
Under 25 years | - |
25 to 44 years | - |
45 to 64 years | $43,954 |
65 years and over | $43,311 |
TABLE OF CONTENTS
East Spencer, 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 East Spencer population by age, the median age in East Spencer is 54.9 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 East Spencer, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $43,954.
In terms of income distribution across age cohorts, in East Spencer, where there exist only two delineated age groups, the median household income is $43,954 for householders within the 45 to 64 years age group, compared to $43,311 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 town of East Spencer.
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 2011 and 2021, one groups encountered a decline in their median household income, while the remaining one experienced an increase during this period. Notably, household income for individuals within the 65 years and over age group demonstrated a remarkable increase of $15,525(55.87%), escalating from a median of $27,786 in 2011 to $43,311 in 2021. Conversely, the age group of 45 to 64 years years witnessed the most significant decline in household income across the same span. Their median income saw a substantial drop of $11,800(21.16%), declining from a median of $55,754 in 2011 to $43,954 in 2021.
East Spencer, NC household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the East Spencer 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 0 households where the householder is under 25 years old, 124(19.71%) households with a householder aged between 25 and 44 years, 244(38.79%) households with a householder aged between 45 and 64 years, and 261(41.49%) 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 town of East Spencer, showcasing varying income levels among different age demographics.
Age-wise distribution of East Spencer household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in East Spencer: 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 | - | 3 | 37 | 16 |
$10,000 - $14,999 | - | 63 | 14 | 46 |
$15,000 - $19,999 | - | 4 | 7 | 6 |
$20,000 - $24,999 | - | - | 35 | - |
$25,000 - $29,999 | - | - | 8 | 36 |
$30,000 - $34,999 | - | - | - | 18 |
$35,000 - $39,999 | - | - | 4 | 8 |
$40,000 - $44,999 | - | 25 | 68 | 26 |
$45,000 - $49,999 | - | - | - | - |
$50,000 - $59,999 | - | 17 | 32 | 17 |
$60,000 - $74,999 | - | - | 21 | 3 |
$75,000 - $99,999 | - | - | 15 | 9 |
$100,000 - $124,999 | - | - | 3 | 4 |
$125,000 - $149,999 | - | - | - | - |
$150,000 - $199,999 | - | 12 | - | 72 |
$200,000 or more | - | - | - | - |
To further explore the income distribution and gain insights into financial landscape of East Spencer 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: In East Spencer, the comparison with the median income of the state and the nation remains inapplicable as there are no households headed by individuals under 25 years old.
- Householder 25 to 44 years: In East Spencer, among households headed by individuals aged 25 to 44,noteworthy that only 9.68% match or surpass the state of North Carolina median income of $67,481. These 12 households, represent a low portion of the total 124 households in East Spencer within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In East Spencer, within the age group of 45 to 64 years, only 15.98% of households meet or exceed the state of North Carolina median income of $67,481. These 39 households, out of the total 244 households in this age cohort, signify a low portion of mature demographic of East Spencer, showcasing commendable financial stability in comparison to the North Carolina state median income benchmark.
- Householder 65 years and over: In East Spencer, among the over 65 years age group, a noteworthy 33.72% of households either match or surpass the state of North Carolina median income of $67,481. These 88 households, constituting notable portion of the East Spencer town 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 East Spencer, NC?
In East Spencer, households led by individuals aged 45 to 64 years report the highest median household income of $43,954 according to the American Community Survey 2017-2021 5-Year Estimates by the US Census Bureau.
How does the median household income vary by age in East Spencer, NC?
In terms of income distribution across age cohorts, in East Spencer, where there exist only two delineated age groups, the median household income is $43,954 for householders within the 45 to 64 years age group, compared to $43,311 for the 65 years and over age group..
How does the median household income for households led by individuals of median age compare in East Spencer, NC?
The median age in East Spencer is 54.9, 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 East Spencer, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $43,954.
References
- U.S. Census Bureau American Community Survey (ACS) 2017-2021 5-Year Estimates
- Consumer Price Index retroactive series using current methods (R-CPI-U-RS)