Elephant Butte, NM Median Household Income By Age

Elephant Butte, NM 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 Elephant Butte population by age, the median age in Elephant Butte is 66.1 years.

Typically for a location with median age in this range, it suggests a significant population of retirees or older individuals. Interestingly, within Elephant Butte, the age group of 65 years and over exhibited the second-highest median household income, recorded at $37,212.

In terms of income distribution across age cohorts, in Elephant Butte, where there exist only two delineated age groups, the median household income is $55,769 for householders within the 45 to 64 years age group, compared to $37,212 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 city of Elephant Butte.

FIGURE 1

Elephant Butte, NM median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Elephant Butte, 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 2013 and 2023, none had a decline during this time period. Notably, household income for individuals within the 65 years and over age group demonstrated a remarkable increase of $1,590(4.46%), escalating from a median of $35,622 in 2013 to $37,212 in 2023. Conversely, the age group of 45 to 64 years years witnessed the smallest growth in household income across the same span. Their median income saw a small increase of $1,212(2.22%), increasing from a median of $54,557 in 2013 to $55,769 in 2023.

Elephant Butte, NM household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Elephant Butte 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, 53(5.59%) households with a householder aged between 25 and 44 years, 188(19.83%) households with a householder aged between 45 and 64 years, and 707(74.58%) 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 city of Elephant Butte, showcasing varying income levels among different age demographics.

FIGURE 2

Elephant Butte, NM household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Elephant Butte: 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 Elephant Butte when compared to the state of New Mexico 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 Elephant Butte, 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 Elephant Butte, among households headed by individuals aged 25 to 44,worth noting that 37.74% match or surpass the state of New Mexico median income of $62,125. These 20 households, represent a notable portion of the total 53 households in Elephant Butte within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Elephant Butte, within the age group of 45 to 64 years, a noteworthy 35.64% of households meet or exceed the state of New Mexico median income of $62,125. These 67 households, out of the total 188 households in this age cohort, signify a notable portion of mature demographic of Elephant Butte, showcasing commendable financial stability in comparison to the New Mexico state median income benchmark.
• Householder 65 years and over: In Elephant Butte, among the over 65 years age group, a noteworthy 33.10% of households either match or surpass the state of New Mexico median income of $62,125. These 234 households, constituting notable portion of the Elephant Butte city senior population, showcase commendable financial stability compared to the New Mexico state median income benchmark.

Things to know

Which age group reports the highest median household income in Elephant Butte, NM?

In Elephant Butte, households led by individuals aged 45 to 64 years report the highest median household income of $55,769 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 Elephant Butte, NM?

In terms of income distribution across age cohorts, in Elephant Butte, where there exist only two delineated age groups, the median household income is $55,769 for householders within the 45 to 64 years age group, compared to $37,212 for the 65 years and over age group..

How does the median household income for households led by individuals of median age compare in Elephant Butte, NM?

The median age in Elephant Butte is 66.1, which falls within the 65 years and over range among the four age groups defined by the US Census Bureau. This demographic suggests a significant population of retirees or older individuals. Interestingly, within Elephant Butte, the age group of 65 years and over exhibited the second-highest median household income, recorded at $37,212.

References

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