Elk Mountain, WY Median Household Income By Age

Elk Mountain, WY 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 Elk Mountain population by age, the median age in Elk Mountain is 51.5 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, within Elk Mountain, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $86,229.

In terms of income distribution across age cohorts, in Elk Mountain, the median household income stands at $86,229 for householders within the 45 to 64 years age group, followed by $45,230 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 $35,142.

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 Elk Mountain.

FIGURE 1

Elk Mountain, WY median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Elk Mountain, 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 2012 and 2022, two 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 $6,055(15.46%), escalating from a median of $39,175 in 2012 to $45,230 in 2022. 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 $49,749(58.60%), declining from a median of $84,891 in 2012 to $35,142 in 2022.

Elk Mountain, WY household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Elk Mountain 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, 9(16.67%) households with a householder aged between 25 and 44 years, 27(50%) households with a householder aged between 45 and 64 years, and 18(33.33%) households where the householder is over 65 years old.

In Elk Mountain, 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

Elk Mountain, WY household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Elk Mountain: 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 Elk Mountain when compared to the state of Wyoming 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 Elk Mountain, 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 Elk Mountain, among households headed by individuals aged 25 to 44,noteworthy that only 22.22% match or surpass the state of Wyoming median income of $75,485. These 2 households, represent a low portion of the total 9 households in Elk Mountain within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Elk Mountain, within the age group of 45 to 64 years, a remarkable 51.85% of households meet or exceed the state of Wyoming median income of $75,485. These 14 households, out of the total 27 households in this age cohort, signify a substantial portion of mature demographic of Elk Mountain, showcasing commendable financial stability in comparison to the Wyoming state median income benchmark.
• Householder 65 years and over: In Elk Mountain, among the over 65 years age group, only 11.11% of households either match or surpass the state of Wyoming median income of $75,485. These 2 households, constituting low portion of the Elk Mountain town senior population, showcase commendable financial stability compared to the Wyoming state median income benchmark.

Things to know

Which age group reports the highest median household income in Elk Mountain, WY?

In Elk Mountain, households led by individuals aged 45 to 64 years report the highest median household income of $86,229 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 Elk Mountain, WY?

In terms of income distribution across age cohorts, in Elk Mountain, the median household income stands at $86,229 for householders within the 45 to 64 years age group, followed by $45,230 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 $35,142..

How does the median household income for households led by individuals of median age compare in Elk Mountain, WY?

The median age in Elk Mountain is 51.5, 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, within Elk Mountain, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $86,229.

References

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