Elk Ridge, UT Median Household Income By Age

Elk Ridge, UT 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 Ridge population by age, the median age in Elk Ridge is 30.7 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 Elk Ridge, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $133,233.

In terms of income distribution across age cohorts, in Elk Ridge, the median household income stands at $153,371 for householders within the 45 to 64 years age group, followed by $133,233 for the 25 to 44 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $77,154.

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 Elk Ridge.

FIGURE 1

Elk Ridge, UT median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Elk Ridge, 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, none had a decline during this time period. Notably, household income for individuals within the 25 to 44 years age group demonstrated a remarkable increase of $23,063(20.93%), escalating from a median of $110,170 in 2012 to $133,233 in 2022. Conversely, the age group of 65 years and over years witnessed the smallest growth in household income across the same span. Their median income saw a small increase of $4,638(6.40%), increasing from a median of $72,516 in 2012 to $77,154 in 2022.

Elk Ridge, UT household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Elk Ridge 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 13(1.06%) households where the householder is under 25 years old, 448(36.45%) households with a householder aged between 25 and 44 years, 541(44.02%) households with a householder aged between 45 and 64 years, and 227(18.47%) households where the householder is over 65 years old.

In Elk Ridge, 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 Ridge, UT household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Elk Ridge: 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 Ridge when compared to the state of Utah 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 Elk Ridge, where householders are under 25 years old, fall within or exceed the income bracket representing the median income of $90,415 for the state of Utah. 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 Elk Ridge, among households headed by individuals aged 25 to 44, an impressive 84.38% match or surpass the state of Utah median income of $90,415. These 378 households, represent a significant portion of the total 448 households in Elk Ridge within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Elk Ridge, within the age group of 45 to 64 years, a remarkable 90.02% of households meet or exceed the state of Utah median income of $90,415. These 487 households, out of the total 541 households in this age cohort, signify a substantial portion of mature demographic of Elk Ridge, showcasing commendable financial stability in comparison to the Utah state median income benchmark.
• Householder 65 years and over: In Elk Ridge, among the over 65 years age group, a noteworthy 47.14% of households either match or surpass the state of Utah median income of $90,415. These 107 households, constituting notable portion of the Elk Ridge city senior population, showcase commendable financial stability compared to the Utah state median income benchmark.

Things to know

Which age group reports the highest median household income in Elk Ridge, UT?

In Elk Ridge, households led by individuals aged 45 to 64 years report the highest median household income of $153,371 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 Ridge, UT?

In terms of income distribution across age cohorts, in Elk Ridge, the median household income stands at $153,371 for householders within the 45 to 64 years age group, followed by $133,233 for the 25 to 44 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $77,154..

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

The median age in Elk Ridge is 30.7, 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 Elk Ridge, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $133,233.

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