Falling Spring, WV Median Household Income By Age

Falling Spring, 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 Falling Spring population by age, the median age in Falling Spring is 56.3 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 Falling Spring, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $47,507.

In terms of income distribution across age cohorts, in Falling Spring, where there exist only two delineated age groups, the median household income is $47,507 for householders within the 45 to 64 years age group, compared to $40,024 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 Falling Spring.

FIGURE 1

Falling Spring, WV median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Falling Spring, 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 2012 and 2022, 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 $571(1.45%), escalating from a median of $39,453 in 2012 to $40,024 in 2022. 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 $31,261(39.69%), declining from a median of $78,768 in 2012 to $47,507 in 2022.

Falling Spring, WV household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Falling Spring 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, 3(5.26%) households with a householder aged between 25 and 44 years, 39(68.42%) households with a householder aged between 45 and 64 years, and 15(26.32%) households where the householder is over 65 years old.

In Falling Spring, 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

Falling Spring, WV household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Falling Spring: 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 Falling Spring 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: In Falling Spring, 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 Falling Spring, among households headed by individuals aged 25 to 44, an impressive 100% match or surpass the state of West Virginia median income of $57,495. These 3 households, represent a significant portion of the total 3 households in Falling Spring within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Falling Spring, within the age group of 45 to 64 years, a noteworthy 41.03% of households meet or exceed the state of West Virginia median income of $57,495. These 16 households, out of the total 39 households in this age cohort, signify a notable portion of mature demographic of Falling Spring, showcasing commendable financial stability in comparison to the West Virginia state median income benchmark.
• Householder 65 years and over: In Falling Spring, among the over 65 years age group, a noteworthy 33.33% of households either match or surpass the state of West Virginia median income of $57,495. These 5 households, constituting notable portion of the Falling Spring 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 Falling Spring, WV?

In Falling Spring, households led by individuals aged 45 to 64 years report the highest median household income of $47,507 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 Falling Spring, WV?

In terms of income distribution across age cohorts, in Falling Spring, where there exist only two delineated age groups, the median household income is $47,507 for householders within the 45 to 64 years age group, compared to $40,024 for the 65 years and over age group..

How does the median household income for households led by individuals of median age compare in Falling Spring, WV?

The median age in Falling Spring is 56.3, 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 Falling Spring, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $47,507.

References

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