Median Household Income by Age of Householder in Fallon County, MT (2022, in 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Fallon County. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Fallon County.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | - |
| 25 to 44 years | $82,387 |
| 45 to 64 years | $123,822 |
| 65 years and over | $54,341 |
TABLE OF CONTENTS
Fallon County, MT 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 Fallon County population by age, the median age in Fallon County is 37.2 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 Fallon County, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $82,387.
In terms of income distribution across age cohorts, in Fallon County, the median household income stands at $123,822 for householders within the 45 to 64 years age group, followed by $82,387 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 $54,341.
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 county of Fallon County.
FIGURE 1
Fallon County, MT median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Fallon County, 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, one groups encountered a decline in their median household income, while the remaining two experienced an increase during this period. Notably, household income for individuals within the 45 to 64 years age group demonstrated a remarkable increase of $34,821(39.12%), escalating from a median of $89,001 in 2012 to $123,822 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 $2,216(2.62%), declining from a median of $84,603 in 2012 to $82,387 in 2022.
Fallon County, MT household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Fallon County 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 64(5.50%) households where the householder is under 25 years old, 438(37.63%) households with a householder aged between 25 and 44 years, 347(29.81%) households with a householder aged between 45 and 64 years, and 315(27.06%) 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 25 to 44 years bracket. This distribution hints at economic disparities within the county of Fallon County, showcasing varying income levels among different age demographics.
FIGURE 2
Fallon County, MT household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Fallon County: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Fallon County household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Fallon County: 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 | 41 | 15 | 22 | 14 |
| $10,000 - $14,999 | - | 60 | - | 30 |
| $15,000 - $19,999 | - | - | - | 14 |
| $20,000 - $24,999 | - | - | - | 22 |
| $25,000 - $29,999 | - | 25 | - | 27 |
| $30,000 - $34,999 | - | 6 | 4 | 18 |
| $35,000 - $39,999 | - | - | 17 | 14 |
| $40,000 - $44,999 | - | - | - | 8 |
| $45,000 - $49,999 | - | 1 | 12 | - |
| $50,000 - $59,999 | 23 | 18 | 17 | 26 |
| $60,000 - $74,999 | - | 57 | 11 | 11 |
| $75,000 - $99,999 | - | 68 | 46 | 64 |
| $100,000 - $124,999 | - | 111 | 51 | 26 |
| $125,000 - $149,999 | - | 24 | 69 | 5 |
| $150,000 - $199,999 | - | 17 | 42 | 2 |
| $200,000 or more | - | 36 | 56 | 34 |
To further explore the income distribution and gain insights into financial landscape of Fallon County when compared to the state of Montana 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 Fallon County, where householders are under 25 years old, fall within or exceed the income bracket representing the median income of $69,078 for the state of Montana. 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 Fallon County, among households headed by individuals aged 25 to 44, an impressive 71.46% match or surpass the state of Montana median income of $69,078. These 313 households, represent a significant portion of the total 438 households in Fallon County within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Fallon County, within the age group of 45 to 64 years, a remarkable 79.25% of households meet or exceed the state of Montana median income of $69,078. These 275 households, out of the total 347 households in this age cohort, signify a substantial portion of mature demographic of Fallon County, showcasing commendable financial stability in comparison to the Montana state median income benchmark.
- Householder 65 years and over: In Fallon County, among the over 65 years age group, a noteworthy 45.08% of households either match or surpass the state of Montana median income of $69,078. These 142 households, constituting notable portion of the Fallon County county senior population, showcase commendable financial stability compared to the Montana state median income benchmark.
Things to know
Which age group reports the highest median household income in Fallon County, MT?
In Fallon County, households led by individuals aged 45 to 64 years report the highest median household income of $123,822 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 Fallon County, MT?
In terms of income distribution across age cohorts, in Fallon County, the median household income stands at $123,822 for householders within the 45 to 64 years age group, followed by $82,387 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 $54,341..
How does the median household income for households led by individuals of median age compare in Fallon County, MT?
The median age in Fallon County is 37.2, 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 Fallon County, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $82,387.
References
- U.S. Census Bureau American Community Survey (ACS) 2018-2022 5-Year Estimates
- Consumer Price Index retroactive series using current methods (R-CPI-U-RS)