Median Household Income by Age of Householder in Farmington, WV (2022, in 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Farmington. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Farmington.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | - |
| 25 to 44 years | - |
| 45 to 64 years | $77,907 |
| 65 years and over | $47,995 |
TABLE OF CONTENTS
Farmington, 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 Farmington population by age, the median age in Farmington is 37.1 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, according to the latest American Community Survey data, the US Census Bureau did not report the median household income for householders in the 25 to 44 years age group in Farmington. This absence could be attributed to a smaller working population or fewer household heads within this age range, potentially resulting in less reliable or unavailable data for reporting.
In terms of income distribution across age cohorts, in Farmington, where there exist only two delineated age groups, the median household income is $77,907 for householders within the 45 to 64 years age group, compared to $47,995 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 Farmington.
FIGURE 1
Farmington, WV median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Farmington, 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 $3,382(7.58%), escalating from a median of $44,613 in 2012 to $47,995 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 $50,039(39.11%), declining from a median of $127,946 in 2012 to $77,907 in 2022.
Farmington, WV household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Farmington 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 7(5.30%) households where the householder is under 25 years old, 33(25%) households with a householder aged between 25 and 44 years, 55(41.67%) households with a householder aged between 45 and 64 years, and 37(28.03%) households where the householder is over 65 years old.
In Farmington, 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
Farmington, WV household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Farmington: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Farmington household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Farmington: 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 | - | 3 | - | - |
| $10,000 - $14,999 | - | 1 | 5 | 2 |
| $15,000 - $19,999 | - | - | - | 4 |
| $20,000 - $24,999 | - | 5 | - | - |
| $25,000 - $29,999 | - | - | - | 2 |
| $30,000 - $34,999 | - | - | 3 | 5 |
| $35,000 - $39,999 | - | 1 | - | - |
| $40,000 - $44,999 | - | 4 | 7 | 2 |
| $45,000 - $49,999 | - | - | - | 8 |
| $50,000 - $59,999 | 7 | 3 | 1 | 4 |
| $60,000 - $74,999 | - | 2 | 12 | - |
| $75,000 - $99,999 | - | - | 1 | 3 |
| $100,000 - $124,999 | - | 2 | 12 | - |
| $125,000 - $149,999 | - | 5 | 14 | 7 |
| $150,000 - $199,999 | - | 7 | - | - |
| $200,000 or more | - | - | - | - |
To further explore the income distribution and gain insights into financial landscape of Farmington 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: It is impressive that 100% of the households in Farmington, where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $57,495 for the state of West Virginia. These 7 Farmington households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
- Householder 25 to 44 years: In Farmington, among households headed by individuals aged 25 to 44, an impressive 57.58% match or surpass the state of West Virginia median income of $57,495. These 19 households, represent a significant portion of the total 33 households in Farmington within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Farmington, within the age group of 45 to 64 years, a remarkable 72.73% of households meet or exceed the state of West Virginia median income of $57,495. These 40 households, out of the total 55 households in this age cohort, signify a substantial portion of mature demographic of Farmington, showcasing commendable financial stability in comparison to the West Virginia state median income benchmark.
- Householder 65 years and over: In Farmington, among the over 65 years age group, a noteworthy 37.84% of households either match or surpass the state of West Virginia median income of $57,495. These 14 households, constituting notable portion of the Farmington 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 Farmington, WV?
In Farmington, households led by individuals aged 45 to 64 years report the highest median household income of $77,907 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 Farmington, WV?
In terms of income distribution across age cohorts, in Farmington, where there exist only two delineated age groups, the median household income is $77,907 for householders within the 45 to 64 years age group, compared to $47,995 for the 65 years and over age group..
How does the median household income for households led by individuals of median age compare in Farmington, WV?
The median age in Farmington is 37.1, 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, according to the latest American Community Survey data, the US Census Bureau did not report the median household income for householders in the 25 to 44 years age group in Farmington. This absence could be attributed to a smaller working population or fewer household heads within this age range, potentially resulting in less reliable or unavailable data for reporting.
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)