Median Household Income by Age of Householder in Forest Acres, SC (2021, in 2022 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Forest Acres. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Forest Acres.
Age Of The Head Of Household | Median Household Income |
---|---|
Under 25 years | $76,375 |
25 to 44 years | $75,603 |
45 to 64 years | $88,518 |
65 years and over | $58,943 |
TABLE OF CONTENTS
Forest Acres, SC 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 Forest Acres population by age, the median age in Forest Acres is 37.8 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 Forest Acres, the age group of 25 to 44 years had the second lowest median household income, recorded at $75,603.
In terms of income distribution across age cohorts, in Forest Acres, householders within the 45 to 64 years age group have the highest median household income at $88,518, followed by those in the under 25 years age group with an income of $76,375. Meanwhile householders within the 25 to 44 years age group report the second lowest median household income of $75,603. Notably, householders within the 65 years and over age group, had the lowest median household income at $58,943.
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 Forest Acres.
![Forest Acres, SC median household income by age of householder The bar chart shows Forest Acres, SC median household income by age of householder. All incomes have been adjusted for 2022 inflation using the Consumer Price Index retroactive series (R-CPI-U-RS).](https://i.neilsberg.com/ch/forest-acres-sc-median-household-income-by-age.jpeg)
Analysis of income trends over the past decade highlights notable shifts across various age groups. Among the four age groups with available Census data in both 2011 and 2021, two 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 Under 25 years age group demonstrated a remarkable increase of $54,038(241.92%), escalating from a median of $22,337 in 2011 to $76,375 in 2021. 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 $12,092(12.02%), declining from a median of $100,610 in 2011 to $88,518 in 2021.
Forest Acres, SC household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Forest Acres 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 172(3.58%) households where the householder is under 25 years old, 1,548(32.24%) households with a householder aged between 25 and 44 years, 1,426(29.70%) households with a householder aged between 45 and 64 years, and 1,656(34.49%) 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 65 years and over bracket. This distribution hints at economic disparities within the city of Forest Acres, showcasing varying income levels among different age demographics.
![>Forest Acres, SC household income distribution across age groups The bar chart displays the distribution of household income in Forest Acres, SC across different age groups as categorized by the U.S. Census Bureau. It illustrates the number of households within each income bracket across age categories. This visualization offers valuable insights into income disparities and variations across age groups, facilitating data analysis and informed decision-making. It enables the identification of demographics with specific financial statuses within distinct age brackets.](https://i.neilsberg.com/ch/forest-acres-sc-household-income-by-age-groups.jpeg)
Age-wise distribution of Forest Acres household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Forest Acres: 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 | 30 | 89 | 31 | 79 |
$10,000 - $14,999 | 8 | 59 | 11 | 34 |
$15,000 - $19,999 | - | 66 | 34 | 57 |
$20,000 - $24,999 | 10 | - | 43 | 138 |
$25,000 - $29,999 | 11 | 84 | 12 | 218 |
$30,000 - $34,999 | - | 52 | 82 | 54 |
$35,000 - $39,999 | - | 59 | - | 79 |
$40,000 - $44,999 | 12 | 94 | 56 | 74 |
$45,000 - $49,999 | - | 39 | 78 | 61 |
$50,000 - $59,999 | - | 116 | 146 | 192 |
$60,000 - $74,999 | 57 | 142 | 167 | 109 |
$75,000 - $99,999 | - | 268 | 181 | 155 |
$100,000 - $124,999 | 44 | 174 | 68 | 104 |
$125,000 - $149,999 | - | 117 | 113 | 90 |
$150,000 - $199,999 | - | 104 | 109 | 76 |
$200,000 or more | - | 85 | 295 | 136 |
To further explore the income distribution and gain insights into financial landscape of Forest Acres when compared to the state of South Carolina 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 58.72% of the households in Forest Acres, where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $64,115 for the state of South Carolina. These 101 Forest Acres households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
- Householder 25 to 44 years: In Forest Acres, among households headed by individuals aged 25 to 44, an impressive 57.49% match or surpass the state of South Carolina median income of $64,115. These 890 households, represent a significant portion of the total 1,548 households in Forest Acres within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Forest Acres, within the age group of 45 to 64 years, a remarkable 65.43% of households meet or exceed the state of South Carolina median income of $64,115. These 933 households, out of the total 1,426 households in this age cohort, signify a substantial portion of mature demographic of Forest Acres, showcasing commendable financial stability in comparison to the South Carolina state median income benchmark.
- Householder 65 years and over: In Forest Acres, among the over 65 years age group, a noteworthy 40.46% of households either match or surpass the state of South Carolina median income of $64,115. These 670 households, constituting notable portion of the Forest Acres city senior population, showcase commendable financial stability compared to the South Carolina state median income benchmark.
Things to know
Which age group reports the highest median household income in Forest Acres, SC?
In Forest Acres, households led by individuals aged 45 to 64 years report the highest median household income of $88,518 according to the American Community Survey 2017-2021 5-Year Estimates by the US Census Bureau.
How does the median household income vary by age in Forest Acres, SC?
In terms of income distribution across age cohorts, in Forest Acres, householders within the 45 to 64 years age group have the highest median household income at $88,518, followed by those in the under 25 years age group with an income of $76,375. Meanwhile householders within the 25 to 44 years age group report the second lowest median household income of $75,603. Notably, householders within the 65 years and over age group, had the lowest median household income at $58,943..
How does the median household income for households led by individuals of median age compare in Forest Acres, SC?
The median age in Forest Acres is 37.8, 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 Forest Acres, the age group of 25 to 44 years had the second lowest median household income, recorded at $75,603.
References
- U.S. Census Bureau American Community Survey (ACS) 2017-2021 5-Year Estimates
- Consumer Price Index retroactive series using current methods (R-CPI-U-RS)