Fort Gay, WV Median Household Income By Age

Fort Gay, 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 Fort Gay population by age, the median age in Fort Gay is 42.8 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, 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 Fort Gay. 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 Fort Gay, the median household income stands at $36,964 for householders within the 65 years and over age group, followed by $30,122 for the under 25 years age group. Notably, householders within the 45 to 64 years age group, had the lowest median household income at $23,829.

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 Fort Gay.

FIGURE 1

Fort Gay, WV median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Fort Gay, 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 Under 25 years age group demonstrated a remarkable increase of $25,954(622.70%), escalating from a median of $4,168 in 2012 to $30,122 in 2022. Conversely, the age group of 45 to 64 years years witnessed the smallest growth in household income across the same span. Their median income saw a small increase of $6,825(40.14%), increasing from a median of $17,004 in 2012 to $23,829 in 2022.

Fort Gay, WV household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Fort Gay 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 12(4.56%) households where the householder is under 25 years old, 81(30.80%) households with a householder aged between 25 and 44 years, 90(34.22%) households with a householder aged between 45 and 64 years, and 80(30.42%) households where the householder is over 65 years old.

The age group of 65 years and over exhibits the highest median household income, while the largest number of households falls within the 45 to 64 years bracket. This distribution hints at economic disparities within the town of Fort Gay, showcasing varying income levels among different age demographics.

FIGURE 2

Fort Gay, WV household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Fort Gay: 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 Fort Gay 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 noteworthy that only 25% of the households in Fort Gay, 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 3 Fort Gay households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
• Householder 25 to 44 years: In Fort Gay, among households headed by individuals aged 25 to 44,noteworthy that only 24.69% match or surpass the state of West Virginia median income of $57,495. These 20 households, represent a low portion of the total 81 households in Fort Gay within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Fort Gay, within the age group of 45 to 64 years, only 20% of households meet or exceed the state of West Virginia median income of $57,495. These 18 households, out of the total 90 households in this age cohort, signify a low portion of mature demographic of Fort Gay, showcasing commendable financial stability in comparison to the West Virginia state median income benchmark.
• Householder 65 years and over: In Fort Gay, among the over 65 years age group, a noteworthy 40% of households either match or surpass the state of West Virginia median income of $57,495. These 32 households, constituting notable portion of the Fort Gay 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 Fort Gay, WV?

In Fort Gay, households led by individuals aged 65 years and over report the highest median household income of $36,964 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 Fort Gay, WV?

In terms of income distribution across age cohorts, in Fort Gay, the median household income stands at $36,964 for householders within the 65 years and over age group, followed by $30,122 for the under 25 years age group. Notably, householders within the 45 to 64 years age group, had the lowest median household income at $23,829..

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

The median age in Fort Gay is 42.8, 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, 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 Fort Gay. 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.

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