Fort Mitchell, KY Median Household Income By Age

Fort Mitchell, KY 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 Mitchell population by age, the median age in Fort Mitchell is 33.4 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 Fort Mitchell, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $89,404.

In terms of income distribution across age cohorts, in Fort Mitchell, the median household income stands at $89,404 for householders within the 25 to 44 years age group, followed by $61,647 for the 65 years and over age group. Notably, householders within the under 25 years age group, had the lowest median household income at $53,771.

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 Fort Mitchell.

FIGURE 1

Fort Mitchell, KY median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Fort Mitchell, 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 25 to 44 years age group demonstrated a remarkable increase of $23,485(35.63%), escalating from a median of $65,919 in 2012 to $89,404 in 2022. Conversely, the age group of Under 25 years years witnessed the smallest growth in household income across the same span. Their median income saw a small increase of $11,976(28.65%), increasing from a median of $41,795 in 2012 to $53,771 in 2022.

Fort Mitchell, KY household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Fort Mitchell 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 195(5.61%) households where the householder is under 25 years old, 1,428(41.07%) households with a householder aged between 25 and 44 years, 1,309(37.65%) households with a householder aged between 45 and 64 years, and 545(15.67%) households where the householder is over 65 years old.

In Fort Mitchell, the age group of 25 to 44 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

Fort Mitchell, KY household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Fort Mitchell: 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 Mitchell when compared to the state of Kentucky 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 worth noting that 47.18% of the households in Fort Mitchell, where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $62,666 for the state of Kentucky. These 92 Fort Mitchell households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
• Householder 25 to 44 years: In Fort Mitchell, among households headed by individuals aged 25 to 44, an impressive 72.90% match or surpass the state of Kentucky median income of $62,666. These 1,041 households, represent a significant portion of the total 1,428 households in Fort Mitchell within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Fort Mitchell, within the age group of 45 to 64 years, a remarkable 56.91% of households meet or exceed the state of Kentucky median income of $62,666. These 745 households, out of the total 1,309 households in this age cohort, signify a substantial portion of mature demographic of Fort Mitchell, showcasing commendable financial stability in comparison to the Kentucky state median income benchmark.
• Householder 65 years and over: In Fort Mitchell, among the over 65 years age group, a noteworthy 49.36% of households either match or surpass the state of Kentucky median income of $62,666. These 269 households, constituting notable portion of the Fort Mitchell city senior population, showcase commendable financial stability compared to the Kentucky state median income benchmark.

Things to know

Which age group reports the highest median household income in Fort Mitchell, KY?

In Fort Mitchell, households led by individuals aged 25 to 44 years report the highest median household income of $89,404 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 Mitchell, KY?

In terms of income distribution across age cohorts, in Fort Mitchell, the median household income stands at $89,404 for householders within the 25 to 44 years age group, followed by $61,647 for the 65 years and over age group. Notably, householders within the under 25 years age group, had the lowest median household income at $53,771..

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

The median age in Fort Mitchell is 33.4, 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 Fort Mitchell, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $89,404.

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