Median Household Income by Age of Householder in Frostburg, MD (2022, in 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Frostburg. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Frostburg.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | - |
| 25 to 44 years | $72,020 |
| 45 to 64 years | $62,367 |
| 65 years and over | $37,745 |
TABLE OF CONTENTS
Frostburg, MD 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 Frostburg population by age, the median age in Frostburg is 24.2 years.
Typically for a location with median age in this range, it likely boasts a youthful population, indication a potential hub for emerging workforce. Interestingly, according to the latest American Community Survey data, the US Census Bureau did not report the median household income for householders in the Under 25 years age group in Frostburg. 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 Frostburg, the median household income stands at $72,020 for householders within the 25 to 44 years age group, followed by $62,367 for the 45 to 64 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $37,745.
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 Frostburg.
FIGURE 1
Frostburg, MD median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Frostburg, 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 $31,423(77.40%), escalating from a median of $40,597 in 2012 to $72,020 in 2022. Conversely, the age group of 65 years and over years witnessed the smallest growth in household income across the same span. Their median income saw a small increase of $4,188(12.48%), increasing from a median of $33,557 in 2012 to $37,745 in 2022.
Frostburg, MD household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Frostburg 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 507(19.98%) households where the householder is under 25 years old, 690(27.19%) households with a householder aged between 25 and 44 years, 659(25.97%) households with a householder aged between 45 and 64 years, and 682(26.87%) households where the householder is over 65 years old.
In Frostburg, 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
Frostburg, MD household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Frostburg: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Frostburg household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Frostburg: 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 | 123 | 13 | 73 | 44 |
| $10,000 - $14,999 | 130 | - | 29 | 123 |
| $15,000 - $19,999 | 7 | 54 | 30 | 73 |
| $20,000 - $24,999 | 25 | 52 | 11 | 27 |
| $25,000 - $29,999 | 31 | 29 | 31 | 47 |
| $30,000 - $34,999 | 37 | 35 | 44 | 23 |
| $35,000 - $39,999 | - | 21 | 21 | 11 |
| $40,000 - $44,999 | 58 | 17 | 15 | 51 |
| $45,000 - $49,999 | 40 | 8 | 37 | 16 |
| $50,000 - $59,999 | 14 | 89 | 39 | 31 |
| $60,000 - $74,999 | 15 | 132 | 43 | 28 |
| $75,000 - $99,999 | 19 | 40 | 17 | 75 |
| $100,000 - $124,999 | - | 106 | 99 | 91 |
| $125,000 - $149,999 | 8 | 45 | 58 | 32 |
| $150,000 - $199,999 | - | 49 | 40 | 7 |
| $200,000 or more | - | - | 72 | 3 |
To further explore the income distribution and gain insights into financial landscape of Frostburg when compared to the state of Maryland 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 1.58% of the households in Frostburg, where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $102,523 for the state of Maryland. These 8 Frostburg households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
- Householder 25 to 44 years: In Frostburg, among households headed by individuals aged 25 to 44,worth noting that 28.99% match or surpass the state of Maryland median income of $102,523. These 200 households, represent a notable portion of the total 690 households in Frostburg within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Frostburg, within the age group of 45 to 64 years, a noteworthy 40.82% of households meet or exceed the state of Maryland median income of $102,523. These 269 households, out of the total 659 households in this age cohort, signify a notable portion of mature demographic of Frostburg, showcasing commendable financial stability in comparison to the Maryland state median income benchmark.
- Householder 65 years and over: In Frostburg, among the over 65 years age group, only 19.50% of households either match or surpass the state of Maryland median income of $102,523. These 133 households, constituting low portion of the Frostburg city senior population, showcase commendable financial stability compared to the Maryland state median income benchmark.
Things to know
Which age group reports the highest median household income in Frostburg, MD?
In Frostburg, households led by individuals aged 25 to 44 years report the highest median household income of $72,020 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 Frostburg, MD?
In terms of income distribution across age cohorts, in Frostburg, the median household income stands at $72,020 for householders within the 25 to 44 years age group, followed by $62,367 for the 45 to 64 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $37,745..
How does the median household income for households led by individuals of median age compare in Frostburg, MD?
The median age in Frostburg is 24.2, which falls within the Under 25 years range among the four age groups defined by the US Census Bureau. This demographic likely boasts a youthful population, indication a potential hub for emerging workforce. Interestingly, according to the latest American Community Survey data, the US Census Bureau did not report the median household income for householders in the Under 25 years age group in Frostburg. 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)