Garden City, NY Median Household Income By Age

Garden City, NY 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 Garden City population by age, the median age in Garden City is 41.5 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 Garden City, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $260,314.

In terms of income distribution across age cohorts, in Garden City, the median household income stands at $260,314 for householders within the 25 to 44 years age group, followed by $255,772 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 $102,954.

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 village of Garden City.

FIGURE 1

Garden City, NY median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Garden City, 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, one 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 45 to 64 years age group demonstrated a remarkable increase of $18,307(7.71%), escalating from a median of $237,465 in 2012 to $255,772 in 2022. Conversely, the age group of 25 to 44 years years witnessed the most significant decline in household income across the same span. Their median income saw a substantial drop of $11,999(4.41%), declining from a median of $272,313 in 2012 to $260,314 in 2022.

Garden City, NY household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Garden City 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 32(0.42%) households where the householder is under 25 years old, 1,706(22.51%) households with a householder aged between 25 and 44 years, 3,469(45.77%) households with a householder aged between 45 and 64 years, and 2,372(31.30%) households where the householder is over 65 years old.

The age group of 25 to 44 years 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 village of Garden City, showcasing varying income levels among different age demographics.

FIGURE 2

Garden City, NY household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Garden City: 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 Garden City when compared to the state of New York 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 no households in Garden City, where householders are under 25 years old, fall within or exceed the income bracket representing the median income of $84,743 for the state of New York. This indicates an income disparity among households headed by individuals under 25 years old when compared to the median income of the state.
• Householder 25 to 44 years: In Garden City, among households headed by individuals aged 25 to 44, an impressive 92.38% match or surpass the state of New York median income of $84,743. These 1,576 households, represent a significant portion of the total 1,706 households in Garden City within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Garden City, within the age group of 45 to 64 years, a remarkable 95.04% of households meet or exceed the state of New York median income of $84,743. These 3,297 households, out of the total 3,469 households in this age cohort, signify a substantial portion of mature demographic of Garden City, showcasing commendable financial stability in comparison to the New York state median income benchmark.
• Householder 65 years and over: In Garden City, among the over 65 years age group, an impressive 62.73% of households either match or surpass the state of New York median income of $84,743. These 1,488 households, constituting a significant portion of the Garden City village senior population, showcase commendable financial stability compared to the New York state median income benchmark.

Things to know

Which age group reports the highest median household income in Garden City, NY?

In Garden City, households led by individuals aged 25 to 44 years report the highest median household income of $260,314 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 Garden City, NY?

In terms of income distribution across age cohorts, in Garden City, the median household income stands at $260,314 for householders within the 25 to 44 years age group, followed by $255,772 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 $102,954..

How does the median household income for households led by individuals of median age compare in Garden City, NY?

The median age in Garden City is 41.5, 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 Garden City, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $260,314.

References

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