Median Household Income by Age of Householder in Gays Mills, WI (2021, in 2022 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Gays Mills. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Gays Mills.
Age Of The Head Of Household | Median Household Income |
---|---|
Under 25 years | $69,584 |
25 to 44 years | $68,329 |
45 to 64 years | $61,852 |
65 years and over | $27,993 |
TABLE OF CONTENTS
Gays Mills, WI 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 Gays Mills population by age, the median age in Gays Mills is 47.3 years.
Typically for a location with median age in this range, it tends to house more established professionals, possibly reflecting stable households and higher earning poptential. Interestingly, within Gays Mills, the age group of 45 to 64 years had the second lowest median household income, recorded at $61,852.
In terms of income distribution across age cohorts, in Gays Mills, householders within the under 25 years age group have the highest median household income at $69,584, followed by those in the 25 to 44 years age group with an income of $68,329. Meanwhile householders within the 45 to 64 years age group report the second lowest median household income of $61,852. Notably, householders within the 65 years and over age group, had the lowest median household income at $27,993.
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 Gays Mills.
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 2011 and 2021, 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 $15,386(33.11%), escalating from a median of $46,466 in 2011 to $61,852 in 2021. Conversely, the age group of 65 years and over years witnessed the most significant decline in household income across the same span. Their median income saw a substantial drop of $23,002(45.11%), declining from a median of $50,995 in 2011 to $27,993 in 2021.
Gays Mills, WI household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Gays Mills 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 9(3.91%) households where the householder is under 25 years old, 44(19.13%) households with a householder aged between 25 and 44 years, 74(32.17%) households with a householder aged between 45 and 64 years, and 103(44.78%) households where the householder is over 65 years old.
The age group of under 25 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 village of Gays Mills, showcasing varying income levels among different age demographics.
Age-wise distribution of Gays Mills household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Gays Mills: 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 | - | 1 | 7 | 2 |
$10,000 - $14,999 | - | - | 8 | 4 |
$15,000 - $19,999 | 3 | - | 10 | 11 |
$20,000 - $24,999 | - | 2 | 1 | 23 |
$25,000 - $29,999 | - | - | - | 32 |
$30,000 - $34,999 | - | 9 | - | 6 |
$35,000 - $39,999 | - | 2 | 2 | 3 |
$40,000 - $44,999 | - | 3 | - | - |
$45,000 - $49,999 | - | 2 | - | 1 |
$50,000 - $59,999 | - | - | 13 | 6 |
$60,000 - $74,999 | 2 | 8 | 9 | 5 |
$75,000 - $99,999 | 4 | 7 | 12 | 9 |
$100,000 - $124,999 | - | 5 | 4 | 1 |
$125,000 - $149,999 | - | 5 | - | - |
$150,000 - $199,999 | - | - | 6 | - |
$200,000 or more | - | - | 2 | - |
To further explore the income distribution and gain insights into financial landscape of Gays Mills when compared to the state of Wisconsin 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 66.67% of the households in Gays Mills, where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $70,996 for the state of Wisconsin. These 6 Gays Mills households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
- Householder 25 to 44 years: In Gays Mills, among households headed by individuals aged 25 to 44, an impressive 56.82% match or surpass the state of Wisconsin median income of $70,996. These 25 households, represent a significant portion of the total 44 households in Gays Mills within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Gays Mills, within the age group of 45 to 64 years, a noteworthy 44.59% of households meet or exceed the state of Wisconsin median income of $70,996. These 33 households, out of the total 74 households in this age cohort, signify a notable portion of mature demographic of Gays Mills, showcasing commendable financial stability in comparison to the Wisconsin state median income benchmark.
- Householder 65 years and over: In Gays Mills, among the over 65 years age group, only 14.56% of households either match or surpass the state of Wisconsin median income of $70,996. These 15 households, constituting low portion of the Gays Mills village senior population, showcase commendable financial stability compared to the Wisconsin state median income benchmark.
Things to know
Which age group reports the highest median household income in Gays Mills, WI?
In Gays Mills, households led by individuals aged under 25 years report the highest median household income of $69,584 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 Gays Mills, WI?
In terms of income distribution across age cohorts, in Gays Mills, householders within the under 25 years age group have the highest median household income at $69,584, followed by those in the 25 to 44 years age group with an income of $68,329. Meanwhile householders within the 45 to 64 years age group report the second lowest median household income of $61,852. Notably, householders within the 65 years and over age group, had the lowest median household income at $27,993..
How does the median household income for households led by individuals of median age compare in Gays Mills, WI?
The median age in Gays Mills is 47.3, which falls within the 45 to 64 years range among the four age groups defined by the US Census Bureau. This demographic tends to house more established professionals, possibly reflecting stable households and higher earning poptential. Interestingly, within Gays Mills, the age group of 45 to 64 years had the second lowest median household income, recorded at $61,852.
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)