Genesee Falls, New York Median Household Income By Age

Genesee Falls, New York 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 Genesee Falls town population by age, the median age in Genesee Falls town is 46.3 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 Genesee Falls town, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $66,751.

In terms of income distribution across age cohorts, in Genesee Falls town, the median household income stands at $66,751 for householders within the 45 to 64 years age group, followed by $47,507 for the 65 years and over age group. Notably, householders within the 25 to 44 years age group, had the lowest median household income at $46,501.

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 Genesee Falls town.

FIGURE 1

Genesee Falls, New York median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Genesee Falls town, 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 $11,321(20.42%), escalating from a median of $55,430 in 2012 to $66,751 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 $21,681(31.80%), declining from a median of $68,182 in 2012 to $46,501 in 2022.

Genesee Falls, New York household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Genesee Falls town 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 0 households where the householder is under 25 years old, 47(27.17%) households with a householder aged between 25 and 44 years, 71(41.04%) households with a householder aged between 45 and 64 years, and 55(31.79%) households where the householder is over 65 years old.

In Genesee Falls town, the age group of 45 to 64 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

Genesee Falls, New York household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Genesee Falls town: 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 Genesee Falls town 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: In Genesee Falls town, the comparison with the median income of the state and the nation remains inapplicable as there are no households headed by individuals under 25 years old.
• Householder 25 to 44 years: In Genesee Falls town, among households headed by individuals aged 25 to 44,worth noting that 34.04% match or surpass the state of New York median income of $84,743. These 16 households, represent a notable portion of the total 47 households in Genesee Falls town within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Genesee Falls town, within the age group of 45 to 64 years, a noteworthy 39.44% of households meet or exceed the state of New York median income of $84,743. These 28 households, out of the total 71 households in this age cohort, signify a notable portion of mature demographic of Genesee Falls town, showcasing commendable financial stability in comparison to the New York state median income benchmark.
• Householder 65 years and over: In Genesee Falls town, among the over 65 years age group, only 10.91% of households either match or surpass the state of New York median income of $84,743. These 6 households, constituting low portion of the Genesee Falls town town 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 Genesee Falls, New York?

In Genesee Falls town, households led by individuals aged 45 to 64 years report the highest median household income of $66,751 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 Genesee Falls, New York?

In terms of income distribution across age cohorts, in Genesee Falls town, the median household income stands at $66,751 for householders within the 45 to 64 years age group, followed by $47,507 for the 65 years and over age group. Notably, householders within the 25 to 44 years age group, had the lowest median household income at $46,501..

How does the median household income for households led by individuals of median age compare in Genesee Falls, New York?

The median age in Genesee Falls town is 46.3, 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 Genesee Falls town, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $66,751.

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