Goodland, IN Median Household Income By Age

Goodland, IN 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 Goodland population by age, the median age in Goodland is 47.8 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 Goodland, the age group of 45 to 64 years had the second lowest median household income, recorded at $58,921.

In terms of income distribution across age cohorts, in Goodland, householders within the 25 to 44 years age group have the highest median household income at $72,309, followed by those in the under 25 years age group with an income of $69,634. Meanwhile householders within the 45 to 64 years age group report the second lowest median household income of $58,921. Notably, householders within the 65 years and over age group, had the lowest median household income at $38,352.

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 Goodland.

FIGURE 1

Goodland, IN median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Goodland, 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 25 to 44 years age group demonstrated a remarkable increase of $20,075(38.43%), escalating from a median of $52,234 in 2012 to $72,309 in 2022. Conversely, the age group of 45 to 64 years years witnessed the most significant decline in household income across the same span. Their median income saw a substantial drop of $19,430(24.80%), declining from a median of $78,351 in 2012 to $58,921 in 2022.

Goodland, IN household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Goodland 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 16(3.61%) households where the householder is under 25 years old, 114(25.73%) households with a householder aged between 25 and 44 years, 205(46.28%) households with a householder aged between 45 and 64 years, and 108(24.38%) 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 town of Goodland, showcasing varying income levels among different age demographics.

FIGURE 2

Goodland, IN household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Goodland: 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 Goodland when compared to the state of Indiana 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 87.50% of the households in Goodland, where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $69,944 for the state of Indiana. These 14 Goodland households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
• Householder 25 to 44 years: In Goodland, among households headed by individuals aged 25 to 44, an impressive 56.14% match or surpass the state of Indiana median income of $69,944. These 64 households, represent a significant portion of the total 114 households in Goodland within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Goodland, within the age group of 45 to 64 years, a noteworthy 45.37% of households meet or exceed the state of Indiana median income of $69,944. These 93 households, out of the total 205 households in this age cohort, signify a notable portion of mature demographic of Goodland, showcasing commendable financial stability in comparison to the Indiana state median income benchmark.
• Householder 65 years and over: In Goodland, among the over 65 years age group, a noteworthy 29.63% of households either match or surpass the state of Indiana median income of $69,944. These 32 households, constituting notable portion of the Goodland town senior population, showcase commendable financial stability compared to the Indiana state median income benchmark.

Things to know

Which age group reports the highest median household income in Goodland, IN?

In Goodland, households led by individuals aged 25 to 44 years report the highest median household income of $72,309 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 Goodland, IN?

In terms of income distribution across age cohorts, in Goodland, householders within the 25 to 44 years age group have the highest median household income at $72,309, followed by those in the under 25 years age group with an income of $69,634. Meanwhile householders within the 45 to 64 years age group report the second lowest median household income of $58,921. Notably, householders within the 65 years and over age group, had the lowest median household income at $38,352..

How does the median household income for households led by individuals of median age compare in Goodland, IN?

The median age in Goodland is 47.8, 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 Goodland, the age group of 45 to 64 years had the second lowest median household income, recorded at $58,921.

References

Notes