Median Household Income by Age of Householder in Goodman, MS (2022, in 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Goodman. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Goodman.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | - |
| 25 to 44 years | $23,547 |
| 45 to 64 years | - |
| 65 years and over | $12,170 |
TABLE OF CONTENTS
Goodman, MS 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 Goodman population by age, the median age in Goodman is 20.1 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 Goodman. 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 Goodman, where there exist only two delineated age groups, the median household income is $23,547 for householders within the 25 to 44 years age group, compared to $12,170 for the 65 years and over age group.
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 Goodman.
FIGURE 1
Goodman, MS median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Goodman, 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 two age groups with available Census data in both 2012 and 2022, one groups encountered a decline in their median household income, while the remaining one experienced an increase during this period. Notably, household income for individuals within the 25 to 44 years age group demonstrated a remarkable increase of $11,378(93.50%), escalating from a median of $12,169 in 2012 to $23,547 in 2022. 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 $18,170(59.89%), declining from a median of $30,340 in 2012 to $12,170 in 2022.
Goodman, MS household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Goodman 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, 103(42.39%) households with a householder aged between 25 and 44 years, 42(17.28%) households with a householder aged between 45 and 64 years, and 98(40.33%) households where the householder is over 65 years old.
In Goodman, 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
Goodman, MS household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Goodman: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Goodman household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Goodman: 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 | - | 41 | 17 | 22 |
| $10,000 - $14,999 | - | - | 7 | 47 |
| $15,000 - $19,999 | - | 10 | - | 3 |
| $20,000 - $24,999 | - | 11 | - | 5 |
| $25,000 - $29,999 | - | 21 | - | 4 |
| $30,000 - $34,999 | - | - | - | 5 |
| $35,000 - $39,999 | - | 4 | - | - |
| $40,000 - $44,999 | - | 9 | 3 | - |
| $45,000 - $49,999 | - | - | - | - |
| $50,000 - $59,999 | - | 2 | - | 10 |
| $60,000 - $74,999 | - | 5 | 5 | 2 |
| $75,000 - $99,999 | - | - | 6 | - |
| $100,000 - $124,999 | - | - | 3 | - |
| $125,000 - $149,999 | - | - | 1 | - |
| $150,000 - $199,999 | - | - | - | - |
| $200,000 or more | - | - | - | - |
To further explore the income distribution and gain insights into financial landscape of Goodman when compared to the state of Mississippi 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 Goodman, 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 Goodman, among households headed by individuals aged 25 to 44,noteworthy that only 6.80% match or surpass the state of Mississippi median income of $55,171. These 7 households, represent a low portion of the total 103 households in Goodman within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Goodman, within the age group of 45 to 64 years, only 35.71% of households meet or exceed the state of Mississippi median income of $55,171. These 15 households, out of the total 42 households in this age cohort, signify a low portion of mature demographic of Goodman, showcasing commendable financial stability in comparison to the Mississippi state median income benchmark.
- Householder 65 years and over: In Goodman, among the over 65 years age group, only 12.24% of households either match or surpass the state of Mississippi median income of $55,171. These 12 households, constituting low portion of the Goodman town senior population, showcase commendable financial stability compared to the Mississippi state median income benchmark.
Things to know
Which age group reports the highest median household income in Goodman, MS?
In Goodman, households led by individuals aged 25 to 44 years report the highest median household income of $23,547 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 Goodman, MS?
In terms of income distribution across age cohorts, in Goodman, where there exist only two delineated age groups, the median household income is $23,547 for householders within the 25 to 44 years age group, compared to $12,170 for the 65 years and over age group..
How does the median household income for households led by individuals of median age compare in Goodman, MS?
The median age in Goodman is 20.1, 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 Goodman. 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)