Goodwin, SD Median Household Income By Age

Goodwin, SD 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 Goodwin population by age, the median age in Goodwin is 62 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 Goodwin, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $71,586.

In terms of income distribution across age cohorts, in Goodwin, where there exist only two delineated age groups, the median household income is $71,586 for householders within the 45 to 64 years age group, compared to $54,341 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 Goodwin.

FIGURE 1

Goodwin, SD median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Goodwin, 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 45 to 64 years age group demonstrated a remarkable increase of $49,081(218.09%), escalating from a median of $22,505 in 2012 to $71,586 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 $5,672(9.45%), declining from a median of $60,013 in 2012 to $54,341 in 2022.

Goodwin, SD household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Goodwin 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 2(3.08%) households where the householder is under 25 years old, 6(9.23%) households with a householder aged between 25 and 44 years, 20(30.77%) households with a householder aged between 45 and 64 years, and 37(56.92%) households where the householder is over 65 years old.

The age group of 45 to 64 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 town of Goodwin, showcasing varying income levels among different age demographics.

FIGURE 2

Goodwin, SD household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Goodwin: 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 Goodwin when compared to the state of South Dakota 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 Goodwin, where householders are under 25 years old, fall within or exceed the income bracket representing the median income of $72,322 for the state of South Dakota. 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 Goodwin, among households headed by individuals aged 25 to 44,worth noting that 50% match or surpass the state of South Dakota median income of $72,322. These 3 households, represent a notable portion of the total 6 households in Goodwin within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Goodwin, within the age group of 45 to 64 years, a remarkable 70% of households meet or exceed the state of South Dakota median income of $72,322. These 14 households, out of the total 20 households in this age cohort, signify a substantial portion of mature demographic of Goodwin, showcasing commendable financial stability in comparison to the South Dakota state median income benchmark.
• Householder 65 years and over: In Goodwin, among the over 65 years age group, a noteworthy 48.65% of households either match or surpass the state of South Dakota median income of $72,322. These 18 households, constituting notable portion of the Goodwin town senior population, showcase commendable financial stability compared to the South Dakota state median income benchmark.

Things to know

Which age group reports the highest median household income in Goodwin, SD?

In Goodwin, households led by individuals aged 45 to 64 years report the highest median household income of $71,586 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 Goodwin, SD?

In terms of income distribution across age cohorts, in Goodwin, where there exist only two delineated age groups, the median household income is $71,586 for householders within the 45 to 64 years age group, compared to $54,341 for the 65 years and over age group..

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

The median age in Goodwin is 62, 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 Goodwin, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $71,586.

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