Median Household Income by Age of Householder in Goshen, Massachusetts (2022, in 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Goshen town. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Goshen town.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | - |
| 25 to 44 years | $134,061 |
| 45 to 64 years | $105,706 |
| 65 years and over | $46,856 |
TABLE OF CONTENTS
Goshen, Massachusetts 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 Goshen town population by age, the median age in Goshen town is 55.4 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 Goshen town, the age group of 45 to 64 years exhibited the second-highest median household income, recorded at $105,706.
In terms of income distribution across age cohorts, in Goshen town, the median household income stands at $134,061 for householders within the 25 to 44 years age group, followed by $105,706 for the 45 to 64 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $46,856.
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 Goshen town.
FIGURE 1
Goshen, Massachusetts median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Goshen 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 25 to 44 years age group demonstrated a remarkable increase of $24,481(22.34%), escalating from a median of $109,580 in 2012 to $134,061 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 $21,701(31.65%), declining from a median of $68,557 in 2012 to $46,856 in 2022.
Goshen, Massachusetts household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Goshen 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 9(2.17%) households where the householder is under 25 years old, 58(14.01%) households with a householder aged between 25 and 44 years, 223(53.86%) households with a householder aged between 45 and 64 years, and 124(29.95%) 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 Goshen town, showcasing varying income levels among different age demographics.
FIGURE 2
Goshen, Massachusetts household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Goshen town: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Goshen town household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Goshen town: 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 | - | - | 6 | 4 |
| $10,000 - $14,999 | - | - | 15 | 3 |
| $15,000 - $19,999 | - | - | - | 4 |
| $20,000 - $24,999 | - | - | 3 | 3 |
| $25,000 - $29,999 | - | 1 | 7 | 11 |
| $30,000 - $34,999 | - | - | 4 | 4 |
| $35,000 - $39,999 | - | - | - | 18 |
| $40,000 - $44,999 | - | 6 | 11 | 15 |
| $45,000 - $49,999 | - | - | 10 | 8 |
| $50,000 - $59,999 | - | - | - | - |
| $60,000 - $74,999 | - | - | 21 | 10 |
| $75,000 - $99,999 | 4 | 12 | 26 | 8 |
| $100,000 - $124,999 | 5 | 7 | 46 | 16 |
| $125,000 - $149,999 | - | 21 | 21 | 7 |
| $150,000 - $199,999 | - | 3 | 30 | 6 |
| $200,000 or more | - | 8 | 23 | 7 |
To further explore the income distribution and gain insights into financial landscape of Goshen town when compared to the state of Massachusetts 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 55.56% of the households in Goshen town, where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $100,486 for the state of Massachusetts. These 5 Goshen town households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
- Householder 25 to 44 years: In Goshen town, among households headed by individuals aged 25 to 44, an impressive 67.24% match or surpass the state of Massachusetts median income of $100,486. These 39 households, represent a significant portion of the total 58 households in Goshen town within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Goshen town, within the age group of 45 to 64 years, a remarkable 53.81% of households meet or exceed the state of Massachusetts median income of $100,486. These 120 households, out of the total 223 households in this age cohort, signify a substantial portion of mature demographic of Goshen town, showcasing commendable financial stability in comparison to the Massachusetts state median income benchmark.
- Householder 65 years and over: In Goshen town, among the over 65 years age group, a noteworthy 29.03% of households either match or surpass the state of Massachusetts median income of $100,486. These 36 households, constituting notable portion of the Goshen town town senior population, showcase commendable financial stability compared to the Massachusetts state median income benchmark.
Things to know
Which age group reports the highest median household income in Goshen, Massachusetts?
In Goshen town, households led by individuals aged 25 to 44 years report the highest median household income of $134,061 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 Goshen, Massachusetts?
In terms of income distribution across age cohorts, in Goshen town, the median household income stands at $134,061 for householders within the 25 to 44 years age group, followed by $105,706 for the 45 to 64 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $46,856..
How does the median household income for households led by individuals of median age compare in Goshen, Massachusetts?
The median age in Goshen town is 55.4, 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 Goshen town, the age group of 45 to 64 years exhibited the second-highest median household income, recorded at $105,706.
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)