Grand Lake, CO Median Household Income By Age

Grand Lake, CO 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 Grand Lake population by age, the median age in Grand Lake is 66.4 years.

Typically for a location with median age in this range, it suggests a significant population of retirees or older individuals. Interestingly, according to the latest American Community Survey data, the US Census Bureau did not report the median household income for householders in the 65 years and over age group in Grand Lake. 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, Grand Lake only reports a median household income of $105,055 among householders in the 45 to 64 years 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 Grand Lake.

FIGURE 1

Grand Lake, CO median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Grand Lake, 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. Notably, household income for individuals within the 45 to 64 years age group demonstrated a remarkable increase of $34,773(49.48%), escalating from a median of $70,282 in 2012 to $105,055 in 2022. Conversely, the age group of 45 to 64 years years witnessed the smallest growth in household income across the same span. Their median income saw a small increase of $34,773(49.48%), increasing from a median of $70,282 in 2012 to $105,055 in 2022.

Grand Lake, CO household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Grand Lake 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, 16(9.25%) households with a householder aged between 25 and 44 years, 54(31.21%) households with a householder aged between 45 and 64 years, and 103(59.54%) 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 Grand Lake, showcasing varying income levels among different age demographics.

FIGURE 2

Grand Lake, CO household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Grand Lake: 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 Grand Lake when compared to the state of Colorado 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 Grand Lake, 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 Grand Lake, among households headed by individuals aged 25 to 44,noteworthy that only 25% match or surpass the state of Colorado median income of $91,212. These 4 households, represent a low portion of the total 16 households in Grand Lake within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Grand Lake, within the age group of 45 to 64 years, a remarkable 66.67% of households meet or exceed the state of Colorado median income of $91,212. These 36 households, out of the total 54 households in this age cohort, signify a substantial portion of mature demographic of Grand Lake, showcasing commendable financial stability in comparison to the Colorado state median income benchmark.
• Householder 65 years and over: In Grand Lake, among the over 65 years age group, a noteworthy 38.83% of households either match or surpass the state of Colorado median income of $91,212. These 40 households, constituting notable portion of the Grand Lake town senior population, showcase commendable financial stability compared to the Colorado state median income benchmark.

Things to know

Which age group reports the highest median household income in Grand Lake, CO?

In Grand Lake, households led by individuals aged 45 to 64 years report the highest median household income of $105,055 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 Grand Lake, CO?

In terms of income distribution across age cohorts, Grand Lake only reports a median household income of $105,055 among householders in the 45 to 64 years age group..

How does the median household income for households led by individuals of median age compare in Grand Lake, CO?

The median age in Grand Lake is 66.4, which falls within the 65 years and over range among the four age groups defined by the US Census Bureau. This demographic suggests a significant population of retirees or older individuals. Interestingly, according to the latest American Community Survey data, the US Census Bureau did not report the median household income for householders in the 65 years and over age group in Grand Lake. 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.

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