Grand Lake Stream Plantation, Maine Median Household Income By Age

Grand Lake Stream Plantation, Maine 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 Stream plantation population by age, the median age in Grand Lake Stream plantation is 71.6 years.

Typically for a location with median age in this range, it suggests a significant population of retirees or older individuals. Interestingly, within Grand Lake Stream plantation, the age group of 65 years and over also exhibits the highest median household income, recorded at $77,272.

In terms of income distribution across age cohorts, in Grand Lake Stream plantation, where there exist only two delineated age groups, the median household income is $77,272 for householders within the 65 years and over age group, compared to $15,619 for 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 plantation of Grand Lake Stream plantation.

FIGURE 1

Grand Lake Stream Plantation, Maine median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Grand Lake Stream plantation, 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 65 years and over age group demonstrated a remarkable increase of $20,175(35.33%), escalating from a median of $57,097 in 2012 to $77,272 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 $58,564(78.95%), declining from a median of $74,183 in 2012 to $15,619 in 2022.

Grand Lake Stream Plantation, Maine household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Grand Lake Stream plantation 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, 6(5.88%) households with a householder aged between 25 and 44 years, 20(19.61%) households with a householder aged between 45 and 64 years, and 76(74.51%) households where the householder is over 65 years old.

In Grand Lake Stream plantation, the age group of 65 years and over 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

Grand Lake Stream Plantation, Maine household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Grand Lake Stream plantation: 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 Stream plantation when compared to the state of Maine 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 Stream plantation, 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 Stream plantation, there are no households led by individuals aged 25 to 44, that meet or surpass the state of Maine median income of $71,066. Thus of the total 6 households in Grand Lake Stream plantation, where the householder is 25-44 years old, none had an income higher than the median state income.
• Householder 45 to 64 years: In Grand Lake Stream plantation, among households led by individuals aged 45 to 64 years, there are no households that meet or surpass the state of Maine median income of $71,066. Hence, of the total 20 households in this age group, none achieved an income higher than the Maine state median income range.
• Householder 65 years and over: In Grand Lake Stream plantation, among the over 65 years age group, an impressive 76.32% of households either match or surpass the state of Maine median income of $71,066. These 58 households, constituting a significant portion of the Grand Lake Stream plantation plantation senior population, showcase commendable financial stability compared to the Maine state median income benchmark.

Things to know

Which age group reports the highest median household income in Grand Lake Stream Plantation, Maine?

In Grand Lake Stream plantation, households led by individuals aged 65 years and over report the highest median household income of $77,272 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 Stream Plantation, Maine?

In terms of income distribution across age cohorts, in Grand Lake Stream plantation, where there exist only two delineated age groups, the median household income is $77,272 for householders within the 65 years and over age group, compared to $15,619 for 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 Stream Plantation, Maine?

The median age in Grand Lake Stream plantation is 71.6, 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, within Grand Lake Stream plantation, the age group of 65 years and over also exhibits the highest median household income, recorded at $77,272.

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