Grand Ridge, FL Median Household Income By Age

Grand Ridge, FL 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 Ridge population by age, the median age in Grand Ridge is 39.8 years.

Typically for a location with median age in this range, it suggests a dynamic mix of young professionals, often indicative of family formation and career advancement. Interestingly, within Grand Ridge, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $38,656.

In terms of income distribution across age cohorts, in Grand Ridge, where there exist only two delineated age groups, the median household income is $38,656 for householders within the 25 to 44 years age group, compared to $37,745 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 Grand Ridge.

FIGURE 1

Grand Ridge, FL median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Grand Ridge, 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, none had an increase in this time period. Notably, household income for individuals within the 65 years and over age group demonstrated the smallest decline of $764(1.98%), declining from a median of $38,509 in 2012 to $37,745 in 2022. Conversely, the age group of 25 to 44 years years witnessed the most significant decline in household income across the same span. Their median income saw a substantial drop of $19,134(33.11%), declining from a median of $57,790 in 2012 to $38,656 in 2022.

Grand Ridge, FL household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Grand Ridge 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 11(3.37%) households where the householder is under 25 years old, 90(27.61%) households with a householder aged between 25 and 44 years, 106(32.52%) households with a householder aged between 45 and 64 years, and 119(36.50%) 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 65 years and over bracket. This distribution hints at economic disparities within the town of Grand Ridge, showcasing varying income levels among different age demographics.

FIGURE 2

Grand Ridge, FL household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Grand Ridge: 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 Ridge when compared to the state of Florida 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 worth noting that 36.36% of the households in Grand Ridge, where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $70,719 for the state of Florida. These 4 Grand Ridge households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
• Householder 25 to 44 years: In Grand Ridge, among households headed by individuals aged 25 to 44,worth noting that 28.89% match or surpass the state of Florida median income of $70,719. These 26 households, represent a notable portion of the total 90 households in Grand Ridge within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Grand Ridge, within the age group of 45 to 64 years, a noteworthy 47.17% of households meet or exceed the state of Florida median income of $70,719. These 50 households, out of the total 106 households in this age cohort, signify a notable portion of mature demographic of Grand Ridge, showcasing commendable financial stability in comparison to the Florida state median income benchmark.
• Householder 65 years and over: In Grand Ridge, among the over 65 years age group, a noteworthy 38.66% of households either match or surpass the state of Florida median income of $70,719. These 46 households, constituting notable portion of the Grand Ridge town senior population, showcase commendable financial stability compared to the Florida state median income benchmark.

Things to know

Which age group reports the highest median household income in Grand Ridge, FL?

In Grand Ridge, households led by individuals aged 25 to 44 years report the highest median household income of $38,656 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 Ridge, FL?

In terms of income distribution across age cohorts, in Grand Ridge, where there exist only two delineated age groups, the median household income is $38,656 for householders within the 25 to 44 years age group, compared to $37,745 for the 65 years and over age group..

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

The median age in Grand Ridge is 39.8, which falls within the 25 to 44 years range among the four age groups defined by the US Census Bureau. This demographic suggests a dynamic mix of young professionals, often indicative of family formation and career advancement. Interestingly, within Grand Ridge, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $38,656.

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