Median Household Income by Age of Householder in Groton Long Point, CT (2022, in 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Groton Long Point. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Groton Long Point.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | - |
| 25 to 44 years | - |
| 45 to 64 years | - |
| 65 years and over | $103,474 |
TABLE OF CONTENTS
Groton Long Point, CT 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 Groton Long Point population by age, the median age in Groton Long Point is 61.6 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, according to the latest American Community Survey data, the US Census Bureau did not report the median household income for householders in the 45 to 64 years age group in Groton Long Point. 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, Groton Long Point only reports a median household income of $103,474 among householders in 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 borough of Groton Long Point.
FIGURE 1
Groton Long Point, CT median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Groton Long Point, 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 65 years and over age group demonstrated a remarkable increase of $8,453(8.90%), escalating from a median of $95,021 in 2012 to $103,474 in 2022. Conversely, the age group of 65 years and over years witnessed the smallest growth in household income across the same span. Their median income saw a small increase of $8,453(8.90%), increasing from a median of $95,021 in 2012 to $103,474 in 2022.
Groton Long Point, CT household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Groton Long Point 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 7(2.67%) households where the householder is under 25 years old, 37(14.12%) households with a householder aged between 25 and 44 years, 95(36.26%) households with a householder aged between 45 and 64 years, and 123(46.95%) households where the householder is over 65 years old.
In Groton Long Point, 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
Groton Long Point, CT household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Groton Long Point: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Groton Long Point household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Groton Long Point: 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 | - | - | 15 | - |
| $10,000 - $14,999 | - | 2 | 2 | 4 |
| $15,000 - $19,999 | - | - | - | - |
| $20,000 - $24,999 | - | 6 | - | - |
| $25,000 - $29,999 | - | - | - | 5 |
| $30,000 - $34,999 | - | - | 2 | - |
| $35,000 - $39,999 | - | - | - | 2 |
| $40,000 - $44,999 | - | - | - | 10 |
| $45,000 - $49,999 | - | - | - | 7 |
| $50,000 - $59,999 | - | 6 | - | 4 |
| $60,000 - $74,999 | - | 2 | 4 | 12 |
| $75,000 - $99,999 | 2 | 3 | 8 | 18 |
| $100,000 - $124,999 | 5 | - | 7 | 12 |
| $125,000 - $149,999 | - | 5 | 9 | 9 |
| $150,000 - $199,999 | - | - | 4 | 12 |
| $200,000 or more | - | 13 | 44 | 28 |
To further explore the income distribution and gain insights into financial landscape of Groton Long Point when compared to the state of Connecticut 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 100% of the households in Groton Long Point, where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $93,934 for the state of Connecticut. These 7 Groton Long Point households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
- Householder 25 to 44 years: In Groton Long Point, among households headed by individuals aged 25 to 44, an impressive 56.76% match or surpass the state of Connecticut median income of $93,934. These 21 households, represent a significant portion of the total 37 households in Groton Long Point within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Groton Long Point, within the age group of 45 to 64 years, a remarkable 75.79% of households meet or exceed the state of Connecticut median income of $93,934. These 72 households, out of the total 95 households in this age cohort, signify a substantial portion of mature demographic of Groton Long Point, showcasing commendable financial stability in comparison to the Connecticut state median income benchmark.
- Householder 65 years and over: In Groton Long Point, among the over 65 years age group, an impressive 64.23% of households either match or surpass the state of Connecticut median income of $93,934. These 79 households, constituting a significant portion of the Groton Long Point borough senior population, showcase commendable financial stability compared to the Connecticut state median income benchmark.
Things to know
Which age group reports the highest median household income in Groton Long Point, CT?
In Groton Long Point, households led by individuals aged 65 years and over report the highest median household income of $103,474 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 Groton Long Point, CT?
In terms of income distribution across age cohorts, Groton Long Point only reports a median household income of $103,474 among householders in the 65 years and over age group..
How does the median household income for households led by individuals of median age compare in Groton Long Point, CT?
The median age in Groton Long Point is 61.6, 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, according to the latest American Community Survey data, the US Census Bureau did not report the median household income for householders in the 45 to 64 years age group in Groton Long Point. 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.
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)