Median Household Income by Age of Householder in Haakon County, SD (2022, in 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Haakon County. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Haakon County.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | - |
| 25 to 44 years | $66,922 |
| 45 to 64 years | $69,574 |
| 65 years and over | $30,029 |
TABLE OF CONTENTS
Haakon County, SD 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 Haakon County population by age, the median age in Haakon County is 44.7 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 Haakon County, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $69,574.
In terms of income distribution across age cohorts, in Haakon County, the median household income stands at $69,574 for householders within the 45 to 64 years age group, followed by $66,922 for the 25 to 44 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $30,029.
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 county of Haakon County.
FIGURE 1
Haakon County, SD median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Haakon County, 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, none had an increase in this time period. Notably, household income for individuals within the 45 to 64 years age group demonstrated the smallest decline of $5,443(7.26%), declining from a median of $75,017 in 2012 to $69,574 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 $23,515(26%), declining from a median of $90,437 in 2012 to $66,922 in 2022.
Haakon County, SD household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Haakon County 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 13(1.83%) households where the householder is under 25 years old, 205(28.91%) households with a householder aged between 25 and 44 years, 226(31.88%) households with a householder aged between 45 and 64 years, and 265(37.38%) 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 county of Haakon County, showcasing varying income levels among different age demographics.
FIGURE 2
Haakon County, SD household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Haakon County: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Haakon County household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Haakon County: 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 | - | 12 | 11 | 47 |
| $10,000 - $14,999 | - | - | 7 | 8 |
| $15,000 - $19,999 | - | - | 11 | 53 |
| $20,000 - $24,999 | - | 8 | - | 11 |
| $25,000 - $29,999 | - | 6 | 9 | 20 |
| $30,000 - $34,999 | - | - | - | - |
| $35,000 - $39,999 | - | 16 | 21 | 26 |
| $40,000 - $44,999 | - | 16 | 9 | 22 |
| $45,000 - $49,999 | - | 2 | - | - |
| $50,000 - $59,999 | 13 | 26 | 37 | 41 |
| $60,000 - $74,999 | - | 20 | 11 | 6 |
| $75,000 - $99,999 | - | 31 | 14 | 4 |
| $100,000 - $124,999 | - | 6 | 26 | 4 |
| $125,000 - $149,999 | - | 22 | 38 | - |
| $150,000 - $199,999 | - | 33 | 9 | - |
| $200,000 or more | - | 7 | 23 | 23 |
To further explore the income distribution and gain insights into financial landscape of Haakon County when compared to the state of South Dakota 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 noteworthy that no households in Haakon County, where householders are under 25 years old, fall within or exceed the income bracket representing the median income of $72,322 for the state of South Dakota. This indicates an income disparity among households headed by individuals under 25 years old when compared to the median income of the state.
- Householder 25 to 44 years: In Haakon County, among households headed by individuals aged 25 to 44, an impressive 58.05% match or surpass the state of South Dakota median income of $72,322. These 119 households, represent a significant portion of the total 205 households in Haakon County within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Haakon County, within the age group of 45 to 64 years, a remarkable 53.54% of households meet or exceed the state of South Dakota median income of $72,322. These 121 households, out of the total 226 households in this age cohort, signify a substantial portion of mature demographic of Haakon County, showcasing commendable financial stability in comparison to the South Dakota state median income benchmark.
- Householder 65 years and over: In Haakon County, among the over 65 years age group, only 13.96% of households either match or surpass the state of South Dakota median income of $72,322. These 37 households, constituting low portion of the Haakon County county senior population, showcase commendable financial stability compared to the South Dakota state median income benchmark.
Things to know
Which age group reports the highest median household income in Haakon County, SD?
In Haakon County, households led by individuals aged 45 to 64 years report the highest median household income of $69,574 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 Haakon County, SD?
In terms of income distribution across age cohorts, in Haakon County, the median household income stands at $69,574 for householders within the 45 to 64 years age group, followed by $66,922 for the 25 to 44 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $30,029..
How does the median household income for households led by individuals of median age compare in Haakon County, SD?
The median age in Haakon County is 44.7, 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 Haakon County, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $69,574.
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)