Median Household Income by Age of Householder in Hancock County, KY (2022, in 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Hancock County. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Hancock County.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | $39,548 |
| 25 to 44 years | $92,074 |
| 45 to 64 years | $86,419 |
| 65 years and over | $51,672 |
TABLE OF CONTENTS
Hancock County, KY 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 Hancock County population by age, the median age in Hancock County is 41.2 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 Hancock County, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $92,074.
In terms of income distribution across age cohorts, in Hancock County, householders within the 25 to 44 years age group have the highest median household income at $92,074, followed by those in the 45 to 64 years age group with an income of $86,419. Meanwhile householders within the 65 years and over age group report the second lowest median household income of $51,672. Notably, householders within the under 25 years age group, had the lowest median household income at $39,548.
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 Hancock County.
FIGURE 1
Hancock County, KY median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Hancock 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 four age groups with available Census data in both 2012 and 2022, one groups encountered a decline in their median household income, while the remaining three experienced an increase during this period. Notably, household income for individuals within the 25 to 44 years age group demonstrated a remarkable increase of $16,973(22.60%), escalating from a median of $75,101 in 2012 to $92,074 in 2022. Conversely, the age group of Under 25 years years witnessed the most significant decline in household income across the same span. Their median income saw a substantial drop of $16,206(29.07%), declining from a median of $55,754 in 2012 to $39,548 in 2022.
Hancock County, KY household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Hancock 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 181(5.22%) households where the householder is under 25 years old, 970(27.99%) households with a householder aged between 25 and 44 years, 1,467(42.33%) households with a householder aged between 45 and 64 years, and 848(24.47%) 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 45 to 64 years bracket. This distribution hints at economic disparities within the county of Hancock County, showcasing varying income levels among different age demographics.
FIGURE 2
Hancock County, KY household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Hancock County: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Hancock County household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Hancock 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 | 24 | 19 | 69 | 39 |
| $10,000 - $14,999 | 31 | 28 | 79 | 63 |
| $15,000 - $19,999 | - | 29 | 83 | 47 |
| $20,000 - $24,999 | 13 | 80 | 67 | 41 |
| $25,000 - $29,999 | 4 | 3 | 16 | 44 |
| $30,000 - $34,999 | 12 | 39 | 62 | 55 |
| $35,000 - $39,999 | 17 | 33 | 12 | 45 |
| $40,000 - $44,999 | 12 | 11 | 38 | 70 |
| $45,000 - $49,999 | 23 | 65 | 48 | 23 |
| $50,000 - $59,999 | 5 | 23 | 60 | 69 |
| $60,000 - $74,999 | 28 | 62 | 159 | 112 |
| $75,000 - $99,999 | 4 | 249 | 235 | 94 |
| $100,000 - $124,999 | 8 | 105 | 266 | 38 |
| $125,000 - $149,999 | - | 131 | 70 | 42 |
| $150,000 - $199,999 | - | 66 | 145 | 24 |
| $200,000 or more | - | 27 | 58 | 42 |
To further explore the income distribution and gain insights into financial landscape of Hancock County when compared to the state of Kentucky 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 only 22.10% of the households in Hancock County, where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $62,666 for the state of Kentucky. These 40 Hancock County households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
- Householder 25 to 44 years: In Hancock County, among households headed by individuals aged 25 to 44, an impressive 65.98% match or surpass the state of Kentucky median income of $62,666. These 640 households, represent a significant portion of the total 970 households in Hancock County within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Hancock County, within the age group of 45 to 64 years, a remarkable 63.60% of households meet or exceed the state of Kentucky median income of $62,666. These 933 households, out of the total 1,467 households in this age cohort, signify a substantial portion of mature demographic of Hancock County, showcasing commendable financial stability in comparison to the Kentucky state median income benchmark.
- Householder 65 years and over: In Hancock County, among the over 65 years age group, a noteworthy 41.51% of households either match or surpass the state of Kentucky median income of $62,666. These 352 households, constituting notable portion of the Hancock County county senior population, showcase commendable financial stability compared to the Kentucky state median income benchmark.
Things to know
Which age group reports the highest median household income in Hancock County, KY?
In Hancock County, households led by individuals aged 25 to 44 years report the highest median household income of $92,074 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 Hancock County, KY?
In terms of income distribution across age cohorts, in Hancock County, householders within the 25 to 44 years age group have the highest median household income at $92,074, followed by those in the 45 to 64 years age group with an income of $86,419. Meanwhile householders within the 65 years and over age group report the second lowest median household income of $51,672. Notably, householders within the under 25 years age group, had the lowest median household income at $39,548..
How does the median household income for households led by individuals of median age compare in Hancock County, KY?
The median age in Hancock County is 41.2, 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 Hancock County, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $92,074.
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)