Hancock, MD Median Household Income By Age

Hancock, MD 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 population by age, the median age in Hancock is 37.8 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 Hancock, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $83,821.

In terms of income distribution across age cohorts, in Hancock, householders within the 25 to 44 years age group have the highest median household income at $83,821, followed by those in the 45 to 64 years age group with an income of $49,568. Meanwhile householders within the 65 years and over age group report the second lowest median household income of $35,859. Notably, householders within the under 25 years age group, had the lowest median household income at $30,182.

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 Hancock.

FIGURE 1

Hancock, MD median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Hancock, 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, two groups encountered a decline in their median household income, while the remaining two experienced an increase during this period. Notably, household income for individuals within the Under 25 years age group demonstrated a remarkable increase of $7,796(34.83%), escalating from a median of $22,386 in 2012 to $30,182 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 $24,298(22.47%), declining from a median of $108,119 in 2012 to $83,821 in 2022.

Hancock, MD household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Hancock 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 50(7.06%) households where the householder is under 25 years old, 182(25.71%) households with a householder aged between 25 and 44 years, 221(31.21%) households with a householder aged between 45 and 64 years, and 255(36.02%) 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 Hancock, showcasing varying income levels among different age demographics.

FIGURE 2

Hancock, MD household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Hancock: 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 Hancock when compared to the state of Maryland 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 Hancock, where householders are under 25 years old, fall within or exceed the income bracket representing the median income of $102,523 for the state of Maryland. 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 Hancock, among households headed by individuals aged 25 to 44,worth noting that 29.12% match or surpass the state of Maryland median income of $102,523. These 53 households, represent a notable portion of the total 182 households in Hancock within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Hancock, within the age group of 45 to 64 years, a noteworthy 10.86% of households meet or exceed the state of Maryland median income of $102,523. These 24 households, out of the total 221 households in this age cohort, signify a notable portion of mature demographic of Hancock, showcasing commendable financial stability in comparison to the Maryland state median income benchmark.
• Householder 65 years and over: In Hancock, among the over 65 years age group, only 6.67% of households either match or surpass the state of Maryland median income of $102,523. These 17 households, constituting low portion of the Hancock town senior population, showcase commendable financial stability compared to the Maryland state median income benchmark.

Things to know

Which age group reports the highest median household income in Hancock, MD?

In Hancock, households led by individuals aged 25 to 44 years report the highest median household income of $83,821 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, MD?

In terms of income distribution across age cohorts, in Hancock, householders within the 25 to 44 years age group have the highest median household income at $83,821, followed by those in the 45 to 64 years age group with an income of $49,568. Meanwhile householders within the 65 years and over age group report the second lowest median household income of $35,859. Notably, householders within the under 25 years age group, had the lowest median household income at $30,182..

How does the median household income for households led by individuals of median age compare in Hancock, MD?

The median age in Hancock is 37.8, 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 Hancock, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $83,821.

References

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