Henderson, WV Median Household Income By Age

Henderson, WV 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 Henderson population by age, the median age in Henderson is 51.6 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 Henderson. 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, in Henderson, where there exist only two delineated age groups, the median household income is $32,105 for householders within the 65 years and over age group, compared to $2,602 for the 25 to 44 years 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 Henderson.

FIGURE 1

Henderson, WV median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Henderson, 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 $15,683(32.82%), declining from a median of $47,788 in 2012 to $32,105 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 $24,071(90.24%), declining from a median of $26,673 in 2012 to $2,602 in 2022.

Henderson, WV household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Henderson 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 0 households where the householder is under 25 years old, 14(15.22%) households with a householder aged between 25 and 44 years, 46(50%) households with a householder aged between 45 and 64 years, and 32(34.78%) households where the householder is over 65 years old.

The age group of 65 years and over 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 town of Henderson, showcasing varying income levels among different age demographics.

FIGURE 2

Henderson, WV household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Henderson: 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 Henderson when compared to the state of West Virginia 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: In Henderson, the comparison with the median income of the state and the nation remains inapplicable as there are no households headed by individuals under 25 years old.
• Householder 25 to 44 years: In Henderson, there are no households led by individuals aged 25 to 44, that meet or surpass the state of West Virginia median income of $57,495. Thus of the total 14 households in Henderson, where the householder is 25-44 years old, none had an income higher than the median state income.
• Householder 45 to 64 years: In Henderson, within the age group of 45 to 64 years, a noteworthy 34.78% of households meet or exceed the state of West Virginia median income of $57,495. These 16 households, out of the total 46 households in this age cohort, signify a notable portion of mature demographic of Henderson, showcasing commendable financial stability in comparison to the West Virginia state median income benchmark.
• Householder 65 years and over: In Henderson, among the over 65 years age group, a noteworthy 37.50% of households either match or surpass the state of West Virginia median income of $57,495. These 12 households, constituting notable portion of the Henderson town senior population, showcase commendable financial stability compared to the West Virginia state median income benchmark.

Things to know

Which age group reports the highest median household income in Henderson, WV?

In Henderson, households led by individuals aged 65 years and over report the highest median household income of $32,105 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 Henderson, WV?

In terms of income distribution across age cohorts, in Henderson, where there exist only two delineated age groups, the median household income is $32,105 for householders within the 65 years and over age group, compared to $2,602 for the 25 to 44 years age group..

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

The median age in Henderson is 51.6, 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 Henderson. 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.

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