Holly Grove, AR Median Household Income By Age

Holly Grove, AR 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 Holly Grove population by age, the median age in Holly Grove is 27 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, according to the latest American Community Survey data, the US Census Bureau did not report the median household income for householders in the 25 to 44 years age group in Holly Grove. 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 Holly Grove, where there exist only two delineated age groups, the median household income is $57,848 for householders within the 65 years and over age group, compared to $39,373 for the 45 to 64 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 city of Holly Grove.

FIGURE 1

Holly Grove, AR median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Holly Grove, 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 a decline during this time period. Notably, household income for individuals within the 65 years and over age group demonstrated a remarkable increase of $39,127(209%), escalating from a median of $18,721 in 2012 to $57,848 in 2022. Conversely, the age group of 45 to 64 years years witnessed the smallest growth in household income across the same span. Their median income saw a small increase of $11,125(39.38%), increasing from a median of $28,248 in 2012 to $39,373 in 2022.

Holly Grove, AR household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Holly Grove 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, 115(51.34%) households with a householder aged between 25 and 44 years, 45(20.09%) households with a householder aged between 45 and 64 years, and 64(28.57%) 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 25 to 44 years bracket. This distribution hints at economic disparities within the city of Holly Grove, showcasing varying income levels among different age demographics.

FIGURE 2

Holly Grove, AR household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Holly Grove: 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 Holly Grove when compared to the state of Arkansas 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 Holly Grove, 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 Holly Grove, among households headed by individuals aged 25 to 44,worth noting that 29.57% match or surpass the state of Arkansas median income of $58,659. These 34 households, represent a notable portion of the total 115 households in Holly Grove within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Holly Grove, within the age group of 45 to 64 years, a noteworthy 40% of households meet or exceed the state of Arkansas median income of $58,659. These 18 households, out of the total 45 households in this age cohort, signify a notable portion of mature demographic of Holly Grove, showcasing commendable financial stability in comparison to the Arkansas state median income benchmark.
• Householder 65 years and over: In Holly Grove, among the over 65 years age group, an impressive 56.25% of households either match or surpass the state of Arkansas median income of $58,659. These 36 households, constituting a significant portion of the Holly Grove city senior population, showcase commendable financial stability compared to the Arkansas state median income benchmark.

Things to know

Which age group reports the highest median household income in Holly Grove, AR?

In Holly Grove, households led by individuals aged 65 years and over report the highest median household income of $57,848 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 Holly Grove, AR?

In terms of income distribution across age cohorts, in Holly Grove, where there exist only two delineated age groups, the median household income is $57,848 for householders within the 65 years and over age group, compared to $39,373 for the 45 to 64 years age group..

How does the median household income for households led by individuals of median age compare in Holly Grove, AR?

The median age in Holly Grove is 27, 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, according to the latest American Community Survey data, the US Census Bureau did not report the median household income for householders in the 25 to 44 years age group in Holly Grove. 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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