Holy Cross, AK Median Household Income By Age

Holy Cross, AK 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 Holy Cross population by age, the median age in Holy Cross is 35 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 Holy Cross. 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 Holy Cross, where there exist only two delineated age groups, the median household income is $56,618 for householders within the 45 to 64 years age group, compared to $21,910 for the 65 years and over 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 Holy Cross.

FIGURE 1

Holy Cross, AK median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Holy Cross, 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, one groups encountered a decline in their median household income, while the remaining one experienced an increase during this period. Notably, household income for individuals within the 45 to 64 years age group demonstrated a remarkable increase of $26,055(85.25%), escalating from a median of $30,563 in 2012 to $56,618 in 2022. Conversely, the age group of 65 years and over years witnessed the most significant decline in household income across the same span. Their median income saw a substantial drop of $51,440(70.13%), declining from a median of $73,350 in 2012 to $21,910 in 2022.

Holy Cross, AK household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Holy Cross 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, 34(34%) households with a householder aged between 25 and 44 years, 35(35%) households with a householder aged between 45 and 64 years, and 31(31%) households where the householder is over 65 years old.

In Holy Cross, the age group of 45 to 64 years stands out with both the highest median income and the maximum share of households. This alignment suggests a financially stable demographic, indicating an established community with stable careers and higher incomes.

FIGURE 2

Holy Cross, AK household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Holy Cross: 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 Holy Cross when compared to the state of Alaska 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 Holy Cross, 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 Holy Cross, among households headed by individuals aged 25 to 44,worth noting that 32.35% match or surpass the state of Alaska median income of $89,933. These 11 households, represent a notable portion of the total 34 households in Holy Cross within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Holy Cross, within the age group of 45 to 64 years, a noteworthy 45.71% of households meet or exceed the state of Alaska median income of $89,933. These 16 households, out of the total 35 households in this age cohort, signify a notable portion of mature demographic of Holy Cross, showcasing commendable financial stability in comparison to the Alaska state median income benchmark.
• Householder 65 years and over: In Holy Cross, among the over 65 years age group, only 6.45% of households either match or surpass the state of Alaska median income of $89,933. These 2 households, constituting low portion of the Holy Cross city senior population, showcase commendable financial stability compared to the Alaska state median income benchmark.

Things to know

Which age group reports the highest median household income in Holy Cross, AK?

In Holy Cross, households led by individuals aged 45 to 64 years report the highest median household income of $56,618 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 Holy Cross, AK?

In terms of income distribution across age cohorts, in Holy Cross, where there exist only two delineated age groups, the median household income is $56,618 for householders within the 45 to 64 years age group, compared to $21,910 for the 65 years and over age group..

How does the median household income for households led by individuals of median age compare in Holy Cross, AK?

The median age in Holy Cross is 35, 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 Holy Cross. 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.

References

Notes