Median Household Income by Age of Householder in Hopedale, Massachusetts (In 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Hopedale town. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Hopedale town.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | - |
| 25 to 44 years | $175,566 |
| 45 to 64 years | $195,388 |
| 65 years and over | $60,536 |
TABLE OF CONTENTS
Hopedale, Massachusetts 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 Hopedale town population by age, the median age in Hopedale town is 43.8 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 Hopedale town, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $175,566.
In terms of income distribution across age cohorts, in Hopedale town, the median household income stands at $195,388 for householders within the 45 to 64 years age group, followed by $175,566 for the 25 to 44 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $60,536.
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 Hopedale town.
FIGURE 1
Hopedale, Massachusetts median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Hopedale town, 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 three age groups with available Census data in both 2013 and 2023, none had a decline during this time period. Notably, household income for individuals within the 45 to 64 years age group demonstrated a remarkable increase of $50,087(34.47%), escalating from a median of $145,301 in 2013 to $195,388 in 2023. Conversely, the age group of 65 years and over years witnessed the smallest growth in household income across the same span. Their median income saw a small increase of $17,073(39.28%), increasing from a median of $43,463 in 2013 to $60,536 in 2023.
Hopedale, Massachusetts household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Hopedale town 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, 442(20.36%) households with a householder aged between 25 and 44 years, 1,017(46.84%) households with a householder aged between 45 and 64 years, and 712(32.80%) households where the householder is over 65 years old.
In Hopedale town, 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
Hopedale, Massachusetts household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Hopedale town: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Hopedale town household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Hopedale town: 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 | - | - | 17 | - |
| $10,000 - $14,999 | - | - | - | 57 |
| $15,000 - $19,999 | - | - | 14 | 27 |
| $20,000 - $24,999 | - | 33 | 9 | 53 |
| $25,000 - $29,999 | - | - | - | 12 |
| $30,000 - $34,999 | - | - | 34 | 20 |
| $35,000 - $39,999 | - | - | - | 28 |
| $40,000 - $44,999 | - | - | 7 | - |
| $45,000 - $49,999 | - | 13 | - | 124 |
| $50,000 - $59,999 | - | - | 11 | 32 |
| $60,000 - $74,999 | - | - | - | 61 |
| $75,000 - $99,999 | - | 125 | 156 | 78 |
| $100,000 - $124,999 | - | 18 | 149 | 93 |
| $125,000 - $149,999 | - | - | 28 | 44 |
| $150,000 - $199,999 | - | 106 | 168 | 31 |
| $200,000 or more | - | 147 | 424 | 52 |
To further explore the income distribution and gain insights into financial landscape of Hopedale town when compared to the state of Massachusetts 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 Hopedale town, 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 Hopedale town, among households headed by individuals aged 25 to 44, an impressive 61.31% match or surpass the state of Massachusetts median income of $101,341. These 271 households, represent a significant portion of the total 442 households in Hopedale town within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Hopedale town, within the age group of 45 to 64 years, a remarkable 75.61% of households meet or exceed the state of Massachusetts median income of $101,341. These 769 households, out of the total 1,017 households in this age cohort, signify a substantial portion of mature demographic of Hopedale town, showcasing commendable financial stability in comparison to the Massachusetts state median income benchmark.
- Householder 65 years and over: In Hopedale town, among the over 65 years age group, a noteworthy 30.90% of households either match or surpass the state of Massachusetts median income of $101,341. These 220 households, constituting notable portion of the Hopedale town town senior population, showcase commendable financial stability compared to the Massachusetts state median income benchmark.
Things to know
Which age group reports the highest median household income in Hopedale, Massachusetts?
In Hopedale town, households led by individuals aged 45 to 64 years report the highest median household income of $195,388 according to the American Community Survey 2019-2023 5-Year Estimates by the US Census Bureau.
How does the median household income vary by age in Hopedale, Massachusetts?
In terms of income distribution across age cohorts, in Hopedale town, the median household income stands at $195,388 for householders within the 45 to 64 years age group, followed by $175,566 for the 25 to 44 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $60,536..
How does the median household income for households led by individuals of median age compare in Hopedale, Massachusetts?
The median age in Hopedale town is 43.8, 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 Hopedale town, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $175,566.
References
- U.S. Census Bureau American Community Survey (ACS) 2019-2023 5-Year Estimates
- Consumer Price Index retroactive series using current methods (R-CPI-U-RS)
