Median Household Income by Age of Householder in Hot Springs County, WY (2022, in 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Hot Springs County. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Hot Springs County.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | - |
| 25 to 44 years | $68,404 |
| 45 to 64 years | $77,944 |
| 65 years and over | $66,128 |
TABLE OF CONTENTS
Hot Springs County, WY 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 Hot Springs County population by age, the median age in Hot Springs County is 45.8 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, within Hot Springs County, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $77,944.
In terms of income distribution across age cohorts, in Hot Springs County, the median household income stands at $77,944 for householders within the 45 to 64 years age group, followed by $68,404 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 $66,128.
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 county of Hot Springs County.
FIGURE 1
Hot Springs County, WY median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Hot Springs County, 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 2012 and 2022, one 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 65 years and over age group demonstrated a remarkable increase of $25,863(64.23%), escalating from a median of $40,265 in 2012 to $66,128 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 $7,585(9.98%), declining from a median of $75,989 in 2012 to $68,404 in 2022.
Hot Springs County, WY household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Hot Springs County 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 147(6.98%) households where the householder is under 25 years old, 470(22.33%) households with a householder aged between 25 and 44 years, 725(34.44%) households with a householder aged between 45 and 64 years, and 763(36.25%) households where the householder is over 65 years old.
The age group of 45 to 64 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 county of Hot Springs County, showcasing varying income levels among different age demographics.
FIGURE 2
Hot Springs County, WY household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Hot Springs County: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Hot Springs County household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Hot Springs County: 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 | 28 | 29 | 20 | 18 |
| $10,000 - $14,999 | - | 32 | 16 | 7 |
| $15,000 - $19,999 | - | 30 | 49 | 39 |
| $20,000 - $24,999 | 74 | - | 9 | 23 |
| $25,000 - $29,999 | - | 66 | 11 | 46 |
| $30,000 - $34,999 | 7 | 27 | 32 | 72 |
| $35,000 - $39,999 | - | 3 | 41 | 54 |
| $40,000 - $44,999 | - | - | 24 | 4 |
| $45,000 - $49,999 | - | 38 | 13 | 28 |
| $50,000 - $59,999 | - | - | 104 | 66 |
| $60,000 - $74,999 | - | 23 | 45 | 122 |
| $75,000 - $99,999 | 19 | 52 | 184 | 145 |
| $100,000 - $124,999 | - | 66 | 62 | 94 |
| $125,000 - $149,999 | 19 | 8 | 61 | 20 |
| $150,000 - $199,999 | - | 32 | 22 | 15 |
| $200,000 or more | - | 64 | 32 | 10 |
To further explore the income distribution and gain insights into financial landscape of Hot Springs County when compared to the state of Wyoming 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 worth noting that 25.85% of the households in Hot Springs County, where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $75,485 for the state of Wyoming. These 38 Hot Springs County households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
- Householder 25 to 44 years: In Hot Springs County, among households headed by individuals aged 25 to 44,worth noting that 47.23% match or surpass the state of Wyoming median income of $75,485. These 222 households, represent a notable portion of the total 470 households in Hot Springs County within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Hot Springs County, within the age group of 45 to 64 years, a noteworthy 49.79% of households meet or exceed the state of Wyoming median income of $75,485. These 361 households, out of the total 725 households in this age cohort, signify a notable portion of mature demographic of Hot Springs County, showcasing commendable financial stability in comparison to the Wyoming state median income benchmark.
- Householder 65 years and over: In Hot Springs County, among the over 65 years age group, a noteworthy 37.22% of households either match or surpass the state of Wyoming median income of $75,485. These 284 households, constituting notable portion of the Hot Springs County county senior population, showcase commendable financial stability compared to the Wyoming state median income benchmark.
Things to know
Which age group reports the highest median household income in Hot Springs County, WY?
In Hot Springs County, households led by individuals aged 45 to 64 years report the highest median household income of $77,944 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 Hot Springs County, WY?
In terms of income distribution across age cohorts, in Hot Springs County, the median household income stands at $77,944 for householders within the 45 to 64 years age group, followed by $68,404 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 $66,128..
How does the median household income for households led by individuals of median age compare in Hot Springs County, WY?
The median age in Hot Springs County is 45.8, 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, within Hot Springs County, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $77,944.
References
- U.S. Census Bureau American Community Survey (ACS) 2018-2022 5-Year Estimates
- Consumer Price Index retroactive series using current methods (R-CPI-U-RS)