Hovey Township, Pennsylvania Median Household Income By Age

Hovey Township, Pennsylvania 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 Hovey township population by age, the median age in Hovey township is 62.7 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 Hovey township, the age group of 45 to 64 years exhibited the second-highest median household income, recorded at $71,586.

In terms of income distribution across age cohorts, in Hovey township, where there exist only two delineated age groups, the median household income is $85,903 for householders within the 65 years and over age group, compared to $71,586 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 township of Hovey township.

FIGURE 1

Hovey Township, Pennsylvania median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Hovey township, 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 $40,893(90.85%), escalating from a median of $45,010 in 2012 to $85,903 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 $19,150(36.52%), increasing from a median of $52,436 in 2012 to $71,586 in 2022.

Hovey Township, Pennsylvania household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Hovey township 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, 1(3.12%) households with a householder aged between 25 and 44 years, 9(28.12%) households with a householder aged between 45 and 64 years, and 22(68.75%) households where the householder is over 65 years old.

In Hovey township, the age group of 65 years and over 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

Hovey Township, Pennsylvania household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Hovey township: 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 Hovey township when compared to the state of Pennsylvania 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 Hovey township, 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 Hovey township, there are no households led by individuals aged 25 to 44, that meet or surpass the state of Pennsylvania median income of $76,188. Thus of the total 1 households in Hovey township, where the householder is 25-44 years old, none had an income higher than the median state income.
• Householder 45 to 64 years: In Hovey township, within the age group of 45 to 64 years, a noteworthy 44.44% of households meet or exceed the state of Pennsylvania median income of $76,188. These 4 households, out of the total 9 households in this age cohort, signify a notable portion of mature demographic of Hovey township, showcasing commendable financial stability in comparison to the Pennsylvania state median income benchmark.
• Householder 65 years and over: In Hovey township, among the over 65 years age group, a noteworthy 50% of households either match or surpass the state of Pennsylvania median income of $76,188. These 11 households, constituting notable portion of the Hovey township township senior population, showcase commendable financial stability compared to the Pennsylvania state median income benchmark.

Things to know

Which age group reports the highest median household income in Hovey Township, Pennsylvania?

In Hovey township, households led by individuals aged 65 years and over report the highest median household income of $85,903 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 Hovey Township, Pennsylvania?

In terms of income distribution across age cohorts, in Hovey township, where there exist only two delineated age groups, the median household income is $85,903 for householders within the 65 years and over age group, compared to $71,586 for the 45 to 64 years age group..

How does the median household income for households led by individuals of median age compare in Hovey Township, Pennsylvania?

The median age in Hovey township is 62.7, 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 Hovey township, the age group of 45 to 64 years exhibited the second-highest median household income, recorded at $71,586.

References

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