LaFayette, New York Median Household Income By Age

LaFayette, New York 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 LaFayette town population by age, the median age in LaFayette town is 41.6 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 LaFayette town, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $100,134.

In terms of income distribution across age cohorts, in LaFayette town, the median household income stands at $100,134 for householders within the 25 to 44 years age group, followed by $95,584 for the 45 to 64 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $81,098.

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 LaFayette town.

FIGURE 1

LaFayette, New York median household income by age of householder

It offers a clear illustration of the differences in median household incomes in LaFayette 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 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 $41,549(105.06%), escalating from a median of $39,549 in 2012 to $81,098 in 2022. Conversely, the age group of 25 to 44 years years witnessed the smallest growth in household income across the same span. Their median income saw a small increase of $5,549(5.87%), increasing from a median of $94,585 in 2012 to $100,134 in 2022.

LaFayette, New York household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the LaFayette 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 60(3.07%) households where the householder is under 25 years old, 550(28.15%) households with a householder aged between 25 and 44 years, 784(40.12%) households with a householder aged between 45 and 64 years, and 560(28.66%) households where the householder is over 65 years old.

The age group of 25 to 44 years exhibits the highest median household income, while the largest number of households falls within the 45 to 64 years bracket. This distribution hints at economic disparities within the town of LaFayette town, showcasing varying income levels among different age demographics.

FIGURE 2

LaFayette, New York household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in LaFayette town: 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 LaFayette town when compared to the state of New York 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 impressive that 58.33% of the households in LaFayette town, where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $84,743 for the state of New York. These 35 LaFayette town households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
• Householder 25 to 44 years: In LaFayette town, among households headed by individuals aged 25 to 44, an impressive 63.45% match or surpass the state of New York median income of $84,743. These 349 households, represent a significant portion of the total 550 households in LaFayette town within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In LaFayette town, within the age group of 45 to 64 years, a remarkable 63.78% of households meet or exceed the state of New York median income of $84,743. These 500 households, out of the total 784 households in this age cohort, signify a substantial portion of mature demographic of LaFayette town, showcasing commendable financial stability in comparison to the New York state median income benchmark.
• Householder 65 years and over: In LaFayette town, among the over 65 years age group, an impressive 50.36% of households either match or surpass the state of New York median income of $84,743. These 282 households, constituting a significant portion of the LaFayette town town senior population, showcase commendable financial stability compared to the New York state median income benchmark.

Things to know

Which age group reports the highest median household income in LaFayette, New York?

In LaFayette town, households led by individuals aged 25 to 44 years report the highest median household income of $100,134 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 LaFayette, New York?

In terms of income distribution across age cohorts, in LaFayette town, the median household income stands at $100,134 for householders within the 25 to 44 years age group, followed by $95,584 for the 45 to 64 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $81,098..

How does the median household income for households led by individuals of median age compare in LaFayette, New York?

The median age in LaFayette town is 41.6, 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 LaFayette town, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $100,134.

References

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