Median Household Income by Age of Householder in Lake City, CO (2022, in 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Lake City. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Lake City.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | - |
| 25 to 44 years | $61,796 |
| 45 to 64 years | $42,659 |
| 65 years and over | $109,331 |
TABLE OF CONTENTS
Lake City, CO 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 Lake City population by age, the median age in Lake City is 54.9 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 Lake City, the age group of 45 to 64 years had the second lowest median household income, recorded at $42,659.
In terms of income distribution across age cohorts, in Lake City, the median household income stands at $109,331 for householders within the 65 years and over age group, followed by $61,796 for the 25 to 44 years age group. Notably, householders within the 45 to 64 years age group, had the lowest median household income at $42,659.
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 Lake City.
FIGURE 1
Lake City, CO median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Lake City, 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 $67,655(162.34%), escalating from a median of $41,676 in 2012 to $109,331 in 2022. Conversely, the age group of 45 to 64 years years witnessed the most significant decline in household income across the same span. Their median income saw a substantial drop of $27,833(39.48%), declining from a median of $70,492 in 2012 to $42,659 in 2022.
Lake City, CO household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Lake City 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, 50(19.76%) households with a householder aged between 25 and 44 years, 119(47.04%) households with a householder aged between 45 and 64 years, and 84(33.20%) households where the householder is over 65 years old.
The age group of 65 years and over 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 Lake City, showcasing varying income levels among different age demographics.
FIGURE 2
Lake City, CO household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Lake City: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Lake City household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Lake City: 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 | - | - | 5 | 4 |
| $10,000 - $14,999 | - | - | 4 | - |
| $15,000 - $19,999 | - | - | 10 | 3 |
| $20,000 - $24,999 | - | - | 7 | 5 |
| $25,000 - $29,999 | - | - | 13 | - |
| $30,000 - $34,999 | - | - | - | - |
| $35,000 - $39,999 | - | - | 5 | 7 |
| $40,000 - $44,999 | - | 4 | 40 | 8 |
| $45,000 - $49,999 | - | - | 4 | - |
| $50,000 - $59,999 | - | 27 | 6 | - |
| $60,000 - $74,999 | - | 1 | 5 | 3 |
| $75,000 - $99,999 | - | 4 | 6 | 12 |
| $100,000 - $124,999 | - | - | 2 | 10 |
| $125,000 - $149,999 | - | - | - | 4 |
| $150,000 - $199,999 | - | 9 | 6 | 14 |
| $200,000 or more | - | 5 | 6 | 14 |
To further explore the income distribution and gain insights into financial landscape of Lake City when compared to the state of Colorado 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 Lake City, 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 Lake City, among households headed by individuals aged 25 to 44,worth noting that 36% match or surpass the state of Colorado median income of $91,212. These 18 households, represent a notable portion of the total 50 households in Lake City within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Lake City, within the age group of 45 to 64 years, a noteworthy 16.81% of households meet or exceed the state of Colorado median income of $91,212. These 20 households, out of the total 119 households in this age cohort, signify a notable portion of mature demographic of Lake City, showcasing commendable financial stability in comparison to the Colorado state median income benchmark.
- Householder 65 years and over: In Lake City, among the over 65 years age group, an impressive 64.29% of households either match or surpass the state of Colorado median income of $91,212. These 54 households, constituting a significant portion of the Lake City town senior population, showcase commendable financial stability compared to the Colorado state median income benchmark.
Things to know
Which age group reports the highest median household income in Lake City, CO?
In Lake City, households led by individuals aged 65 years and over report the highest median household income of $109,331 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 Lake City, CO?
In terms of income distribution across age cohorts, in Lake City, the median household income stands at $109,331 for householders within the 65 years and over age group, followed by $61,796 for the 25 to 44 years age group. Notably, householders within the 45 to 64 years age group, had the lowest median household income at $42,659..
How does the median household income for households led by individuals of median age compare in Lake City, CO?
The median age in Lake City is 54.9, 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 Lake City, the age group of 45 to 64 years had the second lowest median household income, recorded at $42,659.
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)