Median Household Income by Age of Householder in Lake View, AL (2022, in 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Lake View. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Lake View.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | - |
| 25 to 44 years | $96,052 |
| 45 to 64 years | $85,539 |
| 65 years and over | $61,173 |
TABLE OF CONTENTS
Lake View, AL 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 View population by age, the median age in Lake View is 34.9 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 Lake View, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $96,052.
In terms of income distribution across age cohorts, in Lake View, the median household income stands at $96,052 for householders within the 25 to 44 years age group, followed by $85,539 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 $61,173.
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 View.
FIGURE 1
Lake View, AL median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Lake View, 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 an increase in this time period. Notably, household income for individuals within the 65 years and over age group demonstrated the smallest decline of $10,676(14.86%), declining from a median of $71,849 in 2012 to $61,173 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 $32,821(27.73%), declining from a median of $118,360 in 2012 to $85,539 in 2022.
Lake View, AL household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Lake View 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 10(0.79%) households where the householder is under 25 years old, 614(48.81%) households with a householder aged between 25 and 44 years, 375(29.81%) households with a householder aged between 45 and 64 years, and 259(20.59%) households where the householder is over 65 years old.
In Lake View, the age group of 25 to 44 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
Lake View, AL household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Lake View: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Lake View household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Lake View: 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 | - | 21 | 3 | 26 |
| $10,000 - $14,999 | - | - | - | - |
| $15,000 - $19,999 | - | - | - | 5 |
| $20,000 - $24,999 | - | - | 9 | 8 |
| $25,000 - $29,999 | - | - | 29 | - |
| $30,000 - $34,999 | - | - | - | 24 |
| $35,000 - $39,999 | - | - | 4 | 28 |
| $40,000 - $44,999 | - | - | 4 | - |
| $45,000 - $49,999 | 10 | 40 | 3 | 13 |
| $50,000 - $59,999 | - | 7 | 6 | 29 |
| $60,000 - $74,999 | - | 69 | 32 | 56 |
| $75,000 - $99,999 | - | 227 | 137 | 41 |
| $100,000 - $124,999 | - | 69 | 74 | 8 |
| $125,000 - $149,999 | - | 57 | 22 | 10 |
| $150,000 - $199,999 | - | 49 | 21 | 11 |
| $200,000 or more | - | 75 | 31 | - |
To further explore the income distribution and gain insights into financial landscape of Lake View when compared to the state of Alabama 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 noteworthy that no households in Lake View, where householders are under 25 years old, fall within or exceed the income bracket representing the median income of $62,068 for the state of Alabama. This indicates an income disparity among households headed by individuals under 25 years old when compared to the median income of the state.
- Householder 25 to 44 years: In Lake View, among households headed by individuals aged 25 to 44, an impressive 88.93% match or surpass the state of Alabama median income of $62,068. These 546 households, represent a significant portion of the total 614 households in Lake View within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Lake View, within the age group of 45 to 64 years, a remarkable 84.53% of households meet or exceed the state of Alabama median income of $62,068. These 317 households, out of the total 375 households in this age cohort, signify a substantial portion of mature demographic of Lake View, showcasing commendable financial stability in comparison to the Alabama state median income benchmark.
- Householder 65 years and over: In Lake View, among the over 65 years age group, a noteworthy 48.65% of households either match or surpass the state of Alabama median income of $62,068. These 126 households, constituting notable portion of the Lake View town senior population, showcase commendable financial stability compared to the Alabama state median income benchmark.
Things to know
Which age group reports the highest median household income in Lake View, AL?
In Lake View, households led by individuals aged 25 to 44 years report the highest median household income of $96,052 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 View, AL?
In terms of income distribution across age cohorts, in Lake View, the median household income stands at $96,052 for householders within the 25 to 44 years age group, followed by $85,539 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 $61,173..
How does the median household income for households led by individuals of median age compare in Lake View, AL?
The median age in Lake View is 34.9, 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 Lake View, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $96,052.
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)