Median Household Income by Age of Householder in Lakeville, Massachusetts (2022, in 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Lakeville town. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Lakeville town.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | - |
| 25 to 44 years | $130,156 |
| 45 to 64 years | $167,650 |
| 65 years and over | $72,387 |
TABLE OF CONTENTS
Lakeville, Massachusetts 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 Lakeville town population by age, the median age in Lakeville town is 41.9 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 Lakeville town, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $130,156.
In terms of income distribution across age cohorts, in Lakeville town, the median household income stands at $167,650 for householders within the 45 to 64 years age group, followed by $130,156 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 $72,387.
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 Lakeville town.
FIGURE 1
Lakeville, Massachusetts median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Lakeville 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, 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 45 to 64 years age group demonstrated a remarkable increase of $40,026(31.36%), escalating from a median of $127,624 in 2012 to $167,650 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 $21,886(14.39%), declining from a median of $152,042 in 2012 to $130,156 in 2022.
Lakeville, Massachusetts household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Lakeville 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 28(0.68%) households where the householder is under 25 years old, 1,112(26.97%) households with a householder aged between 25 and 44 years, 1,833(44.46%) households with a householder aged between 45 and 64 years, and 1,150(27.89%) households where the householder is over 65 years old.
In Lakeville town, the age group of 45 to 64 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
Lakeville, Massachusetts household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Lakeville town: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Lakeville town household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Lakeville town: 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 | - | 8 | 7 | 100 |
| $10,000 - $14,999 | - | 45 | 17 | 32 |
| $15,000 - $19,999 | - | - | 25 | 43 |
| $20,000 - $24,999 | - | - | 34 | 41 |
| $25,000 - $29,999 | - | - | 15 | 27 |
| $30,000 - $34,999 | - | 10 | 29 | 11 |
| $35,000 - $39,999 | - | 15 | 15 | 36 |
| $40,000 - $44,999 | - | 33 | - | 29 |
| $45,000 - $49,999 | - | 46 | 44 | 74 |
| $50,000 - $59,999 | - | 36 | 7 | 114 |
| $60,000 - $74,999 | 28 | 83 | 112 | 97 |
| $75,000 - $99,999 | - | 132 | 192 | 194 |
| $100,000 - $124,999 | - | 148 | 202 | 111 |
| $125,000 - $149,999 | - | 177 | 133 | 63 |
| $150,000 - $199,999 | - | 145 | 337 | 122 |
| $200,000 or more | - | 234 | 664 | 56 |
To further explore the income distribution and gain insights into financial landscape of Lakeville town when compared to the state of Massachusetts 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 Lakeville town, where householders are under 25 years old, fall within or exceed the income bracket representing the median income of $100,486 for the state of Massachusetts. 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 Lakeville town, among households headed by individuals aged 25 to 44, an impressive 63.31% match or surpass the state of Massachusetts median income of $100,486. These 704 households, represent a significant portion of the total 1,112 households in Lakeville town within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Lakeville town, within the age group of 45 to 64 years, a remarkable 72.89% of households meet or exceed the state of Massachusetts median income of $100,486. These 1,336 households, out of the total 1,833 households in this age cohort, signify a substantial portion of mature demographic of Lakeville town, showcasing commendable financial stability in comparison to the Massachusetts state median income benchmark.
- Householder 65 years and over: In Lakeville town, among the over 65 years age group, a noteworthy 30.61% of households either match or surpass the state of Massachusetts median income of $100,486. These 352 households, constituting notable portion of the Lakeville town town senior population, showcase commendable financial stability compared to the Massachusetts state median income benchmark.
Things to know
Which age group reports the highest median household income in Lakeville, Massachusetts?
In Lakeville town, households led by individuals aged 45 to 64 years report the highest median household income of $167,650 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 Lakeville, Massachusetts?
In terms of income distribution across age cohorts, in Lakeville town, the median household income stands at $167,650 for householders within the 45 to 64 years age group, followed by $130,156 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 $72,387..
How does the median household income for households led by individuals of median age compare in Lakeville, Massachusetts?
The median age in Lakeville town is 41.9, 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 Lakeville town, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $130,156.
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)