Las Vegas, NM Median Household Income By Age

Las Vegas, NM 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 Las Vegas population by age, the median age in Las Vegas is 40.1 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 Las Vegas, the age group of 25 to 44 years had the second lowest median household income, recorded at $30,664.

In terms of income distribution across age cohorts, in Las Vegas, the median household income stands at $49,315 for householders within the 65 years and over age group, followed by $49,053 for the 45 to 64 years age group. Notably, householders within the 25 to 44 years age group, had the lowest median household income at $30,664.

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 city of Las Vegas.

FIGURE 1

Las Vegas, NM median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Las Vegas, 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 $17,141(53.28%), escalating from a median of $32,174 in 2012 to $49,315 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 $7,432(19.51%), declining from a median of $38,096 in 2012 to $30,664 in 2022.

Las Vegas, NM household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Las Vegas 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 389(6.88%) households where the householder is under 25 years old, 1,592(28.14%) households with a householder aged between 25 and 44 years, 1,999(35.33%) households with a householder aged between 45 and 64 years, and 1,678(29.66%) 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 city of Las Vegas, showcasing varying income levels among different age demographics.

FIGURE 2

Las Vegas, NM household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Las Vegas: 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 Las Vegas when compared to the state of New Mexico 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 only 3.60% of the households in Las Vegas, where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $61,144 for the state of New Mexico. These 14 Las Vegas households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
• Householder 25 to 44 years: In Las Vegas, among households headed by individuals aged 25 to 44,worth noting that 25.38% match or surpass the state of New Mexico median income of $61,144. These 404 households, represent a notable portion of the total 1,592 households in Las Vegas within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Las Vegas, within the age group of 45 to 64 years, a noteworthy 36.67% of households meet or exceed the state of New Mexico median income of $61,144. These 733 households, out of the total 1,999 households in this age cohort, signify a notable portion of mature demographic of Las Vegas, showcasing commendable financial stability in comparison to the New Mexico state median income benchmark.
• Householder 65 years and over: In Las Vegas, among the over 65 years age group, a noteworthy 38.86% of households either match or surpass the state of New Mexico median income of $61,144. These 652 households, constituting notable portion of the Las Vegas city senior population, showcase commendable financial stability compared to the New Mexico state median income benchmark.

Things to know

Which age group reports the highest median household income in Las Vegas, NM?

In Las Vegas, households led by individuals aged 65 years and over report the highest median household income of $49,315 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 Las Vegas, NM?

In terms of income distribution across age cohorts, in Las Vegas, the median household income stands at $49,315 for householders within the 65 years and over age group, followed by $49,053 for the 45 to 64 years age group. Notably, householders within the 25 to 44 years age group, had the lowest median household income at $30,664..

How does the median household income for households led by individuals of median age compare in Las Vegas, NM?

The median age in Las Vegas is 40.1, 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 Las Vegas, the age group of 25 to 44 years had the second lowest median household income, recorded at $30,664.

References

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