Litchfield Town, Connecticut 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 Litchfield town population by age, the median age in Litchfield town is 53.1 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 Litchfield town, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $135,097.
In terms of income distribution across age cohorts, in Litchfield town, the median household income stands at $135,097 for householders within the 45 to 64 years age group, followed by $109,442 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 $68,706.
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 Litchfield town.
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 2011 and 2021, 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 $15,226(28.47%), escalating from a median of $53,480 in 2011 to $68,706 in 2021. 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 $5,600(4.87%), declining from a median of $115,042 in 2011 to $109,442 in 2021.
Litchfield Town, Connecticut household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Litchfield 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 22(0.66%) households where the householder is under 25 years old, 589(17.68%) households with a householder aged between 25 and 44 years, 1,303(39.11%) households with a householder aged between 45 and 64 years, and 1,418(42.56%) households where the householder is over 65 years old.
The age group of 45 to 64 years exhibits the highest median household income, while the largest number of households falls within the 65 years and over bracket. This distribution hints at economic disparities within the town of Litchfield town, showcasing varying income levels among different age demographics.
Age-wise distribution of Litchfield town household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Litchfield 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 | 3 | 9 | 25 | 62 |
| $10,000 - $14,999 | - | 4 | 5 | 56 |
| $15,000 - $19,999 | 7 | 9 | 13 | 112 |
| $20,000 - $24,999 | - | 11 | 13 | 65 |
| $25,000 - $29,999 | - | 10 | 33 | 54 |
| $30,000 - $34,999 | - | 12 | 18 | 70 |
| $35,000 - $39,999 | - | 24 | 8 | 42 |
| $40,000 - $44,999 | 2 | 29 | 33 | 119 |
| $45,000 - $49,999 | - | 10 | 21 | 15 |
| $50,000 - $59,999 | 2 | 10 | 33 | 97 |
| $60,000 - $74,999 | 3 | 53 | 102 | 97 |
| $75,000 - $99,999 | - | 111 | 172 | 116 |
| $100,000 - $124,999 | 5 | 82 | 176 | 146 |
| $125,000 - $149,999 | - | 83 | 50 | 133 |
| $150,000 - $199,999 | - | 46 | 301 | 126 |
| $200,000 or more | - | 86 | 300 | 108 |
To further explore the income distribution and gain insights into financial landscape of Litchfield town when compared to the state of Connecticut 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 22.73% of the households in Litchfield town, where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $88,429 for the state of Connecticut. These 5 Litchfield town households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
- Householder 25 to 44 years: In Litchfield town, among households headed by individuals aged 25 to 44, an impressive 69.27% match or surpass the state of Connecticut median income of $88,429. These 408 households, represent a significant portion of the total 589 households in Litchfield town within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Litchfield town, within the age group of 45 to 64 years, a remarkable 76.67% of households meet or exceed the state of Connecticut median income of $88,429. These 999 households, out of the total 1,303 households in this age cohort, signify a substantial portion of mature demographic of Litchfield town, showcasing commendable financial stability in comparison to the Connecticut state median income benchmark.
- Householder 65 years and over: In Litchfield town, among the over 65 years age group, a noteworthy 44.36% of households either match or surpass the state of Connecticut median income of $88,429. These 629 households, constituting notable portion of the Litchfield town town senior population, showcase commendable financial stability compared to the Connecticut state median income benchmark.