Median Household Income by Age of Householder in Little Compton, Rhode Island (2022, in 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Little Compton town. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Little Compton town.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | - |
| 25 to 44 years | $180,787 |
| 45 to 64 years | $118,629 |
| 65 years and over | $117,056 |
TABLE OF CONTENTS
Little Compton, Rhode Island 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 Little Compton town population by age, the median age in Little Compton town is 59.3 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 Little Compton town, the age group of 45 to 64 years exhibited the second-highest median household income, recorded at $118,629.
In terms of income distribution across age cohorts, in Little Compton town, the median household income stands at $180,787 for householders within the 25 to 44 years age group, followed by $118,629 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 $117,056.
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 Little Compton town.
FIGURE 1
Little Compton, Rhode Island median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Little Compton 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 25 to 44 years age group demonstrated a remarkable increase of $39,328(27.80%), escalating from a median of $141,459 in 2012 to $180,787 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 $18,735(13.64%), declining from a median of $137,364 in 2012 to $118,629 in 2022.
Little Compton, Rhode Island household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Little Compton 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 0 households where the householder is under 25 years old, 170(10.90%) households with a householder aged between 25 and 44 years, 538(34.49%) households with a householder aged between 45 and 64 years, and 852(54.62%) households where the householder is over 65 years old.
The age group of 25 to 44 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 Little Compton town, showcasing varying income levels among different age demographics.
FIGURE 2
Little Compton, Rhode Island household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Little Compton town: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Little Compton town household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Little Compton 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 | 22 |
| $10,000 - $14,999 | - | - | 12 | - |
| $15,000 - $19,999 | - | - | 10 | - |
| $20,000 - $24,999 | - | - | - | 18 |
| $25,000 - $29,999 | - | - | - | 14 |
| $30,000 - $34,999 | - | - | 35 | 11 |
| $35,000 - $39,999 | - | - | 6 | 8 |
| $40,000 - $44,999 | - | - | 13 | 10 |
| $45,000 - $49,999 | - | 21 | - | 14 |
| $50,000 - $59,999 | - | - | 12 | 44 |
| $60,000 - $74,999 | - | - | 35 | 126 |
| $75,000 - $99,999 | - | 21 | 117 | 82 |
| $100,000 - $124,999 | - | - | 39 | 97 |
| $125,000 - $149,999 | - | - | 31 | 32 |
| $150,000 - $199,999 | - | 76 | 80 | 143 |
| $200,000 or more | - | 52 | 140 | 231 |
To further explore the income distribution and gain insights into financial landscape of Little Compton town when compared to the state of Rhode Island 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 Little Compton town, 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 Little Compton town, among households headed by individuals aged 25 to 44, an impressive 87.65% match or surpass the state of Rhode Island median income of $84,727. These 149 households, represent a significant portion of the total 170 households in Little Compton town within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Little Compton town, within the age group of 45 to 64 years, a remarkable 75.65% of households meet or exceed the state of Rhode Island median income of $84,727. These 407 households, out of the total 538 households in this age cohort, signify a substantial portion of mature demographic of Little Compton town, showcasing commendable financial stability in comparison to the Rhode Island state median income benchmark.
- Householder 65 years and over: In Little Compton town, among the over 65 years age group, an impressive 68.66% of households either match or surpass the state of Rhode Island median income of $84,727. These 585 households, constituting a significant portion of the Little Compton town town senior population, showcase commendable financial stability compared to the Rhode Island state median income benchmark.
Things to know
Which age group reports the highest median household income in Little Compton, Rhode Island?
In Little Compton town, households led by individuals aged 25 to 44 years report the highest median household income of $180,787 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 Little Compton, Rhode Island?
In terms of income distribution across age cohorts, in Little Compton town, the median household income stands at $180,787 for householders within the 25 to 44 years age group, followed by $118,629 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 $117,056..
How does the median household income for households led by individuals of median age compare in Little Compton, Rhode Island?
The median age in Little Compton town is 59.3, 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 Little Compton town, the age group of 45 to 64 years exhibited the second-highest median household income, recorded at $118,629.
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)