Loretto, KY Median Household Income By Age

Loretto, KY 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 Loretto population by age, the median age in Loretto is 44.8 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 Loretto, the age group of 45 to 64 years exhibited the second-highest median household income, recorded at $60,198.

In terms of income distribution across age cohorts, in Loretto, the median household income stands at $75,817 for householders within the 25 to 44 years age group, followed by $60,198 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 $33,060.

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 Loretto.

FIGURE 1

Loretto, KY median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Loretto, 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 $9,631(19.05%), escalating from a median of $50,567 in 2012 to $60,198 in 2022. Conversely, the age group of 65 years and over years witnessed the most significant decline in household income across the same span. Their median income saw a substantial drop of $1,948(5.56%), declining from a median of $35,008 in 2012 to $33,060 in 2022.

Loretto, KY household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Loretto 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 5(1.82%) households where the householder is under 25 years old, 84(30.55%) households with a householder aged between 25 and 44 years, 99(36%) households with a householder aged between 45 and 64 years, and 87(31.64%) 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 45 to 64 years bracket. This distribution hints at economic disparities within the city of Loretto, showcasing varying income levels among different age demographics.

FIGURE 2

Loretto, KY household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Loretto: 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 Loretto when compared to the state of Kentucky 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 impressive that 80% of the households in Loretto, where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $62,666 for the state of Kentucky. These 4 Loretto households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
• Householder 25 to 44 years: In Loretto, among households headed by individuals aged 25 to 44, an impressive 57.14% match or surpass the state of Kentucky median income of $62,666. These 48 households, represent a significant portion of the total 84 households in Loretto within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Loretto, within the age group of 45 to 64 years, a noteworthy 46.46% of households meet or exceed the state of Kentucky median income of $62,666. These 46 households, out of the total 99 households in this age cohort, signify a notable portion of mature demographic of Loretto, showcasing commendable financial stability in comparison to the Kentucky state median income benchmark.
• Householder 65 years and over: In Loretto, among the over 65 years age group, only 13.79% of households either match or surpass the state of Kentucky median income of $62,666. These 12 households, constituting low portion of the Loretto city senior population, showcase commendable financial stability compared to the Kentucky state median income benchmark.

Things to know

Which age group reports the highest median household income in Loretto, KY?

In Loretto, households led by individuals aged 25 to 44 years report the highest median household income of $75,817 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 Loretto, KY?

In terms of income distribution across age cohorts, in Loretto, the median household income stands at $75,817 for householders within the 25 to 44 years age group, followed by $60,198 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 $33,060..

How does the median household income for households led by individuals of median age compare in Loretto, KY?

The median age in Loretto is 44.8, 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 Loretto, the age group of 45 to 64 years exhibited the second-highest median household income, recorded at $60,198.

References

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