Median Household Income by Age of Householder in Lunenburg County, VA (2022, in 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Lunenburg County. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Lunenburg County.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | - |
| 25 to 44 years | $71,104 |
| 45 to 64 years | $62,654 |
| 65 years and over | $49,998 |
TABLE OF CONTENTS
Lunenburg County, VA 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 Lunenburg County population by age, the median age in Lunenburg County is 44 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 Lunenburg County, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $71,104.
In terms of income distribution across age cohorts, in Lunenburg County, the median household income stands at $71,104 for householders within the 25 to 44 years age group, followed by $62,654 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 $49,998.
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 county of Lunenburg County.
FIGURE 1
Lunenburg County, VA median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Lunenburg County, 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, none had a decline during this time period. Notably, household income for individuals within the 25 to 44 years age group demonstrated a remarkable increase of $25,806(56.97%), escalating from a median of $45,298 in 2012 to $71,104 in 2022. Conversely, the age group of 45 to 64 years years witnessed the smallest growth in household income across the same span. Their median income saw a small increase of $2,891(4.84%), increasing from a median of $59,763 in 2012 to $62,654 in 2022.
Lunenburg County, VA household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Lunenburg County 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 82(1.80%) households where the householder is under 25 years old, 1,063(23.28%) households with a householder aged between 25 and 44 years, 1,726(37.80%) households with a householder aged between 45 and 64 years, and 1,695(37.12%) 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 county of Lunenburg County, showcasing varying income levels among different age demographics.
FIGURE 2
Lunenburg County, VA household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Lunenburg County: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Lunenburg County household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Lunenburg County: 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 | 9 | 23 | 43 | 126 |
| $10,000 - $14,999 | - | 42 | 140 | 235 |
| $15,000 - $19,999 | - | 22 | 103 | 102 |
| $20,000 - $24,999 | - | 118 | 88 | 41 |
| $25,000 - $29,999 | - | 14 | 92 | 111 |
| $30,000 - $34,999 | 21 | 20 | 68 | 91 |
| $35,000 - $39,999 | 8 | 73 | 12 | 47 |
| $40,000 - $44,999 | - | 21 | 60 | 41 |
| $45,000 - $49,999 | 9 | 55 | 166 | 113 |
| $50,000 - $59,999 | - | 93 | 83 | 110 |
| $60,000 - $74,999 | 20 | 191 | 268 | 212 |
| $75,000 - $99,999 | 15 | 190 | 241 | 217 |
| $100,000 - $124,999 | - | 61 | 151 | 47 |
| $125,000 - $149,999 | - | 51 | 64 | 92 |
| $150,000 - $199,999 | - | 49 | 143 | 48 |
| $200,000 or more | - | 40 | 4 | 62 |
To further explore the income distribution and gain insights into financial landscape of Lunenburg County when compared to the state of Virginia 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 18.29% of the households in Lunenburg County, where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $90,848 for the state of Virginia. These 15 Lunenburg County households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
- Householder 25 to 44 years: In Lunenburg County, among households headed by individuals aged 25 to 44,worth noting that 36.78% match or surpass the state of Virginia median income of $90,848. These 391 households, represent a notable portion of the total 1,063 households in Lunenburg County within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Lunenburg County, within the age group of 45 to 64 years, a noteworthy 34.94% of households meet or exceed the state of Virginia median income of $90,848. These 603 households, out of the total 1,726 households in this age cohort, signify a notable portion of mature demographic of Lunenburg County, showcasing commendable financial stability in comparison to the Virginia state median income benchmark.
- Householder 65 years and over: In Lunenburg County, among the over 65 years age group, a noteworthy 27.49% of households either match or surpass the state of Virginia median income of $90,848. These 466 households, constituting notable portion of the Lunenburg County county senior population, showcase commendable financial stability compared to the Virginia state median income benchmark.
Things to know
Which age group reports the highest median household income in Lunenburg County, VA?
In Lunenburg County, households led by individuals aged 25 to 44 years report the highest median household income of $71,104 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 Lunenburg County, VA?
In terms of income distribution across age cohorts, in Lunenburg County, the median household income stands at $71,104 for householders within the 25 to 44 years age group, followed by $62,654 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 $49,998..
How does the median household income for households led by individuals of median age compare in Lunenburg County, VA?
The median age in Lunenburg County is 44, 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 Lunenburg County, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $71,104.
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)