Median Household Income by Age of Householder in Marvin, SD (2022, in 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Marvin. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Marvin.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | - |
| 25 to 44 years | - |
| 45 to 64 years | - |
| 65 years and over | $40,348 |
TABLE OF CONTENTS
Marvin, SD 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 Marvin population by age, the median age in Marvin is 59.5 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, according to the latest American Community Survey data, the US Census Bureau did not report the median household income for householders in the 45 to 64 years age group in Marvin. This absence could be attributed to a smaller working population or fewer household heads within this age range, potentially resulting in less reliable or unavailable data for reporting.
In terms of income distribution across age cohorts, Marvin only reports a median household income of $40,348 among householders in the 65 years and over age group.
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 Marvin.
FIGURE 1
Marvin, SD median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Marvin, 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. Notably, household income for individuals within the 65 years and over age group demonstrated a remarkable increase of $2,840(7.57%), escalating from a median of $37,508 in 2012 to $40,348 in 2022. Conversely, the age group of 65 years and over years witnessed the smallest growth in household income across the same span. Their median income saw a small increase of $2,840(7.57%), increasing from a median of $37,508 in 2012 to $40,348 in 2022.
Marvin, SD household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Marvin 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, 0 households with a householder aged between 25 and 44 years, 5(50%) households with a householder aged between 45 and 64 years, and 5(50%) 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 town of Marvin, showcasing varying income levels among different age demographics.
FIGURE 2
Marvin, SD household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Marvin: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Marvin household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Marvin: 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 | - | - | 1 | - |
| $10,000 - $14,999 | - | - | - | - |
| $15,000 - $19,999 | - | - | 1 | 1 |
| $20,000 - $24,999 | - | - | - | - |
| $25,000 - $29,999 | - | - | - | 1 |
| $30,000 - $34,999 | - | - | - | - |
| $35,000 - $39,999 | - | - | - | 1 |
| $40,000 - $44,999 | - | - | - | - |
| $45,000 - $49,999 | - | - | - | 2 |
| $50,000 - $59,999 | - | - | 3 | - |
| $60,000 - $74,999 | - | - | - | - |
| $75,000 - $99,999 | - | - | - | - |
| $100,000 - $124,999 | - | - | - | - |
| $125,000 - $149,999 | - | - | - | - |
| $150,000 - $199,999 | - | - | - | - |
| $200,000 or more | - | - | - | - |
To further explore the income distribution and gain insights into financial landscape of Marvin when compared to the state of South Dakota 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 Marvin, 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 Marvin there are no households where the head of the household is between 25 to 44 years old, making it impossible to compare the income with that of the state and the nation.
- Householder 45 to 64 years: In Marvin, among households led by individuals aged 45 to 64 years, there are no households that meet or surpass the state of South Dakota median income of $72,322. Hence, of the total 5 households in this age group, none achieved an income higher than the South Dakota state median income range.
- Householder 65 years and over: In Marvin, within the over 65 years age cohort, there are no households that meet or exceed the state of South Dakota median income of $72,322. Therefore, among the total number of households in this senior demographic, none have an income higher than the South Dakota state median income range.
Things to know
Which age group reports the highest median household income in Marvin, SD?
In Marvin, households led by individuals aged 65 years and over report the highest median household income of $40,348 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 Marvin, SD?
In terms of income distribution across age cohorts, Marvin only reports a median household income of $40,348 among householders in the 65 years and over age group..
How does the median household income for households led by individuals of median age compare in Marvin, SD?
The median age in Marvin is 59.5, 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, according to the latest American Community Survey data, the US Census Bureau did not report the median household income for householders in the 45 to 64 years age group in Marvin. This absence could be attributed to a smaller working population or fewer household heads within this age range, potentially resulting in less reliable or unavailable data for reporting.
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)