Medicine Bow, WY Median Household Income By Age

Medicine Bow, WY 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 Medicine Bow population by age, the median age in Medicine Bow is 65.2 years.

Typically for a location with median age in this range, it suggests a significant population of retirees or older individuals. Interestingly, within Medicine Bow, the age group of 65 years and over also exhibits the highest median household income, recorded at $31,250.

In terms of income distribution across age cohorts, Medicine Bow only reports a median household income of $31,250 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 Medicine Bow.

FIGURE 1

Medicine Bow, WY median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Medicine Bow, 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 the smallest decline of $8,367(21.12%), declining from a median of $39,617 in 2013 to $31,250 in 2023. 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 $8,367(21.12%), declining from a median of $39,617 in 2013 to $31,250 in 2023.

Medicine Bow, WY household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Medicine Bow 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 2(1.23%) households where the householder is under 25 years old, 7(4.32%) households with a householder aged between 25 and 44 years, 55(33.95%) households with a householder aged between 45 and 64 years, and 98(60.49%) households where the householder is over 65 years old.

In Medicine Bow, the age group of 65 years and over stands out with both the highest median income and the maximum share of households. This alignment suggests a financially stable demographic, indicating an established community with stable careers and higher incomes.

FIGURE 2

Medicine Bow, WY household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Medicine Bow: 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 Medicine Bow when compared to the state of Wyoming 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 no households in Medicine Bow, where householders are under 25 years old, fall within or exceed the income bracket representing the median income of $74,815 for the state of Wyoming. This indicates an income disparity among households headed by individuals under 25 years old when compared to the median income of the state.
• Householder 25 to 44 years: In Medicine Bow, there are no households led by individuals aged 25 to 44, that meet or surpass the state of Wyoming median income of $74,815. Thus of the total 7 households in Medicine Bow, where the householder is 25-44 years old, none had an income higher than the median state income.
• Householder 45 to 64 years: In Medicine Bow, within the age group of 45 to 64 years, a noteworthy 41.82% of households meet or exceed the state of Wyoming median income of $74,815. These 23 households, out of the total 55 households in this age cohort, signify a notable portion of mature demographic of Medicine Bow, showcasing commendable financial stability in comparison to the Wyoming state median income benchmark.
• Householder 65 years and over: In Medicine Bow, among the over 65 years age group, only 13.27% of households either match or surpass the state of Wyoming median income of $74,815. These 13 households, constituting low portion of the Medicine Bow town senior population, showcase commendable financial stability compared to the Wyoming state median income benchmark.

Things to know

Which age group reports the highest median household income in Medicine Bow, WY?

In Medicine Bow, households led by individuals aged 65 years and over report the highest median household income of $31,250 according to the American Community Survey 2019-2023 5-Year Estimates by the US Census Bureau.

How does the median household income vary by age in Medicine Bow, WY?

In terms of income distribution across age cohorts, Medicine Bow only reports a median household income of $31,250 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 Medicine Bow, WY?

The median age in Medicine Bow is 65.2, which falls within the 65 years and over range among the four age groups defined by the US Census Bureau. This demographic suggests a significant population of retirees or older individuals. Interestingly, within Medicine Bow, the age group of 65 years and over also exhibits the highest median household income, recorded at $31,250.

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