Mill Spring, MO Median Household Income By Age

Mill Spring, MO 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 Mill Spring population by age, the median age in Mill Spring is 48.1 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 Mill Spring, the age group of 45 to 64 years had the second lowest median household income, recorded at $21,736.

In terms of income distribution across age cohorts, in Mill Spring, the median household income stands at $37,745 for householders within the 25 to 44 years age group, followed by $37,745 for the 65 years and over age group. Notably, householders within the 45 to 64 years age group, had the lowest median household income at $21,736.

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 village of Mill Spring.

FIGURE 1

Mill Spring, MO median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Mill Spring, 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 65 years and over age group demonstrated a remarkable increase of $12,739(50.94%), escalating from a median of $25,006 in 2012 to $37,745 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 $7,437(25.49%), declining from a median of $29,173 in 2012 to $21,736 in 2022.

Mill Spring, MO household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Mill Spring 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, 13(25.49%) households with a householder aged between 25 and 44 years, 17(33.33%) households with a householder aged between 45 and 64 years, and 21(41.18%) 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 village of Mill Spring, showcasing varying income levels among different age demographics.

FIGURE 2

Mill Spring, MO household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Mill Spring: 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 Mill Spring when compared to the state of Missouri 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 Mill Spring, 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 Mill Spring, there are no households led by individuals aged 25 to 44, that meet or surpass the state of Missouri median income of $68,639. Thus of the total 13 households in Mill Spring, where the householder is 25-44 years old, none had an income higher than the median state income.
• Householder 45 to 64 years: In Mill Spring, among households led by individuals aged 45 to 64 years, there are no households that meet or surpass the state of Missouri median income of $68,639. Hence, of the total 17 households in this age group, none achieved an income higher than the Missouri state median income range.
• Householder 65 years and over: In Mill Spring, among the over 65 years age group, only 19.05% of households either match or surpass the state of Missouri median income of $68,639. These 4 households, constituting low portion of the Mill Spring village senior population, showcase commendable financial stability compared to the Missouri state median income benchmark.

Things to know

Which age group reports the highest median household income in Mill Spring, MO?

In Mill Spring, households led by individuals aged 25 to 44 years report the highest median household income of $37,745 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 Mill Spring, MO?

In terms of income distribution across age cohorts, in Mill Spring, the median household income stands at $37,745 for householders within the 25 to 44 years age group, followed by $37,745 for the 65 years and over age group. Notably, householders within the 45 to 64 years age group, had the lowest median household income at $21,736..

How does the median household income for households led by individuals of median age compare in Mill Spring, MO?

The median age in Mill Spring is 48.1, 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 Mill Spring, the age group of 45 to 64 years had the second lowest median household income, recorded at $21,736.

References

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