Mill Village, PA Median Household Income By Age

Mill Village, PA 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 Village population by age, the median age in Mill Village is 53.1 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 Village, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $63,777.

In terms of income distribution across age cohorts, in Mill Village, the median household income stands at $63,777 for householders within the 45 to 64 years age group, followed by $55,533 for the 25 to 44 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $48,513.

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 borough of Mill Village.

FIGURE 1

Mill Village, PA median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Mill Village, 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 an increase in this time period. Notably, household income for individuals within the 65 years and over age group demonstrated the smallest decline of $665(1.35%), declining from a median of $49,178 in 2012 to $48,513 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 $30,292(32.20%), declining from a median of $94,069 in 2012 to $63,777 in 2022.

Mill Village, PA household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Mill Village 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 4(3.15%) households where the householder is under 25 years old, 22(17.32%) households with a householder aged between 25 and 44 years, 57(44.88%) households with a householder aged between 45 and 64 years, and 44(34.65%) households where the householder is over 65 years old.

In Mill Village, the age group of 45 to 64 years 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

Mill Village, PA household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Mill Village: 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 Village when compared to the state of Pennsylvania 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 Mill Village, where householders are under 25 years old, fall within or exceed the income bracket representing the median income of $76,188 for the state of Pennsylvania. 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 Mill Village, among households headed by individuals aged 25 to 44,worth noting that 31.82% match or surpass the state of Pennsylvania median income of $76,188. These 7 households, represent a notable portion of the total 22 households in Mill Village within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Mill Village, within the age group of 45 to 64 years, a noteworthy 35.09% of households meet or exceed the state of Pennsylvania median income of $76,188. These 20 households, out of the total 57 households in this age cohort, signify a notable portion of mature demographic of Mill Village, showcasing commendable financial stability in comparison to the Pennsylvania state median income benchmark.
• Householder 65 years and over: In Mill Village, among the over 65 years age group, only 18.18% of households either match or surpass the state of Pennsylvania median income of $76,188. These 8 households, constituting low portion of the Mill Village borough senior population, showcase commendable financial stability compared to the Pennsylvania state median income benchmark.

Things to know

Which age group reports the highest median household income in Mill Village, PA?

In Mill Village, households led by individuals aged 45 to 64 years report the highest median household income of $63,777 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 Village, PA?

In terms of income distribution across age cohorts, in Mill Village, the median household income stands at $63,777 for householders within the 45 to 64 years age group, followed by $55,533 for the 25 to 44 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $48,513..

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

The median age in Mill Village is 53.1, 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 Village, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $63,777.

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