Mills River, NC Median Household Income By Age

Mills River, NC 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 Mills River population by age, the median age in Mills River is 43.5 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 Mills River, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $82,254.

In terms of income distribution across age cohorts, in Mills River, the median household income stands at $114,899 for householders within the 45 to 64 years age group, followed by $82,254 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 $76,979.

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 Mills River.

FIGURE 1

Mills River, NC median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Mills River, 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 $20,781(36.98%), escalating from a median of $56,198 in 2012 to $76,979 in 2022. Conversely, the age group of 25 to 44 years years witnessed the most significant decline in household income across the same span. Their median income saw a substantial drop of $13,618(14.20%), declining from a median of $95,872 in 2012 to $82,254 in 2022.

Mills River, NC household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Mills River 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 26(0.94%) households where the householder is under 25 years old, 735(26.69%) households with a householder aged between 25 and 44 years, 989(35.91%) households with a householder aged between 45 and 64 years, and 1,004(36.46%) households where the householder is over 65 years old.

The age group of 45 to 64 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 town of Mills River, showcasing varying income levels among different age demographics.

FIGURE 2

Mills River, NC household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Mills River: 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 Mills River when compared to the state of North Carolina 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 worth noting that 50% of the households in Mills River, where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $68,916 for the state of North Carolina. These 13 Mills River households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
• Householder 25 to 44 years: In Mills River, among households headed by individuals aged 25 to 44, an impressive 64.49% match or surpass the state of North Carolina median income of $68,916. These 474 households, represent a significant portion of the total 735 households in Mills River within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Mills River, within the age group of 45 to 64 years, a remarkable 64.91% of households meet or exceed the state of North Carolina median income of $68,916. These 642 households, out of the total 989 households in this age cohort, signify a substantial portion of mature demographic of Mills River, showcasing commendable financial stability in comparison to the North Carolina state median income benchmark.
• Householder 65 years and over: In Mills River, among the over 65 years age group, an impressive 58.37% of households either match or surpass the state of North Carolina median income of $68,916. These 586 households, constituting a significant portion of the Mills River town senior population, showcase commendable financial stability compared to the North Carolina state median income benchmark.

Things to know

Which age group reports the highest median household income in Mills River, NC?

In Mills River, households led by individuals aged 45 to 64 years report the highest median household income of $114,899 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 Mills River, NC?

In terms of income distribution across age cohorts, in Mills River, the median household income stands at $114,899 for householders within the 45 to 64 years age group, followed by $82,254 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 $76,979..

How does the median household income for households led by individuals of median age compare in Mills River, NC?

The median age in Mills River is 43.5, 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 Mills River, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $82,254.

References

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