Mineral Springs, NC Median Household Income By Age

Mineral Springs, 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 Mineral Springs population by age, the median age in Mineral Springs is 47.8 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 Mineral Springs, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $122,147.

In terms of income distribution across age cohorts, in Mineral Springs, the median household income stands at $122,147 for householders within the 45 to 64 years age group, followed by $97,113 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 $49,696.

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 Mineral Springs.

FIGURE 1

Mineral Springs, NC median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Mineral Springs, 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 a decline during this time period. Notably, household income for individuals within the 45 to 64 years age group demonstrated a remarkable increase of $33,390(37.62%), escalating from a median of $88,757 in 2012 to $122,147 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 $8,778(21.45%), increasing from a median of $40,918 in 2012 to $49,696 in 2022.

Mineral Springs, NC household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Mineral Springs 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 13(1.11%) households where the householder is under 25 years old, 263(22.36%) households with a householder aged between 25 and 44 years, 610(51.87%) households with a householder aged between 45 and 64 years, and 290(24.66%) households where the householder is over 65 years old.

In Mineral Springs, 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

Mineral Springs, NC household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Mineral Springs: 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 Mineral Springs 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 46.15% of the households in Mineral Springs, 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 6 Mineral Springs households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
• Householder 25 to 44 years: In Mineral Springs, among households headed by individuals aged 25 to 44, an impressive 84.41% match or surpass the state of North Carolina median income of $68,916. These 222 households, represent a significant portion of the total 263 households in Mineral Springs within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Mineral Springs, within the age group of 45 to 64 years, a remarkable 80.33% of households meet or exceed the state of North Carolina median income of $68,916. These 490 households, out of the total 610 households in this age cohort, signify a substantial portion of mature demographic of Mineral Springs, showcasing commendable financial stability in comparison to the North Carolina state median income benchmark.
• Householder 65 years and over: In Mineral Springs, among the over 65 years age group, a noteworthy 41.72% of households either match or surpass the state of North Carolina median income of $68,916. These 121 households, constituting notable portion of the Mineral Springs 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 Mineral Springs, NC?

In Mineral Springs, households led by individuals aged 45 to 64 years report the highest median household income of $122,147 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 Mineral Springs, NC?

In terms of income distribution across age cohorts, in Mineral Springs, the median household income stands at $122,147 for householders within the 45 to 64 years age group, followed by $97,113 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 $49,696..

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

The median age in Mineral Springs is 47.8, 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 Mineral Springs, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $122,147.

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