Median Household Income by Age of Householder in Mount Hope Town, Wisconsin (2022, in 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Mount Hope town. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Mount Hope town.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | - |
| 25 to 44 years | $61,824 |
| 45 to 64 years | $54,666 |
| 65 years and over | $70,935 |
TABLE OF CONTENTS
Mount Hope Town, Wisconsin 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 Mount Hope town population by age, the median age in Mount Hope town is 18.8 years.
Typically for a location with median age in this range, it likely boasts a youthful population, indication a potential hub for emerging workforce. Interestingly, according to the latest American Community Survey data, the US Census Bureau did not report the median household income for householders in the Under 25 years age group in Mount Hope town. This absence could be attributed to a smaller working population or fewer household heads within this age range, potentially resulting in less reliable or unavailable data for reporting.
In terms of income distribution across age cohorts, in Mount Hope town, the median household income stands at $70,935 for householders within the 65 years and over age group, followed by $61,824 for the 25 to 44 years age group. Notably, householders within the 45 to 64 years age group, had the lowest median household income at $54,666.
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 Mount Hope town.
FIGURE 1
Mount Hope Town, Wisconsin median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Mount Hope town, 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, two groups encountered a decline in their median household income, while the remaining one experienced an increase during this period. Notably, household income for individuals within the 65 years and over age group demonstrated a remarkable increase of $51,208(259.58%), escalating from a median of $19,727 in 2012 to $70,935 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 $29,353(34.94%), declining from a median of $84,019 in 2012 to $54,666 in 2022.
Mount Hope Town, Wisconsin household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Mount Hope town 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(2.60%) households where the householder is under 25 years old, 30(38.96%) households with a householder aged between 25 and 44 years, 28(36.36%) households with a householder aged between 45 and 64 years, and 17(22.08%) households where the householder is over 65 years old.
The age group of 65 years and over exhibits the highest median household income, while the largest number of households falls within the 25 to 44 years bracket. This distribution hints at economic disparities within the town of Mount Hope town, showcasing varying income levels among different age demographics.
FIGURE 2
Mount Hope Town, Wisconsin household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Mount Hope town: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Mount Hope town household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Mount Hope town: Under 25 years, 25-44 years, 45-64 years, and over 65 years. This table highlights the variation in household income, offering valuable insights into economic trends and disparities within different age categories.
| Household Income Age of Householder | Under 25 years | 25 to 44 years | 45 to 64 years | 65 years and over |
|---|---|---|---|---|
| Less than $10,000 | - | 4 | 5 | 1 |
| $10,000 - $14,999 | - | - | - | - |
| $15,000 - $19,999 | - | - | - | 1 |
| $20,000 - $24,999 | - | - | - | - |
| $25,000 - $29,999 | - | - | - | - |
| $30,000 - $34,999 | - | 5 | 3 | - |
| $35,000 - $39,999 | - | - | 1 | 1 |
| $40,000 - $44,999 | - | - | 2 | - |
| $45,000 - $49,999 | - | - | 2 | 3 |
| $50,000 - $59,999 | - | 7 | 4 | 1 |
| $60,000 - $74,999 | - | 4 | 2 | 3 |
| $75,000 - $99,999 | 2 | 5 | 4 | 1 |
| $100,000 - $124,999 | - | 1 | 1 | 4 |
| $125,000 - $149,999 | - | - | 2 | 2 |
| $150,000 - $199,999 | - | 1 | 1 | - |
| $200,000 or more | - | 3 | 1 | - |
To further explore the income distribution and gain insights into financial landscape of Mount Hope town when compared to the state of Wisconsin 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 impressive that 100% of the households in Mount Hope town, where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $75,447 for the state of Wisconsin. These 2 Mount Hope town households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
- Householder 25 to 44 years: In Mount Hope town, among households headed by individuals aged 25 to 44,worth noting that 33.33% match or surpass the state of Wisconsin median income of $75,447. These 10 households, represent a notable portion of the total 30 households in Mount Hope town within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Mount Hope town, within the age group of 45 to 64 years, a noteworthy 32.14% of households meet or exceed the state of Wisconsin median income of $75,447. These 9 households, out of the total 28 households in this age cohort, signify a notable portion of mature demographic of Mount Hope town, showcasing commendable financial stability in comparison to the Wisconsin state median income benchmark.
- Householder 65 years and over: In Mount Hope town, among the over 65 years age group, a noteworthy 41.18% of households either match or surpass the state of Wisconsin median income of $75,447. These 7 households, constituting notable portion of the Mount Hope town town senior population, showcase commendable financial stability compared to the Wisconsin state median income benchmark.
Things to know
Which age group reports the highest median household income in Mount Hope Town, Wisconsin?
In Mount Hope town, households led by individuals aged 65 years and over report the highest median household income of $70,935 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 Mount Hope Town, Wisconsin?
In terms of income distribution across age cohorts, in Mount Hope town, the median household income stands at $70,935 for householders within the 65 years and over age group, followed by $61,824 for the 25 to 44 years age group. Notably, householders within the 45 to 64 years age group, had the lowest median household income at $54,666..
How does the median household income for households led by individuals of median age compare in Mount Hope Town, Wisconsin?
The median age in Mount Hope town is 18.8, which falls within the Under 25 years range among the four age groups defined by the US Census Bureau. This demographic likely boasts a youthful population, indication a potential hub for emerging workforce. Interestingly, according to the latest American Community Survey data, the US Census Bureau did not report the median household income for householders in the Under 25 years age group in Mount Hope town. This absence could be attributed to a smaller working population or fewer household heads within this age range, potentially resulting in less reliable or unavailable data for reporting.
References
- U.S. Census Bureau American Community Survey (ACS) 2018-2022 5-Year Estimates
- Consumer Price Index retroactive series using current methods (R-CPI-U-RS)