Mount Vernon, IA Median Household Income By Age

Mount Vernon, IA 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 Vernon population by age, the median age in Mount Vernon is 21.3 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 Vernon. 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 Vernon, the median household income stands at $111,355 for householders within the 45 to 64 years age group, followed by $101,720 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 $58,349.

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 city of Mount Vernon.

FIGURE 1

Mount Vernon, IA median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Mount Vernon, 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 65 years and over age group demonstrated a remarkable increase of $12,056(26.04%), escalating from a median of $46,293 in 2012 to $58,349 in 2022. Conversely, the age group of 25 to 44 years years witnessed the smallest growth in household income across the same span. Their median income saw a small increase of $6,324(6.63%), increasing from a median of $95,396 in 2012 to $101,720 in 2022.

Mount Vernon, IA household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Mount Vernon 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, 453(39.12%) households with a householder aged between 25 and 44 years, 499(43.09%) households with a householder aged between 45 and 64 years, and 206(17.79%) households where the householder is over 65 years old.

In Mount Vernon, 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

Mount Vernon, IA household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Mount Vernon: 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 Mount Vernon when compared to the state of Iowa 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 Mount Vernon, 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 Mount Vernon, among households headed by individuals aged 25 to 44, an impressive 60.04% match or surpass the state of Iowa median income of $73,482. These 272 households, represent a significant portion of the total 453 households in Mount Vernon within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Mount Vernon, within the age group of 45 to 64 years, a remarkable 84.77% of households meet or exceed the state of Iowa median income of $73,482. These 423 households, out of the total 499 households in this age cohort, signify a substantial portion of mature demographic of Mount Vernon, showcasing commendable financial stability in comparison to the Iowa state median income benchmark.
• Householder 65 years and over: In Mount Vernon, among the over 65 years age group, a noteworthy 38.35% of households either match or surpass the state of Iowa median income of $73,482. These 79 households, constituting notable portion of the Mount Vernon city senior population, showcase commendable financial stability compared to the Iowa state median income benchmark.

Things to know

Which age group reports the highest median household income in Mount Vernon, IA?

In Mount Vernon, households led by individuals aged 45 to 64 years report the highest median household income of $111,355 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 Vernon, IA?

In terms of income distribution across age cohorts, in Mount Vernon, the median household income stands at $111,355 for householders within the 45 to 64 years age group, followed by $101,720 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 $58,349..

How does the median household income for households led by individuals of median age compare in Mount Vernon, IA?

The median age in Mount Vernon is 21.3, 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 Vernon. 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.

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