Median Household Income by Age of Householder in Mount Vernon, KY (2022, in 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Mount Vernon. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Mount Vernon.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | - |
| 25 to 44 years | - |
| 45 to 64 years | $64,558 |
| 65 years and over | $33,636 |
TABLE OF CONTENTS
Mount Vernon, KY 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 45.4 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 Mount Vernon, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $64,558.
In terms of income distribution across age cohorts, in Mount Vernon, where there exist only two delineated age groups, the median household income is $64,558 for householders within the 45 to 64 years age group, compared to $33,636 for the 65 years and over age group.
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, KY 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 two 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 $26,898(71.42%), escalating from a median of $37,660 in 2012 to $64,558 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 $10,714(46.74%), increasing from a median of $22,922 in 2012 to $33,636 in 2022.
Mount Vernon, KY 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 69(7.76%) households where the householder is under 25 years old, 159(17.89%) households with a householder aged between 25 and 44 years, 352(39.60%) households with a householder aged between 45 and 64 years, and 309(34.76%) 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, KY 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
Age-wise distribution of Mount Vernon household incomes: Comparative analysis across 16 income brackets
Discover the household 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. 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 | 45 | 34 | 70 | 25 |
| $10,000 - $14,999 | - | 40 | 29 | 49 |
| $15,000 - $19,999 | - | 6 | 4 | 41 |
| $20,000 - $24,999 | - | 12 | 12 | 22 |
| $25,000 - $29,999 | - | - | 16 | - |
| $30,000 - $34,999 | - | - | 5 | 39 |
| $35,000 - $39,999 | - | 15 | 4 | 36 |
| $40,000 - $44,999 | 7 | 15 | - | 18 |
| $45,000 - $49,999 | - | - | 16 | 4 |
| $50,000 - $59,999 | 17 | 4 | 16 | 6 |
| $60,000 - $74,999 | - | 14 | 26 | 22 |
| $75,000 - $99,999 | - | 5 | 73 | 38 |
| $100,000 - $124,999 | - | 5 | 15 | 5 |
| $125,000 - $149,999 | - | 9 | 54 | 4 |
| $150,000 - $199,999 | - | - | 4 | - |
| $200,000 or more | - | - | 8 | - |
To further explore the income distribution and gain insights into financial landscape of Mount Vernon when compared to the state of Kentucky 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 Mount Vernon, where householders are under 25 years old, fall within or exceed the income bracket representing the median income of $62,666 for the state of Kentucky. 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 Mount Vernon, among households headed by individuals aged 25 to 44,noteworthy that only 20.75% match or surpass the state of Kentucky median income of $62,666. These 33 households, represent a low portion of the total 159 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 51.14% of households meet or exceed the state of Kentucky median income of $62,666. These 180 households, out of the total 352 households in this age cohort, signify a substantial portion of mature demographic of Mount Vernon, showcasing commendable financial stability in comparison to the Kentucky state median income benchmark.
- Householder 65 years and over: In Mount Vernon, among the over 65 years age group, only 22.33% of households either match or surpass the state of Kentucky median income of $62,666. These 69 households, constituting low portion of the Mount Vernon city senior population, showcase commendable financial stability compared to the Kentucky state median income benchmark.
Things to know
Which age group reports the highest median household income in Mount Vernon, KY?
In Mount Vernon, households led by individuals aged 45 to 64 years report the highest median household income of $64,558 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, KY?
In terms of income distribution across age cohorts, in Mount Vernon, where there exist only two delineated age groups, the median household income is $64,558 for householders within the 45 to 64 years age group, compared to $33,636 for the 65 years and over age group..
How does the median household income for households led by individuals of median age compare in Mount Vernon, KY?
The median age in Mount Vernon is 45.4, 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 Mount Vernon, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $64,558.
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)