Mount Vernon, SD Median Household Income By Age

Mount Vernon, SD 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 28.9 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, according to the latest American Community Survey data, the US Census Bureau did not report the median household income for householders in the 25 to 44 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 $71,369 for householders within the 45 to 64 years age group, followed by $46,856 for the 65 years and over age group. Notably, householders within the under 25 years age group, had the lowest median household income at $45,555.

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, SD 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, one 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 $23,795(103.18%), escalating from a median of $23,061 in 2012 to $46,856 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 $8,649(10.81%), declining from a median of $80,018 in 2012 to $71,369 in 2022.

Mount Vernon, SD 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 5(2.50%) households where the householder is under 25 years old, 106(53%) households with a householder aged between 25 and 44 years, 69(34.50%) households with a householder aged between 45 and 64 years, and 20(10%) 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 25 to 44 years bracket. This distribution hints at economic disparities within the city of Mount Vernon, showcasing varying income levels among different age demographics.

FIGURE 2

Mount Vernon, SD 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 South Dakota 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 only 20% of the households in Mount Vernon, where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $72,322 for the state of South Dakota. These 1 Mount Vernon households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
• Householder 25 to 44 years: In Mount Vernon, among households headed by individuals aged 25 to 44,worth noting that 30.19% match or surpass the state of South Dakota median income of $72,322. These 32 households, represent a notable portion of the total 106 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 53.62% of households meet or exceed the state of South Dakota median income of $72,322. These 37 households, out of the total 69 households in this age cohort, signify a substantial portion of mature demographic of Mount Vernon, showcasing commendable financial stability in comparison to the South Dakota state median income benchmark.
• Householder 65 years and over: In Mount Vernon, among the over 65 years age group, only 25% of households either match or surpass the state of South Dakota median income of $72,322. These 5 households, constituting low portion of the Mount Vernon city senior population, showcase commendable financial stability compared to the South Dakota state median income benchmark.

Things to know

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

In Mount Vernon, households led by individuals aged 45 to 64 years report the highest median household income of $71,369 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, SD?

In terms of income distribution across age cohorts, in Mount Vernon, the median household income stands at $71,369 for householders within the 45 to 64 years age group, followed by $46,856 for the 65 years and over age group. Notably, householders within the under 25 years age group, had the lowest median household income at $45,555..

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

The median age in Mount Vernon is 28.9, 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, according to the latest American Community Survey data, the US Census Bureau did not report the median household income for householders in the 25 to 44 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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