Mountain Lake Park, MD Median Household Income By Age

Mountain Lake Park, MD 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 Mountain Lake Park population by age, the median age in Mountain Lake Park is 44.3 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 Mountain Lake Park, the age group of 45 to 64 years exhibited the second-highest median household income, recorded at $56,721.

In terms of income distribution across age cohorts, in Mountain Lake Park, the median household income stands at $64,335 for householders within the 25 to 44 years age group, followed by $56,721 for the 45 to 64 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $45,627.

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 Mountain Lake Park.

FIGURE 1

Mountain Lake Park, MD median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Mountain Lake Park, 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, one groups encountered a decline in their median household income, while the remaining two experienced an increase during this period. Notably, household income for individuals within the 25 to 44 years age group demonstrated a remarkable increase of $28,136(77.73%), escalating from a median of $36,199 in 2012 to $64,335 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 $792(1.38%), declining from a median of $57,513 in 2012 to $56,721 in 2022.

Mountain Lake Park, MD household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Mountain Lake Park 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 29(3.02%) households where the householder is under 25 years old, 274(28.54%) households with a householder aged between 25 and 44 years, 348(36.25%) households with a householder aged between 45 and 64 years, and 309(32.19%) households where the householder is over 65 years old.

The age group of 25 to 44 years exhibits the highest median household income, while the largest number of households falls within the 45 to 64 years bracket. This distribution hints at economic disparities within the town of Mountain Lake Park, showcasing varying income levels among different age demographics.

FIGURE 2

Mountain Lake Park, MD household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Mountain Lake Park: 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 Mountain Lake Park when compared to the state of Maryland 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 Mountain Lake Park, where householders are under 25 years old, fall within or exceed the income bracket representing the median income of $102,523 for the state of Maryland. 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 Mountain Lake Park, among households headed by individuals aged 25 to 44,noteworthy that only 20.80% match or surpass the state of Maryland median income of $102,523. These 57 households, represent a low portion of the total 274 households in Mountain Lake Park within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Mountain Lake Park, within the age group of 45 to 64 years, only 23.56% of households meet or exceed the state of Maryland median income of $102,523. These 82 households, out of the total 348 households in this age cohort, signify a low portion of mature demographic of Mountain Lake Park, showcasing commendable financial stability in comparison to the Maryland state median income benchmark.
• Householder 65 years and over: In Mountain Lake Park, among the over 65 years age group, only 19.09% of households either match or surpass the state of Maryland median income of $102,523. These 59 households, constituting low portion of the Mountain Lake Park town senior population, showcase commendable financial stability compared to the Maryland state median income benchmark.

Things to know

Which age group reports the highest median household income in Mountain Lake Park, MD?

In Mountain Lake Park, households led by individuals aged 25 to 44 years report the highest median household income of $64,335 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 Mountain Lake Park, MD?

In terms of income distribution across age cohorts, in Mountain Lake Park, the median household income stands at $64,335 for householders within the 25 to 44 years age group, followed by $56,721 for the 45 to 64 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $45,627..

How does the median household income for households led by individuals of median age compare in Mountain Lake Park, MD?

The median age in Mountain Lake Park is 44.3, 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 Mountain Lake Park, the age group of 45 to 64 years exhibited the second-highest median household income, recorded at $56,721.

References

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