Median Household Income by Age of Householder in Murray, New York (In 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Murray town. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Murray town.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | - |
| 25 to 44 years | $62,821 |
| 45 to 64 years | $73,015 |
| 65 years and over | $47,188 |
TABLE OF CONTENTS
Murray, New York 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 Murray town population by age, the median age in Murray town is 39.6 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, within Murray town, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $62,821.
In terms of income distribution across age cohorts, in Murray town, the median household income stands at $73,015 for householders within the 45 to 64 years age group, followed by $62,821 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 $47,188.
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 Murray town.
FIGURE 1
Murray, New York median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Murray 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 2013 and 2023, 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 $15,389(48.39%), escalating from a median of $31,799 in 2013 to $47,188 in 2023. Conversely, the age group of 25 to 44 years years witnessed the most significant decline in household income across the same span. Their median income saw a substantial drop of $2,079(3.20%), declining from a median of $64,900 in 2013 to $62,821 in 2023.
Murray, New York household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Murray 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 105(5.13%) households where the householder is under 25 years old, 529(25.84%) households with a householder aged between 25 and 44 years, 841(41.08%) households with a householder aged between 45 and 64 years, and 572(27.94%) households where the householder is over 65 years old.
In Murray town, 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
Murray, New York household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Murray town: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Murray town household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Murray 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 | 7 | 18 | 24 | 14 |
| $10,000 - $14,999 | 45 | 18 | - | - |
| $15,000 - $19,999 | - | 18 | 39 | 39 |
| $20,000 - $24,999 | - | - | 15 | 26 |
| $25,000 - $29,999 | - | 28 | 38 | 19 |
| $30,000 - $34,999 | - | - | 8 | 58 |
| $35,000 - $39,999 | - | 12 | 32 | 32 |
| $40,000 - $44,999 | - | 12 | 28 | 91 |
| $45,000 - $49,999 | - | 20 | 44 | 26 |
| $50,000 - $59,999 | 8 | 102 | 74 | 78 |
| $60,000 - $74,999 | - | 74 | 132 | 75 |
| $75,000 - $99,999 | 45 | 73 | 67 | 24 |
| $100,000 - $124,999 | - | 62 | 68 | 37 |
| $125,000 - $149,999 | - | 17 | 64 | 3 |
| $150,000 - $199,999 | - | 53 | 115 | 11 |
| $200,000 or more | - | 22 | 93 | 39 |
To further explore the income distribution and gain insights into financial landscape of Murray town when compared to the state of New York 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 worth noting that 42.86% of the households in Murray town, where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $84,578 for the state of New York. These 45 Murray town households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
- Householder 25 to 44 years: In Murray town, among households headed by individuals aged 25 to 44,worth noting that 42.91% match or surpass the state of New York median income of $84,578. These 227 households, represent a notable portion of the total 529 households in Murray town within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Murray town, within the age group of 45 to 64 years, a noteworthy 48.39% of households meet or exceed the state of New York median income of $84,578. These 407 households, out of the total 841 households in this age cohort, signify a notable portion of mature demographic of Murray town, showcasing commendable financial stability in comparison to the New York state median income benchmark.
- Householder 65 years and over: In Murray town, among the over 65 years age group, only 19.93% of households either match or surpass the state of New York median income of $84,578. These 114 households, constituting low portion of the Murray town town senior population, showcase commendable financial stability compared to the New York state median income benchmark.
Things to know
Which age group reports the highest median household income in Murray, New York?
In Murray town, households led by individuals aged 45 to 64 years report the highest median household income of $73,015 according to the American Community Survey 2019-2023 5-Year Estimates by the US Census Bureau.
How does the median household income vary by age in Murray, New York?
In terms of income distribution across age cohorts, in Murray town, the median household income stands at $73,015 for householders within the 45 to 64 years age group, followed by $62,821 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 $47,188..
How does the median household income for households led by individuals of median age compare in Murray, New York?
The median age in Murray town is 39.6, 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, within Murray town, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $62,821.
References
- U.S. Census Bureau American Community Survey (ACS) 2019-2023 5-Year Estimates
- Consumer Price Index retroactive series using current methods (R-CPI-U-RS)