New England, ND Median Household Income By Age

New England, ND 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 New England population by age, the median age in New England is 32.6 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 New England, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $92,039.

In terms of income distribution across age cohorts, in New England, where there exist only two delineated age groups, the median household income is $92,039 for householders within the 25 to 44 years age group, compared to $72,453 for the under 25 years 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 New England.

FIGURE 1

New England, ND median household income by age of householder

It offers a clear illustration of the differences in median household incomes in New England, 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 Under 25 years age group demonstrated a remarkable increase of $34,445(90.63%), escalating from a median of $38,008 in 2012 to $72,453 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 $23,690(34.66%), increasing from a median of $68,349 in 2012 to $92,039 in 2022.

New England, ND household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the New England 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 15(5.60%) households where the householder is under 25 years old, 105(39.18%) households with a householder aged between 25 and 44 years, 66(24.63%) households with a householder aged between 45 and 64 years, and 82(30.60%) households where the householder is over 65 years old.

In New England, the age group of 25 to 44 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

New England, ND household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in New England: 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 New England when compared to the state of North 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 worth noting that 46.67% of the households in New England, where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $77,010 for the state of North Dakota. These 7 New England households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
• Householder 25 to 44 years: In New England, among households headed by individuals aged 25 to 44, an impressive 60.95% match or surpass the state of North Dakota median income of $77,010. These 64 households, represent a significant portion of the total 105 households in New England within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In New England, within the age group of 45 to 64 years, a noteworthy 24.24% of households meet or exceed the state of North Dakota median income of $77,010. These 16 households, out of the total 66 households in this age cohort, signify a notable portion of mature demographic of New England, showcasing commendable financial stability in comparison to the North Dakota state median income benchmark.
• Householder 65 years and over: In New England, among the over 65 years age group, a noteworthy 40.24% of households either match or surpass the state of North Dakota median income of $77,010. These 33 households, constituting notable portion of the New England city senior population, showcase commendable financial stability compared to the North Dakota state median income benchmark.

Things to know

Which age group reports the highest median household income in New England, ND?

In New England, households led by individuals aged 25 to 44 years report the highest median household income of $92,039 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 New England, ND?

In terms of income distribution across age cohorts, in New England, where there exist only two delineated age groups, the median household income is $92,039 for householders within the 25 to 44 years age group, compared to $72,453 for the under 25 years age group..

How does the median household income for households led by individuals of median age compare in New England, ND?

The median age in New England is 32.6, 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 New England, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $92,039.

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