Median Household Income by Age of Householder in New Franklin, MO (2022, in 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in New Franklin. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in New Franklin.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | - |
| 25 to 44 years | $75,892 |
| 45 to 64 years | - |
| 65 years and over | $36,444 |
TABLE OF CONTENTS
New Franklin, MO 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 Franklin population by age, the median age in New Franklin is 39.8 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 Franklin, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $75,892.
In terms of income distribution across age cohorts, in New Franklin, where there exist only two delineated age groups, the median household income is $75,892 for householders within the 25 to 44 years age group, compared to $36,444 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 New Franklin.
FIGURE 1
New Franklin, MO median household income by age of householder
It offers a clear illustration of the differences in median household incomes in New Franklin, 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 25 to 44 years age group demonstrated a remarkable increase of $18,657(32.60%), escalating from a median of $57,235 in 2012 to $75,892 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 $325(0.90%), increasing from a median of $36,119 in 2012 to $36,444 in 2022.
New Franklin, MO household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the New Franklin 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 8(2.32%) households where the householder is under 25 years old, 122(35.36%) households with a householder aged between 25 and 44 years, 81(23.48%) households with a householder aged between 45 and 64 years, and 134(38.84%) 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 65 years and over bracket. This distribution hints at economic disparities within the city of New Franklin, showcasing varying income levels among different age demographics.
FIGURE 2
New Franklin, MO household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in New Franklin: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of New Franklin household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in New Franklin: 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 | - | - | - | - |
| $10,000 - $14,999 | - | 11 | 3 | 26 |
| $15,000 - $19,999 | - | - | 3 | 14 |
| $20,000 - $24,999 | - | - | 13 | 14 |
| $25,000 - $29,999 | - | 7 | - | 11 |
| $30,000 - $34,999 | - | 18 | - | 2 |
| $35,000 - $39,999 | - | 5 | - | 5 |
| $40,000 - $44,999 | - | - | 7 | 7 |
| $45,000 - $49,999 | - | 8 | 3 | 28 |
| $50,000 - $59,999 | 2 | 3 | 12 | 6 |
| $60,000 - $74,999 | 6 | 20 | 3 | 8 |
| $75,000 - $99,999 | - | 30 | 2 | 13 |
| $100,000 - $124,999 | - | 7 | 12 | - |
| $125,000 - $149,999 | - | 6 | 11 | - |
| $150,000 - $199,999 | - | 2 | 5 | - |
| $200,000 or more | - | 5 | 7 | - |
To further explore the income distribution and gain insights into financial landscape of New Franklin when compared to the state of Missouri 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 impressive that 75% of the households in New Franklin, where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $68,639 for the state of Missouri. These 6 New Franklin households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
- Householder 25 to 44 years: In New Franklin, among households headed by individuals aged 25 to 44, an impressive 57.38% match or surpass the state of Missouri median income of $68,639. These 70 households, represent a significant portion of the total 122 households in New Franklin within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In New Franklin, within the age group of 45 to 64 years, a noteworthy 49.38% of households meet or exceed the state of Missouri median income of $68,639. These 40 households, out of the total 81 households in this age cohort, signify a notable portion of mature demographic of New Franklin, showcasing commendable financial stability in comparison to the Missouri state median income benchmark.
- Householder 65 years and over: In New Franklin, among the over 65 years age group, only 15.67% of households either match or surpass the state of Missouri median income of $68,639. These 21 households, constituting low portion of the New Franklin city senior population, showcase commendable financial stability compared to the Missouri state median income benchmark.
Things to know
Which age group reports the highest median household income in New Franklin, MO?
In New Franklin, households led by individuals aged 25 to 44 years report the highest median household income of $75,892 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 Franklin, MO?
In terms of income distribution across age cohorts, in New Franklin, where there exist only two delineated age groups, the median household income is $75,892 for householders within the 25 to 44 years age group, compared to $36,444 for the 65 years and over age group..
How does the median household income for households led by individuals of median age compare in New Franklin, MO?
The median age in New Franklin is 39.8, 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 Franklin, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $75,892.
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)