New London, NC Median Household Income By Age

New London, NC 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 London population by age, the median age in New London is 39 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 New London. 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 New London, where there exist only two delineated age groups, the median household income is $81,564 for householders within the 45 to 64 years age group, compared to $60,566 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 town of New London.

FIGURE 1

New London, NC median household income by age of householder

It offers a clear illustration of the differences in median household incomes in New London, 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 65 years and over age group demonstrated a remarkable increase of $31,442(107.96%), escalating from a median of $29,124 in 2012 to $60,566 in 2022. Conversely, the age group of 45 to 64 years years witnessed the smallest growth in household income across the same span. Their median income saw a small increase of $23,694(40.94%), increasing from a median of $57,870 in 2012 to $81,564 in 2022.

New London, NC household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the New London 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 11(4.55%) households where the householder is under 25 years old, 63(26.03%) households with a householder aged between 25 and 44 years, 102(42.15%) households with a householder aged between 45 and 64 years, and 66(27.27%) households where the householder is over 65 years old.

In New London, 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

New London, NC household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in New London: 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 London when compared to the state of North Carolina 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 New London, where householders are under 25 years old, fall within or exceed the income bracket representing the median income of $68,916 for the state of North Carolina. 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 New London, among households headed by individuals aged 25 to 44,worth noting that 41.27% match or surpass the state of North Carolina median income of $68,916. These 26 households, represent a notable portion of the total 63 households in New London within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In New London, within the age group of 45 to 64 years, a remarkable 63.73% of households meet or exceed the state of North Carolina median income of $68,916. These 65 households, out of the total 102 households in this age cohort, signify a substantial portion of mature demographic of New London, showcasing commendable financial stability in comparison to the North Carolina state median income benchmark.
• Householder 65 years and over: In New London, among the over 65 years age group, a noteworthy 33.33% of households either match or surpass the state of North Carolina median income of $68,916. These 22 households, constituting notable portion of the New London town senior population, showcase commendable financial stability compared to the North Carolina state median income benchmark.

Things to know

Which age group reports the highest median household income in New London, NC?

In New London, households led by individuals aged 45 to 64 years report the highest median household income of $81,564 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 London, NC?

In terms of income distribution across age cohorts, in New London, where there exist only two delineated age groups, the median household income is $81,564 for householders within the 45 to 64 years age group, compared to $60,566 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 London, NC?

The median age in New London is 39, 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 New London. 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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