New London, WI Median Household Income By Age

New London, WI 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 36.5 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 London, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $67,002.

In terms of income distribution across age cohorts, in New London, householders within the under 25 years age group have the highest median household income at $70,072, followed by those in the 25 to 44 years age group with an income of $67,002. Meanwhile householders within the 45 to 64 years age group report the second lowest median household income of $66,545. Notably, householders within the 65 years and over age group, had the lowest median household income at $29,123.

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 London.

FIGURE 1

New London, WI 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 four age groups with available Census data in both 2012 and 2022, two 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 Under 25 years age group demonstrated a remarkable increase of $31,498(81.66%), escalating from a median of $38,574 in 2012 to $70,072 in 2022. Conversely, the age group of 65 years and over years witnessed the most significant decline in household income across the same span. Their median income saw a substantial drop of $12,776(30.49%), declining from a median of $41,899 in 2012 to $29,123 in 2022.

New London, WI 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 162(5.12%) households where the householder is under 25 years old, 1,202(38%) households with a householder aged between 25 and 44 years, 973(30.76%) households with a householder aged between 45 and 64 years, and 826(26.11%) households where the householder is over 65 years old.

The age group of under 25 years exhibits the highest median household income, while the largest number of households falls within the 25 to 44 years bracket. This distribution hints at economic disparities within the city of New London, showcasing varying income levels among different age demographics.

FIGURE 2

New London, WI 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 Wisconsin 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 $75,447 for the state of Wisconsin. 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 42.93% match or surpass the state of Wisconsin median income of $75,447. These 516 households, represent a notable portion of the total 1,202 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 noteworthy 44.19% of households meet or exceed the state of Wisconsin median income of $75,447. These 430 households, out of the total 973 households in this age cohort, signify a notable portion of mature demographic of New London, showcasing commendable financial stability in comparison to the Wisconsin state median income benchmark.
• Householder 65 years and over: In New London, among the over 65 years age group, only 3.15% of households either match or surpass the state of Wisconsin median income of $75,447. These 26 households, constituting low portion of the New London city senior population, showcase commendable financial stability compared to the Wisconsin state median income benchmark.

Things to know

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

In New London, households led by individuals aged under 25 years report the highest median household income of $70,072 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, WI?

In terms of income distribution across age cohorts, in New London, householders within the under 25 years age group have the highest median household income at $70,072, followed by those in the 25 to 44 years age group with an income of $67,002. Meanwhile householders within the 45 to 64 years age group report the second lowest median household income of $66,545. Notably, householders within the 65 years and over age group, had the lowest median household income at $29,123..

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

The median age in New London is 36.5, 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 London, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $67,002.

References

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