Median Household Income by Age of Householder in New Palestine, IN (2022, in 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in New Palestine. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in New Palestine.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | - |
| 25 to 44 years | $130,970 |
| 45 to 64 years | $130,435 |
| 65 years and over | $50,513 |
TABLE OF CONTENTS
New Palestine, IN 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 Palestine population by age, the median age in New Palestine is 44.4 years.
Typically for a location with median age in this range, it tends to house more established professionals, possibly reflecting stable households and higher earning poptential. Interestingly, within New Palestine, the age group of 45 to 64 years exhibited the second-highest median household income, recorded at $130,435.
In terms of income distribution across age cohorts, in New Palestine, the median household income stands at $130,970 for householders within the 25 to 44 years age group, followed by $130,435 for the 45 to 64 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $50,513.
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 Palestine.
FIGURE 1
New Palestine, IN median household income by age of householder
It offers a clear illustration of the differences in median household incomes in New Palestine, 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 2012 and 2022, none had a decline during this time period. Notably, household income for individuals within the 45 to 64 years age group demonstrated a remarkable increase of $37,438(40.26%), escalating from a median of $92,997 in 2012 to $130,435 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 $108(0.08%), increasing from a median of $130,862 in 2012 to $130,970 in 2022.
New Palestine, IN household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the New Palestine 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 0 households where the householder is under 25 years old, 327(27.27%) households with a householder aged between 25 and 44 years, 459(38.28%) households with a householder aged between 45 and 64 years, and 413(34.45%) 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 45 to 64 years bracket. This distribution hints at economic disparities within the town of New Palestine, showcasing varying income levels among different age demographics.
FIGURE 2
New Palestine, IN household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in New Palestine: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of New Palestine household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in New Palestine: 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 | - | - | - | 27 |
| $10,000 - $14,999 | - | - | - | 44 |
| $15,000 - $19,999 | - | - | - | 20 |
| $20,000 - $24,999 | - | - | - | 30 |
| $25,000 - $29,999 | - | - | 17 | - |
| $30,000 - $34,999 | - | 12 | - | 20 |
| $35,000 - $39,999 | - | - | 15 | 39 |
| $40,000 - $44,999 | - | 9 | - | 4 |
| $45,000 - $49,999 | - | - | - | 35 |
| $50,000 - $59,999 | - | 22 | 11 | 16 |
| $60,000 - $74,999 | - | 29 | 5 | 96 |
| $75,000 - $99,999 | - | 63 | 124 | 58 |
| $100,000 - $124,999 | - | 26 | 56 | 14 |
| $125,000 - $149,999 | - | 63 | 60 | - |
| $150,000 - $199,999 | - | 38 | 105 | - |
| $200,000 or more | - | 65 | 66 | 10 |
To further explore the income distribution and gain insights into financial landscape of New Palestine when compared to the state of Indiana 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: In New Palestine, the comparison with the median income of the state and the nation remains inapplicable as there are no households headed by individuals under 25 years old.
- Householder 25 to 44 years: In New Palestine, among households headed by individuals aged 25 to 44, an impressive 86.85% match or surpass the state of Indiana median income of $69,944. These 284 households, represent a significant portion of the total 327 households in New Palestine within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In New Palestine, within the age group of 45 to 64 years, a remarkable 90.63% of households meet or exceed the state of Indiana median income of $69,944. These 416 households, out of the total 459 households in this age cohort, signify a substantial portion of mature demographic of New Palestine, showcasing commendable financial stability in comparison to the Indiana state median income benchmark.
- Householder 65 years and over: In New Palestine, among the over 65 years age group, a noteworthy 43.10% of households either match or surpass the state of Indiana median income of $69,944. These 178 households, constituting notable portion of the New Palestine town senior population, showcase commendable financial stability compared to the Indiana state median income benchmark.
Things to know
Which age group reports the highest median household income in New Palestine, IN?
In New Palestine, households led by individuals aged 25 to 44 years report the highest median household income of $130,970 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 Palestine, IN?
In terms of income distribution across age cohorts, in New Palestine, the median household income stands at $130,970 for householders within the 25 to 44 years age group, followed by $130,435 for the 45 to 64 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $50,513..
How does the median household income for households led by individuals of median age compare in New Palestine, IN?
The median age in New Palestine is 44.4, which falls within the 45 to 64 years range among the four age groups defined by the US Census Bureau. This demographic tends to house more established professionals, possibly reflecting stable households and higher earning poptential. Interestingly, within New Palestine, the age group of 45 to 64 years exhibited the second-highest median household income, recorded at $130,435.
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)