North Berwick, Maine Median Household Income By Age

North Berwick, Maine 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 North Berwick town population by age, the median age in North Berwick town is 45.9 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 North Berwick town, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $118,820.

In terms of income distribution across age cohorts, in North Berwick town, householders within the 45 to 64 years age group have the highest median household income at $118,820, followed by those in the under 25 years age group with an income of $108,088. Meanwhile householders within the 25 to 44 years age group report the second lowest median household income of $102,281. Notably, householders within the 65 years and over age group, had the lowest median household income at $41,263.

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 North Berwick town.

FIGURE 1

North Berwick, Maine median household income by age of householder

It offers a clear illustration of the differences in median household incomes in North Berwick town, 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 $49,307(83.88%), escalating from a median of $58,781 in 2012 to $108,088 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 $9,355(18.48%), declining from a median of $50,618 in 2012 to $41,263 in 2022.

North Berwick, Maine household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the North Berwick town 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 92(4.51%) households where the householder is under 25 years old, 501(24.53%) households with a householder aged between 25 and 44 years, 764(37.41%) households with a householder aged between 45 and 64 years, and 685(33.55%) households where the householder is over 65 years old.

In North Berwick town, 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

North Berwick, Maine household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in North Berwick town: 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 North Berwick town when compared to the state of Maine 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 100% of the households in North Berwick town, where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $71,066 for the state of Maine. These 92 North Berwick town households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
• Householder 25 to 44 years: In North Berwick town, among households headed by individuals aged 25 to 44, an impressive 76.45% match or surpass the state of Maine median income of $71,066. These 383 households, represent a significant portion of the total 501 households in North Berwick town within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In North Berwick town, within the age group of 45 to 64 years, a remarkable 75% of households meet or exceed the state of Maine median income of $71,066. These 573 households, out of the total 764 households in this age cohort, signify a substantial portion of mature demographic of North Berwick town, showcasing commendable financial stability in comparison to the Maine state median income benchmark.
• Householder 65 years and over: In North Berwick town, among the over 65 years age group, a noteworthy 26.57% of households either match or surpass the state of Maine median income of $71,066. These 182 households, constituting notable portion of the North Berwick town town senior population, showcase commendable financial stability compared to the Maine state median income benchmark.

Things to know

Which age group reports the highest median household income in North Berwick, Maine?

In North Berwick town, households led by individuals aged 45 to 64 years report the highest median household income of $118,820 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 North Berwick, Maine?

In terms of income distribution across age cohorts, in North Berwick town, householders within the 45 to 64 years age group have the highest median household income at $118,820, followed by those in the under 25 years age group with an income of $108,088. Meanwhile householders within the 25 to 44 years age group report the second lowest median household income of $102,281. Notably, householders within the 65 years and over age group, had the lowest median household income at $41,263..

How does the median household income for households led by individuals of median age compare in North Berwick, Maine?

The median age in North Berwick town is 45.9, 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 North Berwick town, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $118,820.

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