North Carrollton, MS Median Household Income By Age

North Carrollton, MS 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 Carrollton population by age, the median age in North Carrollton is 33.4 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 North Carrollton, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $16,016.

In terms of income distribution across age cohorts, in North Carrollton, where there exist only two delineated age groups, the median household income is $30,815 for householders within the 45 to 64 years age group, compared to $16,016 for the 25 to 44 years 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 North Carrollton.

FIGURE 1

North Carrollton, MS median household income by age of householder

It offers a clear illustration of the differences in median household incomes in North Carrollton, 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 2013 and 2023, one groups encountered a decline in their median household income, while the remaining one experienced an increase during this period. Notably, household income for individuals within the 45 to 64 years age group demonstrated a remarkable increase of $3,794(14.04%), escalating from a median of $27,021 in 2013 to $30,815 in 2023. Conversely, the age group of 25 to 44 years years witnessed the most significant decline in household income across the same span. Their median income saw a substantial drop of $26,455(62.29%), declining from a median of $42,471 in 2013 to $16,016 in 2023.

North Carrollton, MS household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the North Carrollton 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 10(3.56%) households where the householder is under 25 years old, 116(41.28%) households with a householder aged between 25 and 44 years, 83(29.54%) households with a householder aged between 45 and 64 years, and 72(25.62%) households where the householder is over 65 years old.

The age group of 45 to 64 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 town of North Carrollton, showcasing varying income levels among different age demographics.

FIGURE 2

North Carrollton, MS household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in North Carrollton: 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 Carrollton when compared to the state of Mississippi 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 Carrollton, where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $54,915 for the state of Mississippi. These 10 North Carrollton households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
• Householder 25 to 44 years: In North Carrollton, among households headed by individuals aged 25 to 44,noteworthy that only 22.41% match or surpass the state of Mississippi median income of $54,915. These 26 households, represent a low portion of the total 116 households in North Carrollton within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In North Carrollton, within the age group of 45 to 64 years, only 20.48% of households meet or exceed the state of Mississippi median income of $54,915. These 17 households, out of the total 83 households in this age cohort, signify a low portion of mature demographic of North Carrollton, showcasing commendable financial stability in comparison to the Mississippi state median income benchmark.
• Householder 65 years and over: In North Carrollton, among the over 65 years age group, only 22.22% of households either match or surpass the state of Mississippi median income of $54,915. These 16 households, constituting low portion of the North Carrollton town senior population, showcase commendable financial stability compared to the Mississippi state median income benchmark.

Things to know

Which age group reports the highest median household income in North Carrollton, MS?

In North Carrollton, households led by individuals aged 45 to 64 years report the highest median household income of $30,815 according to the American Community Survey 2019-2023 5-Year Estimates by the US Census Bureau.

How does the median household income vary by age in North Carrollton, MS?

In terms of income distribution across age cohorts, in North Carrollton, where there exist only two delineated age groups, the median household income is $30,815 for householders within the 45 to 64 years age group, compared to $16,016 for the 25 to 44 years age group..

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

The median age in North Carrollton is 33.4, 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 North Carrollton, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $16,016.

References

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