Median Household Income by Age of Householder in North Collins, NY (In 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in North Collins. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in North Collins.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | - |
| 25 to 44 years | $69,018 |
| 45 to 64 years | - |
| 65 years and over | $26,250 |
TABLE OF CONTENTS
North Collins, NY 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 Collins population by age, the median age in North Collins is 40.2 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 Collins, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $69,018.
In terms of income distribution across age cohorts, in North Collins, where there exist only two delineated age groups, the median household income is $69,018 for householders within the 25 to 44 years age group, compared to $26,250 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 village of North Collins.
FIGURE 1
North Collins, NY median household income by age of householder
It offers a clear illustration of the differences in median household incomes in North Collins, 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, none had an increase in this time period. Notably, household income for individuals within the 65 years and over age group demonstrated the smallest decline of $1,995(7.06%), declining from a median of $28,245 in 2013 to $26,250 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 $6,436(8.53%), declining from a median of $75,454 in 2013 to $69,018 in 2023.
North Collins, NY household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the North Collins 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 14(2.59%) households where the householder is under 25 years old, 163(30.19%) households with a householder aged between 25 and 44 years, 240(44.44%) households with a householder aged between 45 and 64 years, and 123(22.78%) 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 village of North Collins, showcasing varying income levels among different age demographics.
FIGURE 2
North Collins, NY household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in North Collins: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of North Collins household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in North Collins: 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 | - | 1 | 18 | 10 |
| $10,000 - $14,999 | - | - | 17 | 13 |
| $15,000 - $19,999 | - | 10 | 38 | 17 |
| $20,000 - $24,999 | - | 3 | 16 | 20 |
| $25,000 - $29,999 | - | 6 | 8 | 9 |
| $30,000 - $34,999 | - | - | - | - |
| $35,000 - $39,999 | - | 22 | - | 13 |
| $40,000 - $44,999 | - | 3 | 11 | 11 |
| $45,000 - $49,999 | - | - | 8 | 1 |
| $50,000 - $59,999 | - | 17 | 1 | 3 |
| $60,000 - $74,999 | - | 46 | 3 | 8 |
| $75,000 - $99,999 | 14 | 29 | 13 | 12 |
| $100,000 - $124,999 | - | 15 | 44 | - |
| $125,000 - $149,999 | - | 8 | 22 | 3 |
| $150,000 - $199,999 | - | - | 32 | 3 |
| $200,000 or more | - | 3 | 9 | - |
To further explore the income distribution and gain insights into financial landscape of North Collins when compared to the state of New York 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 Collins, where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $84,578 for the state of New York. These 14 North Collins households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
- Householder 25 to 44 years: In North Collins, among households headed by individuals aged 25 to 44,worth noting that 33.74% match or surpass the state of New York median income of $84,578. These 55 households, represent a notable portion of the total 163 households in North Collins within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In North Collins, within the age group of 45 to 64 years, a noteworthy 50% of households meet or exceed the state of New York median income of $84,578. These 120 households, out of the total 240 households in this age cohort, signify a notable portion of mature demographic of North Collins, showcasing commendable financial stability in comparison to the New York state median income benchmark.
- Householder 65 years and over: In North Collins, among the over 65 years age group, only 14.63% of households either match or surpass the state of New York median income of $84,578. These 18 households, constituting low portion of the North Collins village senior population, showcase commendable financial stability compared to the New York state median income benchmark.
Things to know
Which age group reports the highest median household income in North Collins, NY?
In North Collins, households led by individuals aged 25 to 44 years report the highest median household income of $69,018 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 Collins, NY?
In terms of income distribution across age cohorts, in North Collins, where there exist only two delineated age groups, the median household income is $69,018 for householders within the 25 to 44 years age group, compared to $26,250 for the 65 years and over age group..
How does the median household income for households led by individuals of median age compare in North Collins, NY?
The median age in North Collins is 40.2, 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 Collins, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $69,018.
References
- U.S. Census Bureau American Community Survey (ACS) 2019-2023 5-Year Estimates
- Consumer Price Index retroactive series using current methods (R-CPI-U-RS)
