North Salem, IN Median Household Income By Age

North Salem, 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 North Salem population by age, the median age in North Salem is 36.2 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 Salem, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $72,107.

In terms of income distribution across age cohorts, in North Salem, the median household income stands at $78,528 for householders within the 45 to 64 years age group, followed by $72,107 for the 25 to 44 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $59,872.

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 Salem.

FIGURE 1

North Salem, IN median household income by age of householder

It offers a clear illustration of the differences in median household incomes in North Salem, 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 65 years and over age group demonstrated a remarkable increase of $27,896(87.24%), escalating from a median of $31,976 in 2012 to $59,872 in 2022. Conversely, the age group of 45 to 64 years years witnessed the smallest growth in household income across the same span. Their median income saw a small increase of $3,094(4.10%), increasing from a median of $75,434 in 2012 to $78,528 in 2022.

North Salem, IN household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the North Salem 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 13(6.53%) households where the householder is under 25 years old, 57(28.64%) households with a householder aged between 25 and 44 years, 73(36.68%) households with a householder aged between 45 and 64 years, and 56(28.14%) households where the householder is over 65 years old.

In North Salem, 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 Salem, IN household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in North Salem: 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 Salem 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: It is impressive that 100% of the households in North Salem, where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $69,944 for the state of Indiana. These 13 North Salem households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
• Householder 25 to 44 years: In North Salem, among households headed by individuals aged 25 to 44, an impressive 64.91% match or surpass the state of Indiana median income of $69,944. These 37 households, represent a significant portion of the total 57 households in North Salem within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In North Salem, within the age group of 45 to 64 years, a remarkable 53.42% of households meet or exceed the state of Indiana median income of $69,944. These 39 households, out of the total 73 households in this age cohort, signify a substantial portion of mature demographic of North Salem, showcasing commendable financial stability in comparison to the Indiana state median income benchmark.
• Householder 65 years and over: In North Salem, among the over 65 years age group, a noteworthy 48.21% of households either match or surpass the state of Indiana median income of $69,944. These 27 households, constituting notable portion of the North Salem 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 North Salem, IN?

In North Salem, households led by individuals aged 45 to 64 years report the highest median household income of $78,528 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 Salem, IN?

In terms of income distribution across age cohorts, in North Salem, the median household income stands at $78,528 for householders within the 45 to 64 years age group, followed by $72,107 for the 25 to 44 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $59,872..

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

The median age in North Salem is 36.2, 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 Salem, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $72,107.

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