North Vernon, IN Median Household Income By Age

North Vernon, 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 Vernon population by age, the median age in North Vernon is 37.5 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 Vernon, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $50,958.

In terms of income distribution across age cohorts, in North Vernon, the median household income stands at $59,144 for householders within the 45 to 64 years age group, followed by $50,958 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 $26,181.

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 city of North Vernon.

FIGURE 1

North Vernon, IN median household income by age of householder

It offers a clear illustration of the differences in median household incomes in North Vernon, 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, two 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 25 to 44 years age group demonstrated a remarkable increase of $5,807(12.86%), escalating from a median of $45,151 in 2012 to $50,958 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 $11,506(30.53%), declining from a median of $37,687 in 2012 to $26,181 in 2022.

North Vernon, IN household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the North Vernon 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 264(8.98%) households where the householder is under 25 years old, 820(27.90%) households with a householder aged between 25 and 44 years, 1,004(34.16%) households with a householder aged between 45 and 64 years, and 851(28.96%) households where the householder is over 65 years old.

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

Household income distribution across 16 income brackets among four distinct age groups in North Vernon: 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 Vernon 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 worth noting that 42.80% of the households in North Vernon, 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 113 North Vernon households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
• Householder 25 to 44 years: In North Vernon, among households headed by individuals aged 25 to 44,worth noting that 42.20% match or surpass the state of Indiana median income of $69,944. These 346 households, represent a notable portion of the total 820 households in North Vernon within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In North Vernon, within the age group of 45 to 64 years, a noteworthy 42.53% of households meet or exceed the state of Indiana median income of $69,944. These 427 households, out of the total 1,004 households in this age cohort, signify a notable portion of mature demographic of North Vernon, showcasing commendable financial stability in comparison to the Indiana state median income benchmark.
• Householder 65 years and over: In North Vernon, among the over 65 years age group, a noteworthy 26.79% of households either match or surpass the state of Indiana median income of $69,944. These 228 households, constituting notable portion of the North Vernon city 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 Vernon, IN?

In North Vernon, households led by individuals aged 45 to 64 years report the highest median household income of $59,144 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 Vernon, IN?

In terms of income distribution across age cohorts, in North Vernon, the median household income stands at $59,144 for householders within the 45 to 64 years age group, followed by $50,958 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 $26,181..

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

The median age in North Vernon is 37.5, 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 Vernon, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $50,958.

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