Old Lycoming Township, Pennsylvania Median Household Income By Age

Old Lycoming Township, Pennsylvania 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 Old Lycoming township population by age, the median age in Old Lycoming township is 42.8 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 Old Lycoming township, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $73,016.

In terms of income distribution across age cohorts, in Old Lycoming township, the median household income stands at $81,880 for householders within the 45 to 64 years age group, followed by $73,016 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 $50,060.

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 township of Old Lycoming township.

FIGURE 1

Old Lycoming Township, Pennsylvania median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Old Lycoming township, 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, one 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 45 to 64 years age group demonstrated a remarkable increase of $12,331(17.73%), escalating from a median of $69,549 in 2012 to $81,880 in 2022. 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 $10,132(12.19%), declining from a median of $83,148 in 2012 to $73,016 in 2022.

Old Lycoming Township, Pennsylvania household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Old Lycoming township 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 108(4.66%) households where the householder is under 25 years old, 806(34.74%) households with a householder aged between 25 and 44 years, 632(27.24%) households with a householder aged between 45 and 64 years, and 774(33.36%) 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 township of Old Lycoming township, showcasing varying income levels among different age demographics.

FIGURE 2

Old Lycoming Township, Pennsylvania household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Old Lycoming township: 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 Old Lycoming township when compared to the state of Pennsylvania 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 noteworthy that only 16.67% of the households in Old Lycoming township, where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $76,188 for the state of Pennsylvania. These 18 Old Lycoming township households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
• Householder 25 to 44 years: In Old Lycoming township, among households headed by individuals aged 25 to 44,worth noting that 40.45% match or surpass the state of Pennsylvania median income of $76,188. These 326 households, represent a notable portion of the total 806 households in Old Lycoming township within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Old Lycoming township, within the age group of 45 to 64 years, a remarkable 52.37% of households meet or exceed the state of Pennsylvania median income of $76,188. These 331 households, out of the total 632 households in this age cohort, signify a substantial portion of mature demographic of Old Lycoming township, showcasing commendable financial stability in comparison to the Pennsylvania state median income benchmark.
• Householder 65 years and over: In Old Lycoming township, among the over 65 years age group, a noteworthy 27.39% of households either match or surpass the state of Pennsylvania median income of $76,188. These 212 households, constituting notable portion of the Old Lycoming township township senior population, showcase commendable financial stability compared to the Pennsylvania state median income benchmark.

Things to know

Which age group reports the highest median household income in Old Lycoming Township, Pennsylvania?

In Old Lycoming township, households led by individuals aged 45 to 64 years report the highest median household income of $81,880 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 Old Lycoming Township, Pennsylvania?

In terms of income distribution across age cohorts, in Old Lycoming township, the median household income stands at $81,880 for householders within the 45 to 64 years age group, followed by $73,016 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 $50,060..

How does the median household income for households led by individuals of median age compare in Old Lycoming Township, Pennsylvania?

The median age in Old Lycoming township is 42.8, 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 Old Lycoming township, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $73,016.

References

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