Median Household Income by Age of Householder in Olean, MO (2022, in 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Olean. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Olean.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | - |
| 25 to 44 years | $71,803 |
| 45 to 64 years | - |
| 65 years and over | - |
TABLE OF CONTENTS
Olean, MO 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 Olean population by age, the median age in Olean is 39.5 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 Olean, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $71,803.
In terms of income distribution across age cohorts, Olean only reports a median household income of $71,803 among householders in 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 Olean.
FIGURE 1
Olean, MO median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Olean, 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. Notably, household income for individuals within the 25 to 44 years age group demonstrated a remarkable increase of $40,129(126.69%), escalating from a median of $31,674 in 2012 to $71,803 in 2022. Conversely, the age group of 25 to 44 years years witnessed the smallest growth in household income across the same span. Their median income saw a small increase of $40,129(126.69%), increasing from a median of $31,674 in 2012 to $71,803 in 2022.
Olean, MO household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Olean 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 0 households where the householder is under 25 years old, 21(46.67%) households with a householder aged between 25 and 44 years, 21(46.67%) households with a householder aged between 45 and 64 years, and 3(6.67%) households where the householder is over 65 years old.
In Olean, the age group of 25 to 44 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
Olean, MO household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Olean: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Olean household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Olean: 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 | - | - | - | - |
| $10,000 - $14,999 | - | - | 5 | - |
| $15,000 - $19,999 | - | - | 3 | - |
| $20,000 - $24,999 | - | - | - | - |
| $25,000 - $29,999 | - | 2 | - | - |
| $30,000 - $34,999 | - | - | 2 | 3 |
| $35,000 - $39,999 | - | - | - | - |
| $40,000 - $44,999 | - | - | - | - |
| $45,000 - $49,999 | - | 5 | - | - |
| $50,000 - $59,999 | - | - | - | - |
| $60,000 - $74,999 | - | 6 | 2 | - |
| $75,000 - $99,999 | - | - | 1 | - |
| $100,000 - $124,999 | - | 6 | 8 | - |
| $125,000 - $149,999 | - | - | - | - |
| $150,000 - $199,999 | - | - | - | - |
| $200,000 or more | - | 2 | - | - |
To further explore the income distribution and gain insights into financial landscape of Olean when compared to the state of Missouri 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: In Olean, the comparison with the median income of the state and the nation remains inapplicable as there are no households headed by individuals under 25 years old.
- Householder 25 to 44 years: In Olean, among households headed by individuals aged 25 to 44, an impressive 66.67% match or surpass the state of Missouri median income of $68,639. These 14 households, represent a significant portion of the total 21 households in Olean within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Olean, within the age group of 45 to 64 years, a remarkable 52.38% of households meet or exceed the state of Missouri median income of $68,639. These 11 households, out of the total 21 households in this age cohort, signify a substantial portion of mature demographic of Olean, showcasing commendable financial stability in comparison to the Missouri state median income benchmark.
- Householder 65 years and over: In Olean, within the over 65 years age cohort, there are no households that meet or exceed the state of Missouri median income of $68,639. Therefore, among the total number of households in this senior demographic, none have an income higher than the Missouri state median income range.
Things to know
Which age group reports the highest median household income in Olean, MO?
In Olean, households led by individuals aged 25 to 44 years report the highest median household income of $71,803 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 Olean, MO?
In terms of income distribution across age cohorts, Olean only reports a median household income of $71,803 among householders in the 25 to 44 years age group..
How does the median household income for households led by individuals of median age compare in Olean, MO?
The median age in Olean is 39.5, 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 Olean, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $71,803.
References
- U.S. Census Bureau American Community Survey (ACS) 2018-2022 5-Year Estimates
- Consumer Price Index retroactive series using current methods (R-CPI-U-RS)