Orchard Park, NY Median Household Income By Age

Orchard Park, 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 Orchard Park population by age, the median age in Orchard Park is 46.8 years.

Typically for a location with median age in this range, it tends to house more established professionals, possibly reflecting stable households and higher earning poptential. Interestingly, within Orchard Park, the age group of 45 to 64 years exhibited the second-highest median household income, recorded at $93,371.

In terms of income distribution across age cohorts, in Orchard Park, the median household income stands at $129,565 for householders within the 25 to 44 years age group, followed by $93,371 for the 45 to 64 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $74,085.

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 Orchard Park.

FIGURE 1

Orchard Park, NY median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Orchard Park, 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 25 to 44 years age group demonstrated a remarkable increase of $7,657(6.28%), escalating from a median of $121,908 in 2012 to $129,565 in 2022. Conversely, the age group of 45 to 64 years years witnessed the most significant decline in household income across the same span. Their median income saw a substantial drop of $2,841(2.95%), declining from a median of $96,212 in 2012 to $93,371 in 2022.

Orchard Park, NY household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Orchard Park 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 29(1.96%) households where the householder is under 25 years old, 369(24.95%) households with a householder aged between 25 and 44 years, 736(49.76%) households with a householder aged between 45 and 64 years, and 345(23.33%) 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 Orchard Park, showcasing varying income levels among different age demographics.

FIGURE 2

Orchard Park, NY household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Orchard Park: 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 Orchard Park 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 worth noting that 41.38% of the households in Orchard Park, where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $84,743 for the state of New York. These 12 Orchard Park households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
• Householder 25 to 44 years: In Orchard Park, among households headed by individuals aged 25 to 44, an impressive 72.90% match or surpass the state of New York median income of $84,743. These 269 households, represent a significant portion of the total 369 households in Orchard Park within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Orchard Park, within the age group of 45 to 64 years, a remarkable 58.56% of households meet or exceed the state of New York median income of $84,743. These 431 households, out of the total 736 households in this age cohort, signify a substantial portion of mature demographic of Orchard Park, showcasing commendable financial stability in comparison to the New York state median income benchmark.
• Householder 65 years and over: In Orchard Park, among the over 65 years age group, a noteworthy 46.09% of households either match or surpass the state of New York median income of $84,743. These 159 households, constituting notable portion of the Orchard Park 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 Orchard Park, NY?

In Orchard Park, households led by individuals aged 25 to 44 years report the highest median household income of $129,565 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 Orchard Park, NY?

In terms of income distribution across age cohorts, in Orchard Park, the median household income stands at $129,565 for householders within the 25 to 44 years age group, followed by $93,371 for the 45 to 64 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $74,085..

How does the median household income for households led by individuals of median age compare in Orchard Park, NY?

The median age in Orchard Park is 46.8, which falls within the 45 to 64 years range among the four age groups defined by the US Census Bureau. This demographic tends to house more established professionals, possibly reflecting stable households and higher earning poptential. Interestingly, within Orchard Park, the age group of 45 to 64 years exhibited the second-highest median household income, recorded at $93,371.

References

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