Palm Shores, FL Median Household Income By Age

Palm Shores, FL 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 Palm Shores population by age, the median age in Palm Shores is 43.3 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 Palm Shores, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $105,427.

In terms of income distribution across age cohorts, in Palm Shores, the median household income stands at $125,529 for householders within the 45 to 64 years age group, followed by $105,427 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 $51,116.

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 Palm Shores.

FIGURE 1

Palm Shores, FL median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Palm Shores, 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 45 to 64 years age group demonstrated a remarkable increase of $25,063(24.95%), escalating from a median of $100,466 in 2012 to $125,529 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 $8,765(7.68%), declining from a median of $114,192 in 2012 to $105,427 in 2022.

Palm Shores, FL household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Palm Shores 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, 157(27.59%) households with a householder aged between 25 and 44 years, 284(49.91%) households with a householder aged between 45 and 64 years, and 128(22.50%) households where the householder is over 65 years old.

In Palm Shores, 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

Palm Shores, FL household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Palm Shores: 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 Palm Shores when compared to the state of Florida 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 Palm Shores, 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 Palm Shores, among households headed by individuals aged 25 to 44, an impressive 82.80% match or surpass the state of Florida median income of $70,719. These 130 households, represent a significant portion of the total 157 households in Palm Shores within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Palm Shores, within the age group of 45 to 64 years, a remarkable 70.42% of households meet or exceed the state of Florida median income of $70,719. These 200 households, out of the total 284 households in this age cohort, signify a substantial portion of mature demographic of Palm Shores, showcasing commendable financial stability in comparison to the Florida state median income benchmark.
• Householder 65 years and over: In Palm Shores, among the over 65 years age group, a noteworthy 44.53% of households either match or surpass the state of Florida median income of $70,719. These 57 households, constituting notable portion of the Palm Shores town senior population, showcase commendable financial stability compared to the Florida state median income benchmark.

Things to know

Which age group reports the highest median household income in Palm Shores, FL?

In Palm Shores, households led by individuals aged 45 to 64 years report the highest median household income of $125,529 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 Palm Shores, FL?

In terms of income distribution across age cohorts, in Palm Shores, the median household income stands at $125,529 for householders within the 45 to 64 years age group, followed by $105,427 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 $51,116..

How does the median household income for households led by individuals of median age compare in Palm Shores, FL?

The median age in Palm Shores is 43.3, 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 Palm Shores, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $105,427.

References

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