Palmer Lake, CO Median Household Income By Age

Palmer Lake, CO 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 Palmer Lake population by age, the median age in Palmer Lake is 54.5 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 Palmer Lake, the age group of 45 to 64 years exhibited the second-highest median household income, recorded at $119,093.

In terms of income distribution across age cohorts, in Palmer Lake, the median household income stands at $123,166 for householders within the 25 to 44 years age group, followed by $119,093 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 $91,300.

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 Palmer Lake.

FIGURE 1

Palmer Lake, CO median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Palmer Lake, 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, none had a decline during this time period. Notably, household income for individuals within the 65 years and over age group demonstrated a remarkable increase of $50,735(125.07%), escalating from a median of $40,565 in 2012 to $91,300 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 $34,729(39.27%), increasing from a median of $88,437 in 2012 to $123,166 in 2022.

Palmer Lake, CO household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Palmer Lake 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 3(0.27%) households where the householder is under 25 years old, 305(27.55%) households with a householder aged between 25 and 44 years, 447(40.38%) households with a householder aged between 45 and 64 years, and 352(31.80%) 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 town of Palmer Lake, showcasing varying income levels among different age demographics.

FIGURE 2

Palmer Lake, CO household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Palmer Lake: 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 Palmer Lake when compared to the state of Colorado 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 no households in Palmer Lake, where householders are under 25 years old, fall within or exceed the income bracket representing the median income of $91,212 for the state of Colorado. This indicates an income disparity among households headed by individuals under 25 years old when compared to the median income of the state.
• Householder 25 to 44 years: In Palmer Lake, among households headed by individuals aged 25 to 44, an impressive 73.11% match or surpass the state of Colorado median income of $91,212. These 223 households, represent a significant portion of the total 305 households in Palmer Lake within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Palmer Lake, within the age group of 45 to 64 years, a remarkable 84.34% of households meet or exceed the state of Colorado median income of $91,212. These 377 households, out of the total 447 households in this age cohort, signify a substantial portion of mature demographic of Palmer Lake, showcasing commendable financial stability in comparison to the Colorado state median income benchmark.
• Householder 65 years and over: In Palmer Lake, among the over 65 years age group, an impressive 57.95% of households either match or surpass the state of Colorado median income of $91,212. These 204 households, constituting a significant portion of the Palmer Lake town senior population, showcase commendable financial stability compared to the Colorado state median income benchmark.

Things to know

Which age group reports the highest median household income in Palmer Lake, CO?

In Palmer Lake, households led by individuals aged 25 to 44 years report the highest median household income of $123,166 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 Palmer Lake, CO?

In terms of income distribution across age cohorts, in Palmer Lake, the median household income stands at $123,166 for householders within the 25 to 44 years age group, followed by $119,093 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 $91,300..

How does the median household income for households led by individuals of median age compare in Palmer Lake, CO?

The median age in Palmer Lake is 54.5, 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 Palmer Lake, the age group of 45 to 64 years exhibited the second-highest median household income, recorded at $119,093.

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