Penn Lake Park, PA Median Household Income By Age

Penn Lake Park, PA 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 Penn Lake Park population by age, the median age in Penn Lake Park is 51.1 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 Penn Lake Park, the age group of 45 to 64 years exhibited the second-highest median household income, recorded at $91,109.

In terms of income distribution across age cohorts, in Penn Lake Park, the median household income stands at $126,252 for householders within the 25 to 44 years age group, followed by $91,109 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 $59,547.

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 borough of Penn Lake Park.

FIGURE 1

Penn Lake Park, PA median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Penn Lake 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, none had a decline during this time period. Notably, household income for individuals within the 25 to 44 years age group demonstrated a remarkable increase of $37,899(42.89%), escalating from a median of $88,353 in 2012 to $126,252 in 2022. Conversely, the age group of 45 to 64 years years witnessed the smallest growth in household income across the same span. Their median income saw a small increase of $11,925(15.06%), increasing from a median of $79,184 in 2012 to $91,109 in 2022.

Penn Lake Park, PA household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Penn Lake 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 4(2.48%) households where the householder is under 25 years old, 32(19.88%) households with a householder aged between 25 and 44 years, 62(38.51%) households with a householder aged between 45 and 64 years, and 63(39.13%) 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 65 years and over bracket. This distribution hints at economic disparities within the borough of Penn Lake Park, showcasing varying income levels among different age demographics.

FIGURE 2

Penn Lake Park, PA household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Penn Lake 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 Penn Lake Park 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 impressive that 100% of the households in Penn Lake Park, 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 4 Penn Lake Park households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
• Householder 25 to 44 years: In Penn Lake Park, among households headed by individuals aged 25 to 44, an impressive 87.50% match or surpass the state of Pennsylvania median income of $76,188. These 28 households, represent a significant portion of the total 32 households in Penn Lake Park within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Penn Lake Park, within the age group of 45 to 64 years, a remarkable 58.06% of households meet or exceed the state of Pennsylvania median income of $76,188. These 36 households, out of the total 62 households in this age cohort, signify a substantial portion of mature demographic of Penn Lake Park, showcasing commendable financial stability in comparison to the Pennsylvania state median income benchmark.
• Householder 65 years and over: In Penn Lake Park, among the over 65 years age group, a noteworthy 28.57% of households either match or surpass the state of Pennsylvania median income of $76,188. These 18 households, constituting notable portion of the Penn Lake Park borough 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 Penn Lake Park, PA?

In Penn Lake Park, households led by individuals aged 25 to 44 years report the highest median household income of $126,252 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 Penn Lake Park, PA?

In terms of income distribution across age cohorts, in Penn Lake Park, the median household income stands at $126,252 for householders within the 25 to 44 years age group, followed by $91,109 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 $59,547..

How does the median household income for households led by individuals of median age compare in Penn Lake Park, PA?

The median age in Penn Lake Park is 51.1, 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 Penn Lake Park, the age group of 45 to 64 years exhibited the second-highest median household income, recorded at $91,109.

References

Notes