Median Household Income by Age of Householder in Petersburg city, VA (2022, in 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Petersburg city. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Petersburg city.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | $28,350 |
| 25 to 44 years | $52,672 |
| 45 to 64 years | $59,964 |
| 65 years and over | $41,061 |
TABLE OF CONTENTS
Petersburg city, VA 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 Petersburg city population by age, the median age in Petersburg city is 36.6 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 Petersburg city, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $52,672.
In terms of income distribution across age cohorts, in Petersburg city, householders within the 45 to 64 years age group have the highest median household income at $59,964, followed by those in the 25 to 44 years age group with an income of $52,672. Meanwhile householders within the 65 years and over age group report the second lowest median household income of $41,061. Notably, householders within the under 25 years age group, had the lowest median household income at $28,350.
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 county of Petersburg city.
FIGURE 1
Petersburg city, VA median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Petersburg city, 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 four 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 $4,500(9.34%), escalating from a median of $48,172 in 2012 to $52,672 in 2022. Conversely, the age group of Under 25 years years witnessed the smallest growth in household income across the same span. Their median income saw a small increase of $113(0.40%), increasing from a median of $28,237 in 2012 to $28,350 in 2022.
Petersburg city, VA household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Petersburg city 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 833(5.67%) households where the householder is under 25 years old, 4,861(33.06%) households with a householder aged between 25 and 44 years, 5,095(34.65%) households with a householder aged between 45 and 64 years, and 3,914(26.62%) households where the householder is over 65 years old.
In Petersburg city, 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
Petersburg city, VA household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Petersburg city: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Petersburg city household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Petersburg city: 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 | 205 | 365 | 475 | 234 |
| $10,000 - $14,999 | 80 | 363 | 444 | 330 |
| $15,000 - $19,999 | 47 | 262 | 183 | 445 |
| $20,000 - $24,999 | 56 | 230 | 217 | 290 |
| $25,000 - $29,999 | 68 | 146 | 184 | 244 |
| $30,000 - $34,999 | 18 | 264 | 173 | 295 |
| $35,000 - $39,999 | 36 | 128 | 240 | 131 |
| $40,000 - $44,999 | 92 | 328 | 235 | 288 |
| $45,000 - $49,999 | 80 | 312 | 204 | 131 |
| $50,000 - $59,999 | 69 | 562 | 289 | 316 |
| $60,000 - $74,999 | 61 | 796 | 597 | 266 |
| $75,000 - $99,999 | 13 | 301 | 724 | 515 |
| $100,000 - $124,999 | 8 | 331 | 568 | 189 |
| $125,000 - $149,999 | - | 131 | 255 | 139 |
| $150,000 - $199,999 | - | 218 | 138 | 49 |
| $200,000 or more | - | 124 | 169 | 52 |
To further explore the income distribution and gain insights into financial landscape of Petersburg city when compared to the state of Virginia 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 only 2.52% of the households in Petersburg city, where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $90,848 for the state of Virginia. These 21 Petersburg city households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
- Householder 25 to 44 years: In Petersburg city, among households headed by individuals aged 25 to 44,noteworthy that only 22.73% match or surpass the state of Virginia median income of $90,848. These 1,105 households, represent a low portion of the total 4,861 households in Petersburg city within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Petersburg city, within the age group of 45 to 64 years, only 36.39% of households meet or exceed the state of Virginia median income of $90,848. These 1,854 households, out of the total 5,095 households in this age cohort, signify a low portion of mature demographic of Petersburg city, showcasing commendable financial stability in comparison to the Virginia state median income benchmark.
- Householder 65 years and over: In Petersburg city, among the over 65 years age group, only 24.12% of households either match or surpass the state of Virginia median income of $90,848. These 944 households, constituting low portion of the Petersburg city county senior population, showcase commendable financial stability compared to the Virginia state median income benchmark.
Things to know
Which age group reports the highest median household income in Petersburg city, VA?
In Petersburg city, households led by individuals aged 45 to 64 years report the highest median household income of $59,964 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 Petersburg city, VA?
In terms of income distribution across age cohorts, in Petersburg city, householders within the 45 to 64 years age group have the highest median household income at $59,964, followed by those in the 25 to 44 years age group with an income of $52,672. Meanwhile householders within the 65 years and over age group report the second lowest median household income of $41,061. Notably, householders within the under 25 years age group, had the lowest median household income at $28,350..
How does the median household income for households led by individuals of median age compare in Petersburg city, VA?
The median age in Petersburg city is 36.6, 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 Petersburg city, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $52,672.
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)