Median Household Income by Age of Householder in Powers Lake, ND (In 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Powers Lake. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Powers Lake.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | - |
| 25 to 44 years | $80,357 |
| 45 to 64 years | $85,250 |
| 65 years and over | - |
TABLE OF CONTENTS
Powers Lake, ND 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 Powers Lake population by age, the median age in Powers Lake is 39.5 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 Powers Lake, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $80,357.
In terms of income distribution across age cohorts, in Powers Lake, where there exist only two delineated age groups, the median household income is $85,250 for householders within the 45 to 64 years age group, compared to $80,357 for the 25 to 44 years age group.
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 city of Powers Lake.
FIGURE 1
Powers Lake, ND median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Powers 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 two age groups with available Census data in both 2013 and 2023, none had an increase in this time period. Notably, household income for individuals within the 45 to 64 years age group demonstrated the smallest decline of $6,055(6.63%), declining from a median of $91,305 in 2013 to $85,250 in 2023. 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 $67,204(45.54%), declining from a median of $147,561 in 2013 to $80,357 in 2023.
Powers Lake, ND household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Powers 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 12(8.39%) households where the householder is under 25 years old, 62(43.36%) households with a householder aged between 25 and 44 years, 31(21.68%) households with a householder aged between 45 and 64 years, and 38(26.57%) households where the householder is over 65 years old.
The age group of 45 to 64 years exhibits the highest median household income, while the largest number of households falls within the 25 to 44 years bracket. This distribution hints at economic disparities within the city of Powers Lake, showcasing varying income levels among different age demographics.
FIGURE 2
Powers Lake, ND household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Powers Lake: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Powers Lake household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Powers Lake: 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 | 10 | - | - | 6 |
| $10,000 - $14,999 | - | - | - | - |
| $15,000 - $19,999 | - | - | - | - |
| $20,000 - $24,999 | - | 2 | - | 3 |
| $25,000 - $29,999 | - | - | 4 | - |
| $30,000 - $34,999 | - | 3 | - | 1 |
| $35,000 - $39,999 | - | - | - | 5 |
| $40,000 - $44,999 | - | - | - | 3 |
| $45,000 - $49,999 | 2 | - | - | - |
| $50,000 - $59,999 | - | - | 3 | - |
| $60,000 - $74,999 | - | - | - | 4 |
| $75,000 - $99,999 | - | 32 | 13 | 2 |
| $100,000 - $124,999 | - | 3 | - | 1 |
| $125,000 - $149,999 | - | 8 | 5 | - |
| $150,000 - $199,999 | - | - | 5 | - |
| $200,000 or more | - | 14 | 1 | 13 |
To further explore the income distribution and gain insights into financial landscape of Powers Lake when compared to the state of North Dakota 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 Powers Lake, where householders are under 25 years old, fall within or exceed the income bracket representing the median income of $75,949 for the state of North Dakota. 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 Powers Lake, among households headed by individuals aged 25 to 44, an impressive 91.94% match or surpass the state of North Dakota median income of $75,949. These 57 households, represent a significant portion of the total 62 households in Powers Lake within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Powers Lake, within the age group of 45 to 64 years, a remarkable 77.42% of households meet or exceed the state of North Dakota median income of $75,949. These 24 households, out of the total 31 households in this age cohort, signify a substantial portion of mature demographic of Powers Lake, showcasing commendable financial stability in comparison to the North Dakota state median income benchmark.
- Householder 65 years and over: In Powers Lake, among the over 65 years age group, a noteworthy 42.11% of households either match or surpass the state of North Dakota median income of $75,949. These 16 households, constituting notable portion of the Powers Lake city senior population, showcase commendable financial stability compared to the North Dakota state median income benchmark.
Things to know
Which age group reports the highest median household income in Powers Lake, ND?
In Powers Lake, households led by individuals aged 45 to 64 years report the highest median household income of $85,250 according to the American Community Survey 2019-2023 5-Year Estimates by the US Census Bureau.
How does the median household income vary by age in Powers Lake, ND?
In terms of income distribution across age cohorts, in Powers Lake, where there exist only two delineated age groups, the median household income is $85,250 for householders within the 45 to 64 years age group, compared to $80,357 for the 25 to 44 years age group..
How does the median household income for households led by individuals of median age compare in Powers Lake, ND?
The median age in Powers Lake is 39.5, 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 Powers Lake, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $80,357.
References
- U.S. Census Bureau American Community Survey (ACS) 2019-2023 5-Year Estimates
- Consumer Price Index retroactive series using current methods (R-CPI-U-RS)