Median Household Income by Age of Householder in Randolph County, IN (In 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Randolph County. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Randolph County.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | $41,833 |
| 25 to 44 years | $71,368 |
| 45 to 64 years | $71,036 |
| 65 years and over | $43,663 |
TABLE OF CONTENTS
Randolph County, IN 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 Randolph County population by age, the median age in Randolph County is 42.1 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 Randolph County, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $71,368.
In terms of income distribution across age cohorts, in Randolph County, householders within the 25 to 44 years age group have the highest median household income at $71,368, followed by those in the 45 to 64 years age group with an income of $71,036. Meanwhile householders within the 65 years and over age group report the second lowest median household income of $43,663. Notably, householders within the under 25 years age group, had the lowest median household income at $41,833.
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 Randolph County.
FIGURE 1
Randolph County, IN median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Randolph County, 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 2013 and 2023, 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 $15,519(27.79%), escalating from a median of $55,849 in 2013 to $71,368 in 2023. 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 $3,583(9.37%), increasing from a median of $38,250 in 2013 to $41,833 in 2023.
Randolph County, IN household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Randolph County 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 314(3.08%) households where the householder is under 25 years old, 2,866(28.15%) households with a householder aged between 25 and 44 years, 3,802(37.34%) households with a householder aged between 45 and 64 years, and 3,200(31.43%) 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 county of Randolph County, showcasing varying income levels among different age demographics.
FIGURE 2
Randolph County, IN household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Randolph County: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Randolph County household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Randolph County: 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 | 13 | 191 | 168 | 193 |
| $10,000 - $14,999 | 12 | 65 | 233 | 130 |
| $15,000 - $19,999 | 2 | 58 | 124 | 153 |
| $20,000 - $24,999 | 33 | 19 | 194 | 264 |
| $25,000 - $29,999 | 51 | 96 | 98 | 215 |
| $30,000 - $34,999 | - | 82 | 85 | 199 |
| $35,000 - $39,999 | 2 | 320 | 137 | 246 |
| $40,000 - $44,999 | 62 | 152 | 191 | 269 |
| $45,000 - $49,999 | 7 | 102 | 118 | 83 |
| $50,000 - $59,999 | 42 | 108 | 253 | 225 |
| $60,000 - $74,999 | 36 | 456 | 421 | 404 |
| $75,000 - $99,999 | 38 | 472 | 615 | 330 |
| $100,000 - $124,999 | 16 | 336 | 410 | 153 |
| $125,000 - $149,999 | - | 165 | 362 | 142 |
| $150,000 - $199,999 | - | 162 | 259 | 75 |
| $200,000 or more | - | 82 | 134 | 119 |
To further explore the income distribution and gain insights into financial landscape of Randolph County when compared to the state of Indiana 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 worth noting that 28.66% of the households in Randolph County, where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $70,051 for the state of Indiana. These 90 Randolph County households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
- Householder 25 to 44 years: In Randolph County, among households headed by individuals aged 25 to 44, an impressive 58.37% match or surpass the state of Indiana median income of $70,051. These 1,673 households, represent a significant portion of the total 2,866 households in Randolph County within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Randolph County, within the age group of 45 to 64 years, a remarkable 57.89% of households meet or exceed the state of Indiana median income of $70,051. These 2,201 households, out of the total 3,802 households in this age cohort, signify a substantial portion of mature demographic of Randolph County, showcasing commendable financial stability in comparison to the Indiana state median income benchmark.
- Householder 65 years and over: In Randolph County, among the over 65 years age group, a noteworthy 38.22% of households either match or surpass the state of Indiana median income of $70,051. These 1,223 households, constituting notable portion of the Randolph County county senior population, showcase commendable financial stability compared to the Indiana state median income benchmark.
Things to know
Which age group reports the highest median household income in Randolph County, IN?
In Randolph County, households led by individuals aged 25 to 44 years report the highest median household income of $71,368 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 Randolph County, IN?
In terms of income distribution across age cohorts, in Randolph County, householders within the 25 to 44 years age group have the highest median household income at $71,368, followed by those in the 45 to 64 years age group with an income of $71,036. Meanwhile householders within the 65 years and over age group report the second lowest median household income of $43,663. Notably, householders within the under 25 years age group, had the lowest median household income at $41,833..
How does the median household income for households led by individuals of median age compare in Randolph County, IN?
The median age in Randolph County is 42.1, 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 Randolph County, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $71,368.
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)
