Red Lodge, MT Median Household Income By Age

Red Lodge, MT 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 Red Lodge population by age, the median age in Red Lodge is 52.9 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 Red Lodge, the age group of 45 to 64 years exhibited the second-highest median household income, recorded at $40,348.

In terms of income distribution across age cohorts, in Red Lodge, where there exist only two delineated age groups, the median household income is $79,071 for householders within the 65 years and over age group, compared to $40,348 for the 45 to 64 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 Red Lodge.

FIGURE 1

Red Lodge, MT median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Red Lodge, 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 2012 and 2022, one groups encountered a decline in their median household income, while the remaining one experienced an increase during this period. Notably, household income for individuals within the 65 years and over age group demonstrated a remarkable increase of $25,375(47.26%), escalating from a median of $53,696 in 2012 to $79,071 in 2022. Conversely, the age group of 45 to 64 years years witnessed the most significant decline in household income across the same span. Their median income saw a substantial drop of $39,462(49.44%), declining from a median of $79,810 in 2012 to $40,348 in 2022.

Red Lodge, MT household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Red Lodge 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 53(4.13%) households where the householder is under 25 years old, 366(28.55%) households with a householder aged between 25 and 44 years, 484(37.75%) households with a householder aged between 45 and 64 years, and 379(29.56%) households where the householder is over 65 years old.

The age group of 65 years and over 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 city of Red Lodge, showcasing varying income levels among different age demographics.

FIGURE 2

Red Lodge, MT household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Red Lodge: 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 Red Lodge when compared to the state of Montana 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 Red Lodge, where householders are under 25 years old, fall within or exceed the income bracket representing the median income of $69,078 for the state of Montana. 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 Red Lodge, among households headed by individuals aged 25 to 44,worth noting that 42.90% match or surpass the state of Montana median income of $69,078. These 157 households, represent a notable portion of the total 366 households in Red Lodge within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Red Lodge, within the age group of 45 to 64 years, a noteworthy 29.55% of households meet or exceed the state of Montana median income of $69,078. These 143 households, out of the total 484 households in this age cohort, signify a notable portion of mature demographic of Red Lodge, showcasing commendable financial stability in comparison to the Montana state median income benchmark.
• Householder 65 years and over: In Red Lodge, among the over 65 years age group, an impressive 59.10% of households either match or surpass the state of Montana median income of $69,078. These 224 households, constituting a significant portion of the Red Lodge city senior population, showcase commendable financial stability compared to the Montana state median income benchmark.

Things to know

Which age group reports the highest median household income in Red Lodge, MT?

In Red Lodge, households led by individuals aged 65 years and over report the highest median household income of $79,071 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 Red Lodge, MT?

In terms of income distribution across age cohorts, in Red Lodge, where there exist only two delineated age groups, the median household income is $79,071 for householders within the 65 years and over age group, compared to $40,348 for the 45 to 64 years age group..

How does the median household income for households led by individuals of median age compare in Red Lodge, MT?

The median age in Red Lodge is 52.9, 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 Red Lodge, the age group of 45 to 64 years exhibited the second-highest median household income, recorded at $40,348.

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