Rich Creek, VA Median Household Income By Age

Rich Creek, 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 Rich Creek population by age, the median age in Rich Creek is 53.5 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 Rich Creek, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $42,952.

In terms of income distribution across age cohorts, in Rich Creek, where there exist only two delineated age groups, the median household income is $42,952 for householders within the 45 to 64 years age group, compared to $28,548 for the 65 years and over 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 town of Rich Creek.

FIGURE 1

Rich Creek, VA median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Rich Creek, 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, 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 $3,725(7.98%), declining from a median of $46,677 in 2012 to $42,952 in 2022. Conversely, the age group of 65 years and over years witnessed the most significant decline in household income across the same span. Their median income saw a substantial drop of $12,294(30.10%), declining from a median of $40,842 in 2012 to $28,548 in 2022.

Rich Creek, VA household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Rich Creek 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 3(1.13%) households where the householder is under 25 years old, 78(29.32%) households with a householder aged between 25 and 44 years, 124(46.62%) households with a householder aged between 45 and 64 years, and 61(22.93%) households where the householder is over 65 years old.

In Rich Creek, 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

Rich Creek, VA household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Rich Creek: 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 Rich Creek 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 no households in Rich Creek, where householders are under 25 years old, fall within or exceed the income bracket representing the median income of $90,848 for the state of Virginia. 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 Rich Creek, among households headed by individuals aged 25 to 44,worth noting that 41.03% match or surpass the state of Virginia median income of $90,848. These 32 households, represent a notable portion of the total 78 households in Rich Creek within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Rich Creek, within the age group of 45 to 64 years, a noteworthy 32.26% of households meet or exceed the state of Virginia median income of $90,848. These 40 households, out of the total 124 households in this age cohort, signify a notable portion of mature demographic of Rich Creek, showcasing commendable financial stability in comparison to the Virginia state median income benchmark.
• Householder 65 years and over: In Rich Creek, among the over 65 years age group, only 3.28% of households either match or surpass the state of Virginia median income of $90,848. These 2 households, constituting low portion of the Rich Creek town 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 Rich Creek, VA?

In Rich Creek, households led by individuals aged 45 to 64 years report the highest median household income of $42,952 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 Rich Creek, VA?

In terms of income distribution across age cohorts, in Rich Creek, where there exist only two delineated age groups, the median household income is $42,952 for householders within the 45 to 64 years age group, compared to $28,548 for the 65 years and over age group..

How does the median household income for households led by individuals of median age compare in Rich Creek, VA?

The median age in Rich Creek is 53.5, 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 Rich Creek, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $42,952.

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