Richfield Springs, NY Median Household Income By Age

Richfield Springs, NY 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 Richfield Springs population by age, the median age in Richfield Springs is 33.7 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 Richfield Springs, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $57,624.

In terms of income distribution across age cohorts, in Richfield Springs, where there exist only two delineated age groups, the median household income is $57,624 for householders within the 25 to 44 years age group, compared to $55,781 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 village of Richfield Springs.

FIGURE 1

Richfield Springs, NY median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Richfield Springs, 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 $28,670(105.75%), escalating from a median of $27,111 in 2012 to $55,781 in 2022. 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 $16,651(22.42%), declining from a median of $74,275 in 2012 to $57,624 in 2022.

Richfield Springs, NY household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Richfield Springs 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 0 households where the householder is under 25 years old, 131(34.47%) households with a householder aged between 25 and 44 years, 121(31.84%) households with a householder aged between 45 and 64 years, and 128(33.68%) households where the householder is over 65 years old.

In Richfield Springs, the age group of 25 to 44 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

Richfield Springs, NY household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Richfield Springs: 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 Richfield Springs when compared to the state of New York 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: In Richfield Springs, the comparison with the median income of the state and the nation remains inapplicable as there are no households headed by individuals under 25 years old.
• Householder 25 to 44 years: In Richfield Springs, among households headed by individuals aged 25 to 44,worth noting that 42.75% match or surpass the state of New York median income of $84,743. These 56 households, represent a notable portion of the total 131 households in Richfield Springs within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Richfield Springs, within the age group of 45 to 64 years, a noteworthy 49.59% of households meet or exceed the state of New York median income of $84,743. These 60 households, out of the total 121 households in this age cohort, signify a notable portion of mature demographic of Richfield Springs, showcasing commendable financial stability in comparison to the New York state median income benchmark.
• Householder 65 years and over: In Richfield Springs, among the over 65 years age group, a noteworthy 33.59% of households either match or surpass the state of New York median income of $84,743. These 43 households, constituting notable portion of the Richfield Springs village senior population, showcase commendable financial stability compared to the New York state median income benchmark.

Things to know

Which age group reports the highest median household income in Richfield Springs, NY?

In Richfield Springs, households led by individuals aged 25 to 44 years report the highest median household income of $57,624 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 Richfield Springs, NY?

In terms of income distribution across age cohorts, in Richfield Springs, where there exist only two delineated age groups, the median household income is $57,624 for householders within the 25 to 44 years age group, compared to $55,781 for the 65 years and over age group..

How does the median household income for households led by individuals of median age compare in Richfield Springs, NY?

The median age in Richfield Springs is 33.7, 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 Richfield Springs, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $57,624.

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