Median Household Income by Age of Householder in Richfield Town, Adams County, Wisconsin (2022, in 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Richfield town. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Richfield town.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | - |
| 25 to 44 years | $88,506 |
| 45 to 64 years | - |
| 65 years and over | $45,881 |
TABLE OF CONTENTS
Richfield Town, Adams County, Wisconsin 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 town population by age, the median age in Richfield town is 53.9 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, according to the latest American Community Survey data, the US Census Bureau did not report the median household income for householders in the 45 to 64 years age group in Richfield town. This absence could be attributed to a smaller working population or fewer household heads within this age range, potentially resulting in less reliable or unavailable data for reporting.
In terms of income distribution across age cohorts, in Richfield town, where there exist only two delineated age groups, the median household income is $88,506 for householders within the 25 to 44 years age group, compared to $45,881 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 Richfield town.
FIGURE 1
Richfield Town, Adams County, Wisconsin median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Richfield town, 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 a decline during this time period. Notably, household income for individuals within the 25 to 44 years age group demonstrated a remarkable increase of $55,165(165.46%), escalating from a median of $33,341 in 2012 to $88,506 in 2022. Conversely, the age group of 65 years and over years witnessed the smallest growth in household income across the same span. Their median income saw a small increase of $8,095(21.42%), increasing from a median of $37,786 in 2012 to $45,881 in 2022.
Richfield Town, Adams County, Wisconsin household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Richfield town 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, 12(10.81%) households with a householder aged between 25 and 44 years, 52(46.85%) households with a householder aged between 45 and 64 years, and 47(42.34%) 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 town of Richfield town, showcasing varying income levels among different age demographics.
FIGURE 2
Richfield Town, Adams County, Wisconsin household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Richfield town: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Richfield town household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Richfield town: 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 | - | - | 2 | 2 |
| $10,000 - $14,999 | - | - | 31 | 2 |
| $15,000 - $19,999 | - | - | 1 | 2 |
| $20,000 - $24,999 | - | - | - | 1 |
| $25,000 - $29,999 | - | 2 | - | 7 |
| $30,000 - $34,999 | - | 1 | - | 1 |
| $35,000 - $39,999 | - | - | - | 6 |
| $40,000 - $44,999 | - | - | - | 4 |
| $45,000 - $49,999 | - | - | 6 | 4 |
| $50,000 - $59,999 | - | - | 2 | - |
| $60,000 - $74,999 | - | - | 1 | 2 |
| $75,000 - $99,999 | - | 4 | 3 | 6 |
| $100,000 - $124,999 | - | 4 | 1 | 10 |
| $125,000 - $149,999 | - | 1 | 1 | - |
| $150,000 - $199,999 | - | - | - | - |
| $200,000 or more | - | - | 4 | - |
To further explore the income distribution and gain insights into financial landscape of Richfield town when compared to the state of Wisconsin 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 town, 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 town, among households headed by individuals aged 25 to 44, an impressive 75% match or surpass the state of Wisconsin median income of $75,447. These 9 households, represent a significant portion of the total 12 households in Richfield town within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Richfield town, within the age group of 45 to 64 years, a noteworthy 17.31% of households meet or exceed the state of Wisconsin median income of $75,447. These 9 households, out of the total 52 households in this age cohort, signify a notable portion of mature demographic of Richfield town, showcasing commendable financial stability in comparison to the Wisconsin state median income benchmark.
- Householder 65 years and over: In Richfield town, among the over 65 years age group, a noteworthy 34.04% of households either match or surpass the state of Wisconsin median income of $75,447. These 16 households, constituting notable portion of the Richfield town town senior population, showcase commendable financial stability compared to the Wisconsin state median income benchmark.
Things to know
Which age group reports the highest median household income in Richfield Town, Adams County, Wisconsin?
In Richfield town, households led by individuals aged 25 to 44 years report the highest median household income of $88,506 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 Town, Adams County, Wisconsin?
In terms of income distribution across age cohorts, in Richfield town, where there exist only two delineated age groups, the median household income is $88,506 for householders within the 25 to 44 years age group, compared to $45,881 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 Town, Adams County, Wisconsin?
The median age in Richfield town is 53.9, 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, according to the latest American Community Survey data, the US Census Bureau did not report the median household income for householders in the 45 to 64 years age group in Richfield town. This absence could be attributed to a smaller working population or fewer household heads within this age range, potentially resulting in less reliable or unavailable data for reporting.
References
- U.S. Census Bureau American Community Survey (ACS) 2018-2022 5-Year Estimates
- Consumer Price Index retroactive series using current methods (R-CPI-U-RS)