Richland Center, WI Median Household Income By Age

Richland Center, WI 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 Richland Center population by age, the median age in Richland Center is 43.8 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 Richland Center, the age group of 25 to 44 years had the second lowest median household income, recorded at $58,570.

In terms of income distribution across age cohorts, in Richland Center, householders within the under 25 years age group have the highest median household income at $73,669, followed by those in the 45 to 64 years age group with an income of $72,627. Meanwhile householders within the 25 to 44 years age group report the second lowest median household income of $58,570. Notably, householders within the 65 years and over age group, had the lowest median household income at $37,868.

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 Richland Center.

FIGURE 1

Richland Center, WI median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Richland Center, 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 2012 and 2022, none had a decline during this time period. Notably, household income for individuals within the Under 25 years age group demonstrated a remarkable increase of $22,678(44.47%), escalating from a median of $50,991 in 2012 to $73,669 in 2022. Conversely, the age group of 45 to 64 years years witnessed the smallest growth in household income across the same span. Their median income saw a small increase of $1,052(1.47%), increasing from a median of $71,575 in 2012 to $72,627 in 2022.

Richland Center, WI household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Richland Center 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 76(3.32%) households where the householder is under 25 years old, 594(25.96%) households with a householder aged between 25 and 44 years, 781(34.13%) households with a householder aged between 45 and 64 years, and 837(36.58%) households where the householder is over 65 years old.

The age group of under 25 years exhibits the highest median household income, while the largest number of households falls within the 65 years and over bracket. This distribution hints at economic disparities within the city of Richland Center, showcasing varying income levels among different age demographics.

FIGURE 2

Richland Center, WI household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Richland Center: 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 Richland Center 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: It is noteworthy that only 13.16% of the households in Richland Center, where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $75,447 for the state of Wisconsin. These 10 Richland Center households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
• Householder 25 to 44 years: In Richland Center, among households headed by individuals aged 25 to 44,worth noting that 38.72% match or surpass the state of Wisconsin median income of $75,447. These 230 households, represent a notable portion of the total 594 households in Richland Center within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Richland Center, within the age group of 45 to 64 years, a noteworthy 37.39% of households meet or exceed the state of Wisconsin median income of $75,447. These 292 households, out of the total 781 households in this age cohort, signify a notable portion of mature demographic of Richland Center, showcasing commendable financial stability in comparison to the Wisconsin state median income benchmark.
• Householder 65 years and over: In Richland Center, among the over 65 years age group, only 20.79% of households either match or surpass the state of Wisconsin median income of $75,447. These 174 households, constituting low portion of the Richland Center city 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 Richland Center, WI?

In Richland Center, households led by individuals aged under 25 years report the highest median household income of $73,669 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 Richland Center, WI?

In terms of income distribution across age cohorts, in Richland Center, householders within the under 25 years age group have the highest median household income at $73,669, followed by those in the 45 to 64 years age group with an income of $72,627. Meanwhile householders within the 25 to 44 years age group report the second lowest median household income of $58,570. Notably, householders within the 65 years and over age group, had the lowest median household income at $37,868..

How does the median household income for households led by individuals of median age compare in Richland Center, WI?

The median age in Richland Center is 43.8, 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 Richland Center, the age group of 25 to 44 years had the second lowest median household income, recorded at $58,570.

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