Median Household Income by Age of Householder in Richwood, Wisconsin (2022, in 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Richwood town. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Richwood town.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | - |
| 25 to 44 years | - |
| 45 to 64 years | $61,173 |
| 65 years and over | $72,237 |
TABLE OF CONTENTS
Richwood, 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 Richwood town population by age, the median age in Richwood town is 36 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, according to the latest American Community Survey data, the US Census Bureau did not report the median household income for householders in the 25 to 44 years age group in Richwood 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 Richwood town, where there exist only two delineated age groups, the median household income is $72,237 for householders within the 65 years and over age group, compared to $61,173 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 town of Richwood town.
FIGURE 1
Richwood, Wisconsin median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Richwood 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, 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 $21,559(42.54%), escalating from a median of $50,678 in 2012 to $72,237 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 $2,174(3.43%), declining from a median of $63,347 in 2012 to $61,173 in 2022.
Richwood, Wisconsin household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Richwood 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 8(3.15%) households where the householder is under 25 years old, 83(32.68%) households with a householder aged between 25 and 44 years, 88(34.65%) households with a householder aged between 45 and 64 years, and 75(29.53%) 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 town of Richwood town, showcasing varying income levels among different age demographics.
FIGURE 2
Richwood, Wisconsin household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Richwood town: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Richwood town household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Richwood 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 | - | 43 | 2 | 5 |
| $10,000 - $14,999 | 2 | - | 7 | 5 |
| $15,000 - $19,999 | - | - | 5 | - |
| $20,000 - $24,999 | - | - | 11 | 5 |
| $25,000 - $29,999 | - | - | - | 3 |
| $30,000 - $34,999 | - | - | 9 | 3 |
| $35,000 - $39,999 | 2 | 10 | - | - |
| $40,000 - $44,999 | - | 4 | 5 | 2 |
| $45,000 - $49,999 | - | - | - | 7 |
| $50,000 - $59,999 | - | 3 | 6 | 1 |
| $60,000 - $74,999 | - | 8 | 11 | 19 |
| $75,000 - $99,999 | 4 | - | 11 | 13 |
| $100,000 - $124,999 | - | 7 | 7 | 2 |
| $125,000 - $149,999 | - | 3 | 2 | 7 |
| $150,000 - $199,999 | - | - | 10 | - |
| $200,000 or more | - | 5 | 2 | 3 |
To further explore the income distribution and gain insights into financial landscape of Richwood 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: It is worth noting that 50% of the households in Richwood town, 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 4 Richwood town households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
- Householder 25 to 44 years: In Richwood town, among households headed by individuals aged 25 to 44,noteworthy that only 18.07% match or surpass the state of Wisconsin median income of $75,447. These 15 households, represent a low portion of the total 83 households in Richwood town within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Richwood town, within the age group of 45 to 64 years, only 36.36% of households meet or exceed the state of Wisconsin median income of $75,447. These 32 households, out of the total 88 households in this age cohort, signify a low portion of mature demographic of Richwood town, showcasing commendable financial stability in comparison to the Wisconsin state median income benchmark.
- Householder 65 years and over: In Richwood town, among the over 65 years age group, a noteworthy 33.33% of households either match or surpass the state of Wisconsin median income of $75,447. These 25 households, constituting notable portion of the Richwood 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 Richwood, Wisconsin?
In Richwood town, households led by individuals aged 65 years and over report the highest median household income of $72,237 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 Richwood, Wisconsin?
In terms of income distribution across age cohorts, in Richwood town, where there exist only two delineated age groups, the median household income is $72,237 for householders within the 65 years and over age group, compared to $61,173 for the 45 to 64 years age group..
How does the median household income for households led by individuals of median age compare in Richwood, Wisconsin?
The median age in Richwood town is 36, 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, according to the latest American Community Survey data, the US Census Bureau did not report the median household income for householders in the 25 to 44 years age group in Richwood 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)