Median Household Income by Age of Householder in Ridgeway, New York (2022, in 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Ridgeway town. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Ridgeway town.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | - |
| 25 to 44 years | $75,332 |
| 45 to 64 years | $80,714 |
| 65 years and over | $39,330 |
TABLE OF CONTENTS
Ridgeway, New York 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 Ridgeway town population by age, the median age in Ridgeway town is 40.4 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 Ridgeway town, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $75,332.
In terms of income distribution across age cohorts, in Ridgeway town, the median household income stands at $80,714 for householders within the 45 to 64 years age group, followed by $75,332 for the 25 to 44 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $39,330.
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 Ridgeway town.
FIGURE 1
Ridgeway, New York median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Ridgeway 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 three age groups with available Census data in both 2012 and 2022, two 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 25 to 44 years age group demonstrated a remarkable increase of $14,329(23.49%), escalating from a median of $61,003 in 2012 to $75,332 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 $10,026(20.31%), declining from a median of $49,356 in 2012 to $39,330 in 2022.
Ridgeway, New York household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Ridgeway 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 99(3.64%) households where the householder is under 25 years old, 760(27.91%) households with a householder aged between 25 and 44 years, 1,265(46.46%) households with a householder aged between 45 and 64 years, and 599(22%) households where the householder is over 65 years old.
In Ridgeway town, 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
Ridgeway, New York household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Ridgeway town: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Ridgeway town household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Ridgeway 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 | 40 | 8 | 69 | 58 |
| $10,000 - $14,999 | - | - | 30 | 14 |
| $15,000 - $19,999 | - | - | 52 | 36 |
| $20,000 - $24,999 | - | 26 | 70 | 77 |
| $25,000 - $29,999 | - | 10 | 83 | 24 |
| $30,000 - $34,999 | - | 41 | 39 | 80 |
| $35,000 - $39,999 | - | 10 | 7 | 31 |
| $40,000 - $44,999 | - | 46 | 9 | 9 |
| $45,000 - $49,999 | - | 57 | 13 | 35 |
| $50,000 - $59,999 | - | 130 | 98 | 34 |
| $60,000 - $74,999 | 59 | 54 | 162 | 58 |
| $75,000 - $99,999 | - | 161 | 184 | 69 |
| $100,000 - $124,999 | - | 69 | 90 | 36 |
| $125,000 - $149,999 | - | 28 | 86 | 8 |
| $150,000 - $199,999 | - | 111 | 247 | 17 |
| $200,000 or more | - | 9 | 26 | 13 |
To further explore the income distribution and gain insights into financial landscape of Ridgeway town 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: It is noteworthy that no households in Ridgeway town, where householders are under 25 years old, fall within or exceed the income bracket representing the median income of $84,743 for the state of New York. 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 Ridgeway town, among households headed by individuals aged 25 to 44,worth noting that 49.74% match or surpass the state of New York median income of $84,743. These 378 households, represent a notable portion of the total 760 households in Ridgeway town within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Ridgeway town, within the age group of 45 to 64 years, a remarkable 50.04% of households meet or exceed the state of New York median income of $84,743. These 633 households, out of the total 1,265 households in this age cohort, signify a substantial portion of mature demographic of Ridgeway town, showcasing commendable financial stability in comparison to the New York state median income benchmark.
- Householder 65 years and over: In Ridgeway town, among the over 65 years age group, only 23.87% of households either match or surpass the state of New York median income of $84,743. These 143 households, constituting low portion of the Ridgeway town town 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 Ridgeway, New York?
In Ridgeway town, households led by individuals aged 45 to 64 years report the highest median household income of $80,714 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 Ridgeway, New York?
In terms of income distribution across age cohorts, in Ridgeway town, the median household income stands at $80,714 for householders within the 45 to 64 years age group, followed by $75,332 for the 25 to 44 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $39,330..
How does the median household income for households led by individuals of median age compare in Ridgeway, New York?
The median age in Ridgeway town is 40.4, 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 Ridgeway town, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $75,332.
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)