Round Hill, VA Median Household Income By Age

Round Hill, VA 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 Round Hill population by age, the median age in Round Hill is 41.3 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 Round Hill. 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 Round Hill, where there exist only two delineated age groups, the median household income is $167,251 for householders within the 45 to 64 years age group, compared to $106,583 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 Round Hill.

FIGURE 1

Round Hill, VA median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Round Hill, 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 65 years and over age group demonstrated a remarkable increase of $36,567(52.23%), escalating from a median of $70,016 in 2012 to $106,583 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 $32,777(24.37%), increasing from a median of $134,474 in 2012 to $167,251 in 2022.

Round Hill, VA household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Round Hill 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, 88(32.84%) households with a householder aged between 25 and 44 years, 119(44.40%) households with a householder aged between 45 and 64 years, and 61(22.76%) households where the householder is over 65 years old.

In Round Hill, 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

Round Hill, VA household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Round Hill: 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 Round Hill when compared to the state of Virginia 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 Round Hill, 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 Round Hill, among households headed by individuals aged 25 to 44, an impressive 55.68% match or surpass the state of Virginia median income of $90,848. These 49 households, represent a significant portion of the total 88 households in Round Hill within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Round Hill, within the age group of 45 to 64 years, a remarkable 67.23% of households meet or exceed the state of Virginia median income of $90,848. These 80 households, out of the total 119 households in this age cohort, signify a substantial portion of mature demographic of Round Hill, showcasing commendable financial stability in comparison to the Virginia state median income benchmark.
• Householder 65 years and over: In Round Hill, among the over 65 years age group, an impressive 75.41% of households either match or surpass the state of Virginia median income of $90,848. These 46 households, constituting a significant portion of the Round Hill town senior population, showcase commendable financial stability compared to the Virginia state median income benchmark.

Things to know

Which age group reports the highest median household income in Round Hill, VA?

In Round Hill, households led by individuals aged 45 to 64 years report the highest median household income of $167,251 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 Round Hill, VA?

In terms of income distribution across age cohorts, in Round Hill, where there exist only two delineated age groups, the median household income is $167,251 for householders within the 45 to 64 years age group, compared to $106,583 for the 65 years and over age group..

How does the median household income for households led by individuals of median age compare in Round Hill, VA?

The median age in Round Hill is 41.3, 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 Round Hill. 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.

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