Rural Retreat, VA Median Household Income By Age

Rural Retreat, 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 Rural Retreat population by age, the median age in Rural Retreat is 41.6 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 Rural Retreat. 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 Rural Retreat, the median household income stands at $68,853 for householders within the under 25 years age group, followed by $66,881 for the 45 to 64 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $42,124.

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 Rural Retreat.

FIGURE 1

Rural Retreat, VA median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Rural Retreat, 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 Under 25 years age group demonstrated a remarkable increase of $41,069(147.82%), escalating from a median of $27,784 in 2012 to $68,853 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 $8,274(11.01%), declining from a median of $75,155 in 2012 to $66,881 in 2022.

Rural Retreat, VA household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Rural Retreat 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 27(4.28%) households where the householder is under 25 years old, 180(28.53%) households with a householder aged between 25 and 44 years, 216(34.23%) households with a householder aged between 45 and 64 years, and 208(32.96%) 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 45 to 64 years bracket. This distribution hints at economic disparities within the town of Rural Retreat, showcasing varying income levels among different age demographics.

FIGURE 2

Rural Retreat, VA household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Rural Retreat: 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 Rural Retreat 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: It is noteworthy that only 14.81% of the households in Rural Retreat, where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $90,848 for the state of Virginia. These 4 Rural Retreat households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
• Householder 25 to 44 years: In Rural Retreat, among households headed by individuals aged 25 to 44,worth noting that 36.11% match or surpass the state of Virginia median income of $90,848. These 65 households, represent a notable portion of the total 180 households in Rural Retreat within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Rural Retreat, within the age group of 45 to 64 years, a noteworthy 46.30% of households meet or exceed the state of Virginia median income of $90,848. These 100 households, out of the total 216 households in this age cohort, signify a notable portion of mature demographic of Rural Retreat, showcasing commendable financial stability in comparison to the Virginia state median income benchmark.
• Householder 65 years and over: In Rural Retreat, among the over 65 years age group, a noteworthy 35.10% of households either match or surpass the state of Virginia median income of $90,848. These 73 households, constituting notable portion of the Rural Retreat 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 Rural Retreat, VA?

In Rural Retreat, households led by individuals aged under 25 years report the highest median household income of $68,853 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 Rural Retreat, VA?

In terms of income distribution across age cohorts, in Rural Retreat, the median household income stands at $68,853 for householders within the under 25 years age group, followed by $66,881 for the 45 to 64 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $42,124..

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

The median age in Rural Retreat is 41.6, 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 Rural Retreat. 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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