Salamanca Town, New York Median Household Income By Age

Salamanca Town, 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 Salamanca town population by age, the median age in Salamanca town is 54 years.

Typically for a location with median age in this range, it tends to house more established professionals, possibly reflecting stable households and higher earning poptential. Interestingly, within Salamanca town, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $62,909.

In terms of income distribution across age cohorts, in Salamanca town, where there exist only two delineated age groups, the median household income is $62,909 for householders within the 45 to 64 years age group, compared to $28,389 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 Salamanca town.

FIGURE 1

Salamanca Town, New York median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Salamanca 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, none had an increase in this time period. Notably, household income for individuals within the 65 years and over age group demonstrated the smallest decline of $15,510(35.33%), declining from a median of $43,899 in 2012 to $28,389 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 $20,999(25.03%), declining from a median of $83,908 in 2012 to $62,909 in 2022.

Salamanca Town, New York household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Salamanca 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 3(1.23%) households where the householder is under 25 years old, 58(23.77%) households with a householder aged between 25 and 44 years, 100(40.98%) households with a householder aged between 45 and 64 years, and 83(34.02%) households where the householder is over 65 years old.

In Salamanca 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

Salamanca Town, New York household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Salamanca town: 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 Salamanca 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 impressive that 100% of the households in Salamanca town, where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $84,743 for the state of New York. These 3 Salamanca town households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
• Householder 25 to 44 years: In Salamanca town, among households headed by individuals aged 25 to 44,worth noting that 36.21% match or surpass the state of New York median income of $84,743. These 21 households, represent a notable portion of the total 58 households in Salamanca town within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Salamanca town, within the age group of 45 to 64 years, a noteworthy 30% of households meet or exceed the state of New York median income of $84,743. These 30 households, out of the total 100 households in this age cohort, signify a notable portion of mature demographic of Salamanca town, showcasing commendable financial stability in comparison to the New York state median income benchmark.
• Householder 65 years and over: In Salamanca town, among the over 65 years age group, only 16.87% of households either match or surpass the state of New York median income of $84,743. These 14 households, constituting low portion of the Salamanca 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 Salamanca Town, New York?

In Salamanca town, households led by individuals aged 45 to 64 years report the highest median household income of $62,909 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 Salamanca Town, New York?

In terms of income distribution across age cohorts, in Salamanca town, where there exist only two delineated age groups, the median household income is $62,909 for householders within the 45 to 64 years age group, compared to $28,389 for the 65 years and over age group..

How does the median household income for households led by individuals of median age compare in Salamanca Town, New York?

The median age in Salamanca town is 54, which falls within the 45 to 64 years range among the four age groups defined by the US Census Bureau. This demographic tends to house more established professionals, possibly reflecting stable households and higher earning poptential. Interestingly, within Salamanca town, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $62,909.

References

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