Saratoga Springs, UT Median Household Income By Age

Saratoga Springs, UT 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 Saratoga Springs population by age, the median age in Saratoga Springs is 22.4 years.

Typically for a location with median age in this range, it likely boasts a youthful population, indication a potential hub for emerging workforce. Interestingly, within Saratoga Springs, the age group of Under 25 years reported the lowest median household income, at $79,233.

In terms of income distribution across age cohorts, in Saratoga Springs, householders within the 45 to 64 years age group have the highest median household income at $140,895, followed by those in the 65 years and over age group with an income of $123,538. Meanwhile householders within the 25 to 44 years age group report the second lowest median household income of $116,515. Notably, householders within the under 25 years age group, had the lowest median household income at $79,233.

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 city of Saratoga Springs.

FIGURE 1

Saratoga Springs, UT median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Saratoga Springs, 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 four 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 $60,691(96.57%), escalating from a median of $62,847 in 2012 to $123,538 in 2022. Conversely, the age group of Under 25 years years witnessed the smallest growth in household income across the same span. Their median income saw a small increase of $19,324(32.26%), increasing from a median of $59,909 in 2012 to $79,233 in 2022.

Saratoga Springs, UT household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Saratoga Springs 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 415(4.27%) households where the householder is under 25 years old, 5,805(59.75%) households with a householder aged between 25 and 44 years, 2,550(26.25%) households with a householder aged between 45 and 64 years, and 946(9.74%) households where the householder is over 65 years old.

The age group of 45 to 64 years exhibits the highest median household income, while the largest number of households falls within the 25 to 44 years bracket. This distribution hints at economic disparities within the city of Saratoga Springs, showcasing varying income levels among different age demographics.

FIGURE 2

Saratoga Springs, UT household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Saratoga Springs: 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 Saratoga Springs when compared to the state of Utah 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 50.84% of the households in Saratoga Springs, where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $90,415 for the state of Utah. These 211 Saratoga Springs households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
• Householder 25 to 44 years: In Saratoga Springs, among households headed by individuals aged 25 to 44, an impressive 80.55% match or surpass the state of Utah median income of $90,415. These 4,676 households, represent a significant portion of the total 5,805 households in Saratoga Springs within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Saratoga Springs, within the age group of 45 to 64 years, a remarkable 86.55% of households meet or exceed the state of Utah median income of $90,415. These 2,207 households, out of the total 2,550 households in this age cohort, signify a substantial portion of mature demographic of Saratoga Springs, showcasing commendable financial stability in comparison to the Utah state median income benchmark.
• Householder 65 years and over: In Saratoga Springs, among the over 65 years age group, an impressive 71.04% of households either match or surpass the state of Utah median income of $90,415. These 672 households, constituting a significant portion of the Saratoga Springs city senior population, showcase commendable financial stability compared to the Utah state median income benchmark.

Things to know

Which age group reports the highest median household income in Saratoga Springs, UT?

In Saratoga Springs, households led by individuals aged 45 to 64 years report the highest median household income of $140,895 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 Saratoga Springs, UT?

In terms of income distribution across age cohorts, in Saratoga Springs, householders within the 45 to 64 years age group have the highest median household income at $140,895, followed by those in the 65 years and over age group with an income of $123,538. Meanwhile householders within the 25 to 44 years age group report the second lowest median household income of $116,515. Notably, householders within the under 25 years age group, had the lowest median household income at $79,233..

How does the median household income for households led by individuals of median age compare in Saratoga Springs, UT?

The median age in Saratoga Springs is 22.4, which falls within the Under 25 years range among the four age groups defined by the US Census Bureau. This demographic likely boasts a youthful population, indication a potential hub for emerging workforce. Interestingly, within Saratoga Springs, the age group of Under 25 years reported the lowest median household income, at $79,233.

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