Shelter Island, New York Median Household Income By Age

Shelter Island, 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 Shelter Island town population by age, the median age in Shelter Island town is 43.2 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 Shelter Island town, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $223,117.

In terms of income distribution across age cohorts, in Shelter Island town, where there exist only two delineated age groups, the median household income is $223,117 for householders within the 25 to 44 years age group, compared to $100,527 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 Shelter Island town.

FIGURE 1

Shelter Island, New York median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Shelter Island 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, one 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 $145,644(187.99%), escalating from a median of $77,473 in 2012 to $223,117 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 $2,913(2.82%), declining from a median of $103,440 in 2012 to $100,527 in 2022.

Shelter Island, New York household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Shelter Island 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 86(5.46%) households where the householder is under 25 years old, 260(16.51%) households with a householder aged between 25 and 44 years, 504(32%) households with a householder aged between 45 and 64 years, and 725(46.03%) households where the householder is over 65 years old.

The age group of 25 to 44 years exhibits the highest median household income, while the largest number of households falls within the 65 years and over bracket. This distribution hints at economic disparities within the town of Shelter Island town, showcasing varying income levels among different age demographics.

FIGURE 2

Shelter Island, New York household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Shelter Island 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 Shelter Island 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 Shelter Island 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 Shelter Island town, among households headed by individuals aged 25 to 44, an impressive 100% match or surpass the state of New York median income of $84,743. These 260 households, represent a significant portion of the total 260 households in Shelter Island town within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Shelter Island town, within the age group of 45 to 64 years, a noteworthy 47.82% of households meet or exceed the state of New York median income of $84,743. These 241 households, out of the total 504 households in this age cohort, signify a notable portion of mature demographic of Shelter Island town, showcasing commendable financial stability in comparison to the New York state median income benchmark.
• Householder 65 years and over: In Shelter Island town, among the over 65 years age group, an impressive 68.69% of households either match or surpass the state of New York median income of $84,743. These 498 households, constituting a significant portion of the Shelter Island 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 Shelter Island, New York?

In Shelter Island town, households led by individuals aged 25 to 44 years report the highest median household income of $223,117 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 Shelter Island, New York?

In terms of income distribution across age cohorts, in Shelter Island town, where there exist only two delineated age groups, the median household income is $223,117 for householders within the 25 to 44 years age group, compared to $100,527 for the 65 years and over age group..

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

The median age in Shelter Island town is 43.2, 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 Shelter Island town, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $223,117.

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