Silver Lake, IN Median Household Income By Age

Silver Lake, IN 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 Silver Lake population by age, the median age in Silver Lake is 45.7 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 Silver Lake, the age group of 45 to 64 years had the second lowest median household income, recorded at $44,687.

In terms of income distribution across age cohorts, in Silver Lake, the median household income stands at $88,506 for householders within the 25 to 44 years age group, followed by $47,507 for the 65 years and over age group. Notably, householders within the 45 to 64 years age group, had the lowest median household income at $44,687.

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 Silver Lake.

FIGURE 1

Silver Lake, IN median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Silver Lake, 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, one groups encountered a decline in their median household income, while the remaining two experienced an increase during this period. Notably, household income for individuals within the 25 to 44 years age group demonstrated a remarkable increase of $20,574(30.29%), escalating from a median of $67,932 in 2012 to $88,506 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 $16,716(27.22%), declining from a median of $61,403 in 2012 to $44,687 in 2022.

Silver Lake, IN household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Silver Lake 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 13(3.22%) households where the householder is under 25 years old, 92(22.77%) households with a householder aged between 25 and 44 years, 173(42.82%) households with a householder aged between 45 and 64 years, and 126(31.19%) 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 45 to 64 years bracket. This distribution hints at economic disparities within the town of Silver Lake, showcasing varying income levels among different age demographics.

FIGURE 2

Silver Lake, IN household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Silver Lake: 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 Silver Lake when compared to the state of Indiana 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 Silver Lake, where householders are under 25 years old, fall within or exceed the income bracket representing the median income of $69,944 for the state of Indiana. 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 Silver Lake, among households headed by individuals aged 25 to 44, an impressive 57.61% match or surpass the state of Indiana median income of $69,944. These 53 households, represent a significant portion of the total 92 households in Silver Lake within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Silver Lake, within the age group of 45 to 64 years, a noteworthy 38.73% of households meet or exceed the state of Indiana median income of $69,944. These 67 households, out of the total 173 households in this age cohort, signify a notable portion of mature demographic of Silver Lake, showcasing commendable financial stability in comparison to the Indiana state median income benchmark.
• Householder 65 years and over: In Silver Lake, among the over 65 years age group, a noteworthy 26.19% of households either match or surpass the state of Indiana median income of $69,944. These 33 households, constituting notable portion of the Silver Lake town senior population, showcase commendable financial stability compared to the Indiana state median income benchmark.

Things to know

Which age group reports the highest median household income in Silver Lake, IN?

In Silver Lake, households led by individuals aged 25 to 44 years report the highest median household income of $88,506 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 Silver Lake, IN?

In terms of income distribution across age cohorts, in Silver Lake, the median household income stands at $88,506 for householders within the 25 to 44 years age group, followed by $47,507 for the 65 years and over age group. Notably, householders within the 45 to 64 years age group, had the lowest median household income at $44,687..

How does the median household income for households led by individuals of median age compare in Silver Lake, IN?

The median age in Silver Lake is 45.7, 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 Silver Lake, the age group of 45 to 64 years had the second lowest median household income, recorded at $44,687.

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