Median Household Income by Age of Householder in Soap Lake, WA (In 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Soap Lake. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Soap Lake.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | - |
| 25 to 44 years | $57,386 |
| 45 to 64 years | - |
| 65 years and over | - |
TABLE OF CONTENTS
Soap Lake, WA 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 Soap Lake population by age, the median age in Soap Lake is 41.8 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 Soap Lake, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $57,386.
In terms of income distribution across age cohorts, Soap Lake only reports a median household income of $57,386 among householders in the 25 to 44 years 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 city of Soap Lake.
FIGURE 1
Soap Lake, WA median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Soap 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. Notably, household income for individuals within the 25 to 44 years age group demonstrated a remarkable increase of $9,763(20.50%), escalating from a median of $47,623 in 2013 to $57,386 in 2023. Conversely, the age group of 25 to 44 years years witnessed the smallest growth in household income across the same span. Their median income saw a small increase of $9,763(20.50%), increasing from a median of $47,623 in 2013 to $57,386 in 2023.
Soap Lake, WA household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Soap 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 38(6.37%) households where the householder is under 25 years old, 149(24.96%) households with a householder aged between 25 and 44 years, 172(28.81%) households with a householder aged between 45 and 64 years, and 238(39.87%) 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 city of Soap Lake, showcasing varying income levels among different age demographics.
FIGURE 2
Soap Lake, WA household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Soap Lake: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Soap Lake household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Soap Lake: Under 25 years, 25-44 years, 45-64 years, and over 65 years. This table highlights the variation in household income, offering valuable insights into economic trends and disparities within different age categories.
| Household Income Age of Householder | Under 25 years | 25 to 44 years | 45 to 64 years | 65 years and over |
|---|---|---|---|---|
| Less than $10,000 | - | 4 | - | 23 |
| $10,000 - $14,999 | - | 31 | 49 | 33 |
| $15,000 - $19,999 | - | 3 | 12 | 23 |
| $20,000 - $24,999 | - | 12 | 13 | 24 |
| $25,000 - $29,999 | - | - | - | 9 |
| $30,000 - $34,999 | - | - | 12 | 11 |
| $35,000 - $39,999 | 15 | 14 | - | 12 |
| $40,000 - $44,999 | - | - | - | 13 |
| $45,000 - $49,999 | - | - | - | - |
| $50,000 - $59,999 | - | 11 | 4 | - |
| $60,000 - $74,999 | - | 30 | 9 | - |
| $75,000 - $99,999 | - | - | 22 | 26 |
| $100,000 - $124,999 | 23 | 36 | 14 | - |
| $125,000 - $149,999 | - | 8 | 9 | 50 |
| $150,000 - $199,999 | - | - | - | - |
| $200,000 or more | - | - | 28 | 14 |
To further explore the income distribution and gain insights into financial landscape of Soap Lake when compared to the state of Washington 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 60.53% of the households in Soap Lake, where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $94,952 for the state of Washington. These 23 Soap Lake households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
- Householder 25 to 44 years: In Soap Lake, among households headed by individuals aged 25 to 44,worth noting that 29.53% match or surpass the state of Washington median income of $94,952. These 44 households, represent a notable portion of the total 149 households in Soap Lake within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Soap Lake, within the age group of 45 to 64 years, a noteworthy 42.44% of households meet or exceed the state of Washington median income of $94,952. These 73 households, out of the total 172 households in this age cohort, signify a notable portion of mature demographic of Soap Lake, showcasing commendable financial stability in comparison to the Washington state median income benchmark.
- Householder 65 years and over: In Soap Lake, among the over 65 years age group, a noteworthy 37.82% of households either match or surpass the state of Washington median income of $94,952. These 90 households, constituting notable portion of the Soap Lake city senior population, showcase commendable financial stability compared to the Washington state median income benchmark.
Things to know
Which age group reports the highest median household income in Soap Lake, WA?
In Soap Lake, households led by individuals aged 25 to 44 years report the highest median household income of $57,386 according to the American Community Survey 2019-2023 5-Year Estimates by the US Census Bureau.
How does the median household income vary by age in Soap Lake, WA?
In terms of income distribution across age cohorts, Soap Lake only reports a median household income of $57,386 among householders in the 25 to 44 years age group..
How does the median household income for households led by individuals of median age compare in Soap Lake, WA?
The median age in Soap Lake is 41.8, 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 Soap Lake, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $57,386.
References
- U.S. Census Bureau American Community Survey (ACS) 2019-2023 5-Year Estimates
- Consumer Price Index retroactive series using current methods (R-CPI-U-RS)