South Floral Park, NY Median Household Income By Age

South Floral Park, NY 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 South Floral Park population by age, the median age in South Floral Park is 42.3 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 South Floral Park, the age group of 25 to 44 years had the second lowest median household income, recorded at $77,850.

In terms of income distribution across age cohorts, in South Floral Park, the median household income stands at $179,705 for householders within the 45 to 64 years age group, followed by $114,881 for the 65 years and over age group. Notably, householders within the 25 to 44 years age group, had the lowest median household income at $77,850.

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 village of South Floral Park.

FIGURE 1

South Floral Park, NY median household income by age of householder

It offers a clear illustration of the differences in median household incomes in South Floral Park, 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 45 to 64 years age group demonstrated a remarkable increase of $63,012(54%), escalating from a median of $116,693 in 2012 to $179,705 in 2022. Conversely, the age group of 25 to 44 years years witnessed the most significant decline in household income across the same span. Their median income saw a substantial drop of $82,352(51.41%), declining from a median of $160,202 in 2012 to $77,850 in 2022.

South Floral Park, NY household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the South Floral Park 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 9(1.58%) households where the householder is under 25 years old, 133(23.33%) households with a householder aged between 25 and 44 years, 242(42.46%) households with a householder aged between 45 and 64 years, and 186(32.63%) households where the householder is over 65 years old.

In South Floral Park, 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

South Floral Park, NY household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in South Floral Park: 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 South Floral Park 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 South Floral Park, 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 South Floral Park, among households headed by individuals aged 25 to 44,worth noting that 48.87% match or surpass the state of New York median income of $84,743. These 65 households, represent a notable portion of the total 133 households in South Floral Park within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In South Floral Park, within the age group of 45 to 64 years, a remarkable 84.71% of households meet or exceed the state of New York median income of $84,743. These 205 households, out of the total 242 households in this age cohort, signify a substantial portion of mature demographic of South Floral Park, showcasing commendable financial stability in comparison to the New York state median income benchmark.
• Householder 65 years and over: In South Floral Park, among the over 65 years age group, an impressive 79.03% of households either match or surpass the state of New York median income of $84,743. These 147 households, constituting a significant portion of the South Floral Park village 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 South Floral Park, NY?

In South Floral Park, households led by individuals aged 45 to 64 years report the highest median household income of $179,705 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 South Floral Park, NY?

In terms of income distribution across age cohorts, in South Floral Park, the median household income stands at $179,705 for householders within the 45 to 64 years age group, followed by $114,881 for the 65 years and over age group. Notably, householders within the 25 to 44 years age group, had the lowest median household income at $77,850..

How does the median household income for households led by individuals of median age compare in South Floral Park, NY?

The median age in South Floral Park is 42.3, 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 South Floral Park, the age group of 25 to 44 years had the second lowest median household income, recorded at $77,850.

References

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