Median Household Income by Age of Householder in Spencer, NY (2022, in 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Spencer. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Spencer.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | - |
| 25 to 44 years | $91,668 |
| 45 to 64 years | $59,872 |
| 65 years and over | $49,622 |
TABLE OF CONTENTS
Spencer, 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 Spencer population by age, the median age in Spencer is 34.2 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 Spencer, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $91,668.
In terms of income distribution across age cohorts, in Spencer, the median household income stands at $91,668 for householders within the 25 to 44 years age group, followed by $59,872 for the 45 to 64 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $49,622.
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 Spencer.
FIGURE 1
Spencer, NY median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Spencer, 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 $24,569(36.62%), escalating from a median of $67,099 in 2012 to $91,668 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 $12,265(17%), declining from a median of $72,137 in 2012 to $59,872 in 2022.
Spencer, NY household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Spencer 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 8(2.42%) households where the householder is under 25 years old, 94(28.40%) households with a householder aged between 25 and 44 years, 134(40.48%) households with a householder aged between 45 and 64 years, and 95(28.70%) 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 village of Spencer, showcasing varying income levels among different age demographics.
FIGURE 2
Spencer, NY household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Spencer: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Spencer household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Spencer: 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 | - | 2 | 5 | 3 |
| $10,000 - $14,999 | 3 | - | 9 | 20 |
| $15,000 - $19,999 | - | 2 | 8 | 8 |
| $20,000 - $24,999 | - | - | 7 | 3 |
| $25,000 - $29,999 | - | 19 | 21 | 6 |
| $30,000 - $34,999 | - | - | - | 2 |
| $35,000 - $39,999 | - | - | 5 | 5 |
| $40,000 - $44,999 | - | - | 10 | - |
| $45,000 - $49,999 | - | 6 | - | 8 |
| $50,000 - $59,999 | - | - | 6 | 12 |
| $60,000 - $74,999 | 3 | 5 | 10 | 7 |
| $75,000 - $99,999 | - | 52 | 15 | 6 |
| $100,000 - $124,999 | - | 3 | 15 | 9 |
| $125,000 - $149,999 | - | - | 9 | - |
| $150,000 - $199,999 | 2 | 3 | 2 | 4 |
| $200,000 or more | - | 2 | 12 | 2 |
To further explore the income distribution and gain insights into financial landscape of Spencer 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 only 25% of the households in Spencer, where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $84,743 for the state of New York. These 2 Spencer households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
- Householder 25 to 44 years: In Spencer, among households headed by individuals aged 25 to 44, an impressive 63.83% match or surpass the state of New York median income of $84,743. These 60 households, represent a significant portion of the total 94 households in Spencer within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Spencer, within the age group of 45 to 64 years, a noteworthy 39.55% of households meet or exceed the state of New York median income of $84,743. These 53 households, out of the total 134 households in this age cohort, signify a notable portion of mature demographic of Spencer, showcasing commendable financial stability in comparison to the New York state median income benchmark.
- Householder 65 years and over: In Spencer, among the over 65 years age group, only 22.11% of households either match or surpass the state of New York median income of $84,743. These 21 households, constituting low portion of the Spencer 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 Spencer, NY?
In Spencer, households led by individuals aged 25 to 44 years report the highest median household income of $91,668 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 Spencer, NY?
In terms of income distribution across age cohorts, in Spencer, the median household income stands at $91,668 for householders within the 25 to 44 years age group, followed by $59,872 for the 45 to 64 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $49,622..
How does the median household income for households led by individuals of median age compare in Spencer, NY?
The median age in Spencer is 34.2, 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 Spencer, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $91,668.
References
- U.S. Census Bureau American Community Survey (ACS) 2018-2022 5-Year Estimates
- Consumer Price Index retroactive series using current methods (R-CPI-U-RS)