St. Michaels, MD Median Household Income By Age

St. Michaels, MD 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 St. Michaels population by age, the median age in St. Michaels is 49.8 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 St. Michaels, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $93,513.

In terms of income distribution across age cohorts, in St. Michaels, the median household income stands at $93,513 for householders within the 45 to 64 years age group, followed by $77,217 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 $59,128.

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 St. Michaels.

FIGURE 1

St. Michaels, MD median household income by age of householder

It offers a clear illustration of the differences in median household incomes in St. Michaels, 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, none had a decline during this time period. Notably, household income for individuals within the 65 years and over age group demonstrated a remarkable increase of $36,375(89.06%), escalating from a median of $40,842 in 2012 to $77,217 in 2022. 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 $14,674(33.01%), increasing from a median of $44,454 in 2012 to $59,128 in 2022.

St. Michaels, MD household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the St. Michaels 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 0 households where the householder is under 25 years old, 130(19.49%) households with a householder aged between 25 and 44 years, 260(38.98%) households with a householder aged between 45 and 64 years, and 277(41.53%) households where the householder is over 65 years old.

The age group of 45 to 64 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 St. Michaels, showcasing varying income levels among different age demographics.

FIGURE 2

St. Michaels, MD household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in St. Michaels: 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 St. Michaels when compared to the state of Maryland 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: In St. Michaels, the comparison with the median income of the state and the nation remains inapplicable as there are no households headed by individuals under 25 years old.
• Householder 25 to 44 years: In St. Michaels, among households headed by individuals aged 25 to 44,noteworthy that only 11.54% match or surpass the state of Maryland median income of $102,523. These 15 households, represent a low portion of the total 130 households in St. Michaels within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In St. Michaels, within the age group of 45 to 64 years, only 46.92% of households meet or exceed the state of Maryland median income of $102,523. These 122 households, out of the total 260 households in this age cohort, signify a low portion of mature demographic of St. Michaels, showcasing commendable financial stability in comparison to the Maryland state median income benchmark.
• Householder 65 years and over: In St. Michaels, among the over 65 years age group, only 19.86% of households either match or surpass the state of Maryland median income of $102,523. These 55 households, constituting low portion of the St. Michaels town senior population, showcase commendable financial stability compared to the Maryland state median income benchmark.

Things to know

Which age group reports the highest median household income in St. Michaels, MD?

In St. Michaels, households led by individuals aged 45 to 64 years report the highest median household income of $93,513 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 St. Michaels, MD?

In terms of income distribution across age cohorts, in St. Michaels, the median household income stands at $93,513 for householders within the 45 to 64 years age group, followed by $77,217 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 $59,128..

How does the median household income for households led by individuals of median age compare in St. Michaels, MD?

The median age in St. Michaels is 49.8, 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 St. Michaels, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $93,513.

References

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