Thompson Falls, MT Median Household Income By Age

Thompson Falls, MT 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 Thompson Falls population by age, the median age in Thompson Falls is 46.6 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 Thompson Falls, the age group of 45 to 64 years had the second lowest median household income, recorded at $42,409.

In terms of income distribution across age cohorts, in Thompson Falls, the median household income stands at $80,294 for householders within the 25 to 44 years age group, followed by $43,819 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 $42,409.

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 Thompson Falls.

FIGURE 1

Thompson Falls, MT median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Thompson Falls, 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 25 to 44 years age group demonstrated a remarkable increase of $30,056(59.83%), escalating from a median of $50,238 in 2012 to $80,294 in 2022. Conversely, the age group of 65 years and over years witnessed the smallest growth in household income across the same span. Their median income saw a small increase of $9,123(26.29%), increasing from a median of $34,696 in 2012 to $43,819 in 2022.

Thompson Falls, MT household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Thompson Falls 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 44(6.19%) households where the householder is under 25 years old, 161(22.64%) households with a householder aged between 25 and 44 years, 251(35.30%) households with a householder aged between 45 and 64 years, and 255(35.86%) 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 Thompson Falls, showcasing varying income levels among different age demographics.

FIGURE 2

Thompson Falls, MT household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Thompson Falls: 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 Thompson Falls when compared to the state of Montana 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 Thompson Falls, where householders are under 25 years old, fall within or exceed the income bracket representing the median income of $69,078 for the state of Montana. 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 Thompson Falls, among households headed by individuals aged 25 to 44, an impressive 74.53% match or surpass the state of Montana median income of $69,078. These 120 households, represent a significant portion of the total 161 households in Thompson Falls within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Thompson Falls, within the age group of 45 to 64 years, a noteworthy 33.47% of households meet or exceed the state of Montana median income of $69,078. These 84 households, out of the total 251 households in this age cohort, signify a notable portion of mature demographic of Thompson Falls, showcasing commendable financial stability in comparison to the Montana state median income benchmark.
• Householder 65 years and over: In Thompson Falls, among the over 65 years age group, a noteworthy 32.55% of households either match or surpass the state of Montana median income of $69,078. These 83 households, constituting notable portion of the Thompson Falls city senior population, showcase commendable financial stability compared to the Montana state median income benchmark.

Things to know

Which age group reports the highest median household income in Thompson Falls, MT?

In Thompson Falls, households led by individuals aged 25 to 44 years report the highest median household income of $80,294 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 Thompson Falls, MT?

In terms of income distribution across age cohorts, in Thompson Falls, the median household income stands at $80,294 for householders within the 25 to 44 years age group, followed by $43,819 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 $42,409..

How does the median household income for households led by individuals of median age compare in Thompson Falls, MT?

The median age in Thompson Falls is 46.6, 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 Thompson Falls, the age group of 45 to 64 years had the second lowest median household income, recorded at $42,409.

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