Tolar, TX Median Household Income By Age

Tolar, TX 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 Tolar population by age, the median age in Tolar is 23.5 years.

Typically for a location with median age in this range, it likely boasts a youthful population, indication a potential hub for emerging workforce. Interestingly, according to the latest American Community Survey data, the US Census Bureau did not report the median household income for householders in the Under 25 years age group in Tolar. This absence could be attributed to a smaller working population or fewer household heads within this age range, potentially resulting in less reliable or unavailable data for reporting.

In terms of income distribution across age cohorts, in Tolar, the median household income stands at $102,824 for householders within the 45 to 64 years age group, followed by $100,058 for the 25 to 44 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $58,365.

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 Tolar.

FIGURE 1

Tolar, TX median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Tolar, 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 $29,890(40.98%), escalating from a median of $72,934 in 2012 to $102,824 in 2022. Conversely, the age group of 65 years and over years witnessed the most significant decline in household income across the same span. Their median income saw a substantial drop of $6,649(10.23%), declining from a median of $65,014 in 2012 to $58,365 in 2022.

Tolar, TX household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Tolar 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 4(1.08%) households where the householder is under 25 years old, 241(65.31%) households with a householder aged between 25 and 44 years, 76(20.60%) households with a householder aged between 45 and 64 years, and 48(13.01%) 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 25 to 44 years bracket. This distribution hints at economic disparities within the city of Tolar, showcasing varying income levels among different age demographics.

FIGURE 2

Tolar, TX household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Tolar: 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 Tolar when compared to the state of Texas 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 Tolar, where householders are under 25 years old, fall within or exceed the income bracket representing the median income of $76,048 for the state of Texas. 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 Tolar, among households headed by individuals aged 25 to 44, an impressive 61.83% match or surpass the state of Texas median income of $76,048. These 149 households, represent a significant portion of the total 241 households in Tolar within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Tolar, within the age group of 45 to 64 years, a remarkable 78.95% of households meet or exceed the state of Texas median income of $76,048. These 60 households, out of the total 76 households in this age cohort, signify a substantial portion of mature demographic of Tolar, showcasing commendable financial stability in comparison to the Texas state median income benchmark.
• Householder 65 years and over: In Tolar, among the over 65 years age group, only 14.58% of households either match or surpass the state of Texas median income of $76,048. These 7 households, constituting low portion of the Tolar city senior population, showcase commendable financial stability compared to the Texas state median income benchmark.

Things to know

Which age group reports the highest median household income in Tolar, TX?

In Tolar, households led by individuals aged 45 to 64 years report the highest median household income of $102,824 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 Tolar, TX?

In terms of income distribution across age cohorts, in Tolar, the median household income stands at $102,824 for householders within the 45 to 64 years age group, followed by $100,058 for the 25 to 44 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $58,365..

How does the median household income for households led by individuals of median age compare in Tolar, TX?

The median age in Tolar is 23.5, which falls within the Under 25 years range among the four age groups defined by the US Census Bureau. This demographic likely boasts a youthful population, indication a potential hub for emerging workforce. Interestingly, according to the latest American Community Survey data, the US Census Bureau did not report the median household income for householders in the Under 25 years age group in Tolar. This absence could be attributed to a smaller working population or fewer household heads within this age range, potentially resulting in less reliable or unavailable data for reporting.

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