Median Household Income by Age of Householder in Velda City, MO (In 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Velda City. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Velda City.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | - |
| 25 to 44 years | $33,920 |
| 45 to 64 years | $59,750 |
| 65 years and over | $31,667 |
TABLE OF CONTENTS
Velda City, MO 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 Velda City population by age, the median age in Velda City 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 Velda City, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $33,920.
In terms of income distribution across age cohorts, in Velda City, the median household income stands at $59,750 for householders within the 45 to 64 years age group, followed by $33,920 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 $31,667.
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 Velda City.
FIGURE 1
Velda City, MO median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Velda City, 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 2013 and 2023, two groups encountered a decline in their median household income, while the remaining one experienced an increase during this period. Notably, household income for individuals within the 45 to 64 years age group demonstrated a remarkable increase of $19,165(47.22%), escalating from a median of $40,585 in 2013 to $59,750 in 2023. 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 $8,449(21.06%), declining from a median of $40,116 in 2013 to $31,667 in 2023.
Velda City, MO household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Velda City 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 14(2.82%) households where the householder is under 25 years old, 175(35.28%) households with a householder aged between 25 and 44 years, 157(31.65%) households with a householder aged between 45 and 64 years, and 150(30.24%) 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 Velda City, showcasing varying income levels among different age demographics.
FIGURE 2
Velda City, MO household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Velda City: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Velda City household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Velda City: 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 | 14 | 17 | 4 | 2 |
| $10,000 - $14,999 | - | - | - | 2 |
| $15,000 - $19,999 | - | 29 | - | 27 |
| $20,000 - $24,999 | - | - | - | 16 |
| $25,000 - $29,999 | - | 16 | - | 20 |
| $30,000 - $34,999 | - | 35 | 14 | 13 |
| $35,000 - $39,999 | - | - | - | 15 |
| $40,000 - $44,999 | - | 21 | - | 9 |
| $45,000 - $49,999 | - | 29 | 38 | 8 |
| $50,000 - $59,999 | - | - | 23 | 10 |
| $60,000 - $74,999 | - | 9 | 29 | 15 |
| $75,000 - $99,999 | - | 9 | 31 | 8 |
| $100,000 - $124,999 | - | 10 | - | 5 |
| $125,000 - $149,999 | - | - | 18 | - |
| $150,000 - $199,999 | - | - | - | - |
| $200,000 or more | - | - | - | - |
To further explore the income distribution and gain insights into financial landscape of Velda City when compared to the state of Missouri 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 Velda City, where householders are under 25 years old, fall within or exceed the income bracket representing the median income of $68,920 for the state of Missouri. 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 Velda City, among households headed by individuals aged 25 to 44,noteworthy that only 16% match or surpass the state of Missouri median income of $68,920. These 28 households, represent a low portion of the total 175 households in Velda City within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Velda City, within the age group of 45 to 64 years, only 49.68% of households meet or exceed the state of Missouri median income of $68,920. These 78 households, out of the total 157 households in this age cohort, signify a low portion of mature demographic of Velda City, showcasing commendable financial stability in comparison to the Missouri state median income benchmark.
- Householder 65 years and over: In Velda City, among the over 65 years age group, only 18.67% of households either match or surpass the state of Missouri median income of $68,920. These 28 households, constituting low portion of the Velda City city senior population, showcase commendable financial stability compared to the Missouri state median income benchmark.
Things to know
Which age group reports the highest median household income in Velda City, MO?
In Velda City, households led by individuals aged 45 to 64 years report the highest median household income of $59,750 according to the American Community Survey 2019-2023 5-Year Estimates by the US Census Bureau.
How does the median household income vary by age in Velda City, MO?
In terms of income distribution across age cohorts, in Velda City, the median household income stands at $59,750 for householders within the 45 to 64 years age group, followed by $33,920 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 $31,667..
How does the median household income for households led by individuals of median age compare in Velda City, MO?
The median age in Velda City 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 Velda City, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $33,920.
References
- U.S. Census Bureau American Community Survey (ACS) 2019-2023 5-Year Estimates
- Consumer Price Index retroactive series using current methods (R-CPI-U-RS)
