Median Household Income by Age of Householder in Vernon, IN (2022, in 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Vernon. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Vernon.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | - |
| 25 to 44 years | - |
| 45 to 64 years | - |
| 65 years and over | $54,992 |
TABLE OF CONTENTS
Vernon, IN 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 Vernon population by age, the median age in Vernon is 45.3 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, according to the latest American Community Survey data, the US Census Bureau did not report the median household income for householders in the 45 to 64 years age group in Vernon. 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, Vernon only reports a median household income of $54,992 among householders in the 65 years and over age group.
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 Vernon.
FIGURE 1
Vernon, IN median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Vernon, 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. Notably, household income for individuals within the 65 years and over age group demonstrated a remarkable increase of $16,650(43.42%), escalating from a median of $38,342 in 2012 to $54,992 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 $16,650(43.42%), increasing from a median of $38,342 in 2012 to $54,992 in 2022.
Vernon, IN household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Vernon 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, 38(33.93%) households with a householder aged between 25 and 44 years, 43(38.39%) households with a householder aged between 45 and 64 years, and 31(27.68%) households where the householder is over 65 years old.
The age group of 65 years and over 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 town of Vernon, showcasing varying income levels among different age demographics.
FIGURE 2
Vernon, IN household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Vernon: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Vernon household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Vernon: 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 | - | - | 9 | - |
| $10,000 - $14,999 | - | - | - | - |
| $15,000 - $19,999 | - | - | 6 | 8 |
| $20,000 - $24,999 | - | - | - | - |
| $25,000 - $29,999 | - | - | 5 | 4 |
| $30,000 - $34,999 | - | - | - | - |
| $35,000 - $39,999 | - | 13 | - | 3 |
| $40,000 - $44,999 | - | 6 | - | - |
| $45,000 - $49,999 | - | - | - | - |
| $50,000 - $59,999 | - | - | - | 4 |
| $60,000 - $74,999 | - | 4 | - | 6 |
| $75,000 - $99,999 | - | 5 | 1 | 6 |
| $100,000 - $124,999 | - | - | 10 | - |
| $125,000 - $149,999 | - | 9 | 4 | - |
| $150,000 - $199,999 | - | 1 | 5 | - |
| $200,000 or more | - | - | 3 | - |
To further explore the income distribution and gain insights into financial landscape of Vernon when compared to the state of Indiana 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 Vernon, 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 Vernon, among households headed by individuals aged 25 to 44,worth noting that 50% match or surpass the state of Indiana median income of $69,944. These 19 households, represent a notable portion of the total 38 households in Vernon within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Vernon, within the age group of 45 to 64 years, a remarkable 53.49% of households meet or exceed the state of Indiana median income of $69,944. These 23 households, out of the total 43 households in this age cohort, signify a substantial portion of mature demographic of Vernon, showcasing commendable financial stability in comparison to the Indiana state median income benchmark.
- Householder 65 years and over: In Vernon, among the over 65 years age group, a noteworthy 38.71% of households either match or surpass the state of Indiana median income of $69,944. These 12 households, constituting notable portion of the Vernon town senior population, showcase commendable financial stability compared to the Indiana state median income benchmark.
Things to know
Which age group reports the highest median household income in Vernon, IN?
In Vernon, households led by individuals aged 65 years and over report the highest median household income of $54,992 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 Vernon, IN?
In terms of income distribution across age cohorts, Vernon only reports a median household income of $54,992 among householders in the 65 years and over age group..
How does the median household income for households led by individuals of median age compare in Vernon, IN?
The median age in Vernon is 45.3, 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, according to the latest American Community Survey data, the US Census Bureau did not report the median household income for householders in the 45 to 64 years age group in Vernon. 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.
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)