Wallace, SD Median Household Income By Age

Wallace, SD 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 Wallace population by age, the median age in Wallace is 43.8 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 Wallace, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $72,237.

In terms of income distribution across age cohorts, Wallace only reports a median household income of $72,237 among householders in the 25 to 44 years 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 Wallace.

FIGURE 1

Wallace, SD median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Wallace, 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 25 to 44 years age group demonstrated a remarkable increase of $3,471(5.05%), escalating from a median of $68,766 in 2012 to $72,237 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 $3,471(5.05%), increasing from a median of $68,766 in 2012 to $72,237 in 2022.

Wallace, SD household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Wallace 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, 11(45.83%) households with a householder aged between 25 and 44 years, 2(8.33%) households with a householder aged between 45 and 64 years, and 11(45.83%) households where the householder is over 65 years old.

In Wallace, the age group of 25 to 44 years stands out with both the highest median income and the maximum share of households. This alignment suggests a financially stable demographic, indicating an established community with stable careers and higher incomes.

FIGURE 2

Wallace, SD household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Wallace: 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 Wallace when compared to the state of South Dakota 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 Wallace, 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 Wallace, among households headed by individuals aged 25 to 44, an impressive 63.64% match or surpass the state of South Dakota median income of $72,322. These 7 households, represent a significant portion of the total 11 households in Wallace within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Wallace, within the age group of 45 to 64 years, a noteworthy 50% of households meet or exceed the state of South Dakota median income of $72,322. These 1 households, out of the total 2 households in this age cohort, signify a notable portion of mature demographic of Wallace, showcasing commendable financial stability in comparison to the South Dakota state median income benchmark.
• Householder 65 years and over: In Wallace, among the over 65 years age group, a noteworthy 45.45% of households either match or surpass the state of South Dakota median income of $72,322. These 5 households, constituting notable portion of the Wallace town senior population, showcase commendable financial stability compared to the South Dakota state median income benchmark.

Things to know

Which age group reports the highest median household income in Wallace, SD?

In Wallace, households led by individuals aged 25 to 44 years report the highest median household income of $72,237 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 Wallace, SD?

In terms of income distribution across age cohorts, Wallace only reports a median household income of $72,237 among householders in the 25 to 44 years age group..

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

The median age in Wallace is 43.8, 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 Wallace, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $72,237.

References

Notes