Walnut Grove, MS Median Household Income By Age

Walnut Grove, MS 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 Walnut Grove population by age, the median age in Walnut Grove is 32.4 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 Walnut Grove, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $26,806.

In terms of income distribution across age cohorts, in Walnut Grove, the median household income stands at $53,188 for householders within the 45 to 64 years age group, followed by $26,806 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 $15,417.

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 Walnut Grove.

FIGURE 1

Walnut Grove, MS median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Walnut Grove, 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, 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 $31,840(149.15%), escalating from a median of $21,348 in 2013 to $53,188 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 $10,037(39.43%), declining from a median of $25,454 in 2013 to $15,417 in 2023.

Walnut Grove, MS household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Walnut Grove 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, 87(37.50%) households with a householder aged between 25 and 44 years, 100(43.10%) households with a householder aged between 45 and 64 years, and 45(19.40%) households where the householder is over 65 years old.

In Walnut Grove, the age group of 45 to 64 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

Walnut Grove, MS household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Walnut Grove: 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 Walnut Grove when compared to the state of Mississippi 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 Walnut Grove, 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 Walnut Grove, among households headed by individuals aged 25 to 44,worth noting that 31.03% match or surpass the state of Mississippi median income of $54,915. These 27 households, represent a notable portion of the total 87 households in Walnut Grove within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Walnut Grove, within the age group of 45 to 64 years, a remarkable 61% of households meet or exceed the state of Mississippi median income of $54,915. These 61 households, out of the total 100 households in this age cohort, signify a substantial portion of mature demographic of Walnut Grove, showcasing commendable financial stability in comparison to the Mississippi state median income benchmark.
• Householder 65 years and over: In Walnut Grove, among the over 65 years age group, only 4.44% of households either match or surpass the state of Mississippi median income of $54,915. These 2 households, constituting low portion of the Walnut Grove town senior population, showcase commendable financial stability compared to the Mississippi state median income benchmark.

Things to know

Which age group reports the highest median household income in Walnut Grove, MS?

In Walnut Grove, households led by individuals aged 45 to 64 years report the highest median household income of $53,188 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 Walnut Grove, MS?

In terms of income distribution across age cohorts, in Walnut Grove, the median household income stands at $53,188 for householders within the 45 to 64 years age group, followed by $26,806 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 $15,417..

How does the median household income for households led by individuals of median age compare in Walnut Grove, MS?

The median age in Walnut Grove is 32.4, 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 Walnut Grove, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $26,806.

References

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