Median Household Income by Age of Householder in Wharton township, Potter County, Pennsylvania (2022, in 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Wharton township. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Wharton township.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | - |
| 25 to 44 years | - |
| 45 to 64 years | $90,459 |
| 65 years and over | - |
TABLE OF CONTENTS
Wharton township, Potter County, Pennsylvania 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 Wharton township population by age, the median age in Wharton township is 54.5 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, within Wharton township, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $90,459.
In terms of income distribution across age cohorts, Wharton township only reports a median household income of $90,459 among householders in the 45 to 64 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 township of Wharton township.
FIGURE 1
Wharton township, Potter County, Pennsylvania median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Wharton township, 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 45 to 64 years age group demonstrated a remarkable increase of $52,117(135.93%), escalating from a median of $38,342 in 2012 to $90,459 in 2022. Conversely, the age group of 45 to 64 years years witnessed the smallest growth in household income across the same span. Their median income saw a small increase of $52,117(135.93%), increasing from a median of $38,342 in 2012 to $90,459 in 2022.
Wharton township, Potter County, Pennsylvania household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Wharton township 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, 5(10.64%) households with a householder aged between 25 and 44 years, 21(44.68%) households with a householder aged between 45 and 64 years, and 21(44.68%) households where the householder is over 65 years old.
In Wharton township, 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
Wharton township, Potter County, Pennsylvania household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Wharton township: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Wharton township household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Wharton township: 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 | - | - | 1 | 4 |
| $10,000 - $14,999 | - | - | - | - |
| $15,000 - $19,999 | - | - | - | 5 |
| $20,000 - $24,999 | - | - | - | 2 |
| $25,000 - $29,999 | - | - | 1 | - |
| $30,000 - $34,999 | - | 5 | - | - |
| $35,000 - $39,999 | - | - | 3 | - |
| $40,000 - $44,999 | - | - | - | 4 |
| $45,000 - $49,999 | - | - | - | 2 |
| $50,000 - $59,999 | - | - | 2 | 1 |
| $60,000 - $74,999 | - | - | 2 | 3 |
| $75,000 - $99,999 | - | - | 2 | - |
| $100,000 - $124,999 | - | - | 3 | - |
| $125,000 - $149,999 | - | - | - | - |
| $150,000 - $199,999 | - | - | 3 | - |
| $200,000 or more | - | - | 4 | - |
To further explore the income distribution and gain insights into financial landscape of Wharton township when compared to the state of Pennsylvania 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 Wharton township, 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 Wharton township, there are no households led by individuals aged 25 to 44, that meet or surpass the state of Pennsylvania median income of $76,188. Thus of the total 5 households in Wharton township, where the householder is 25-44 years old, none had an income higher than the median state income.
- Householder 45 to 64 years: In Wharton township, within the age group of 45 to 64 years, a remarkable 57.14% of households meet or exceed the state of Pennsylvania median income of $76,188. These 12 households, out of the total 21 households in this age cohort, signify a substantial portion of mature demographic of Wharton township, showcasing commendable financial stability in comparison to the Pennsylvania state median income benchmark.
- Householder 65 years and over: In Wharton township, within the over 65 years age cohort, there are no households that meet or exceed the state of Pennsylvania median income of $76,188. Therefore, among the total number of households in this senior demographic, none have an income higher than the Pennsylvania state median income range.
Things to know
Which age group reports the highest median household income in Wharton township, Potter County, Pennsylvania?
In Wharton township, households led by individuals aged 45 to 64 years report the highest median household income of $90,459 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 Wharton township, Potter County, Pennsylvania?
In terms of income distribution across age cohorts, Wharton township only reports a median household income of $90,459 among householders in the 45 to 64 years age group..
How does the median household income for households led by individuals of median age compare in Wharton township, Potter County, Pennsylvania?
The median age in Wharton township is 54.5, 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, within Wharton township, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $90,459.
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)