Wilmore, KY Median Household Income By Age

Wilmore, KY 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 Wilmore population by age, the median age in Wilmore is 29.1 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 Wilmore, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $89,512.

In terms of income distribution across age cohorts, in Wilmore, householders within the 25 to 44 years age group have the highest median household income at $89,512, followed by those in the under 25 years age group with an income of $60,325. Meanwhile householders within the 45 to 64 years age group report the second lowest median household income of $54,966. Notably, householders within the 65 years and over age group, had the lowest median household income at $51,756.

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 Wilmore.

FIGURE 1

Wilmore, KY median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Wilmore, 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 four age groups with available Census data in both 2012 and 2022, two 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 25 to 44 years age group demonstrated a remarkable increase of $42,359(89.83%), escalating from a median of $47,153 in 2012 to $89,512 in 2022. 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 $5,386(9.43%), declining from a median of $57,142 in 2012 to $51,756 in 2022.

Wilmore, KY household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Wilmore 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 78(4.25%) households where the householder is under 25 years old, 790(43.05%) households with a householder aged between 25 and 44 years, 409(22.29%) households with a householder aged between 45 and 64 years, and 558(30.41%) households where the householder is over 65 years old.

In Wilmore, 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

Wilmore, KY household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Wilmore: 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 Wilmore when compared to the state of Kentucky 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 worth noting that 25.64% of the households in Wilmore, where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $62,666 for the state of Kentucky. These 20 Wilmore households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
• Householder 25 to 44 years: In Wilmore, among households headed by individuals aged 25 to 44, an impressive 65.06% match or surpass the state of Kentucky median income of $62,666. These 514 households, represent a significant portion of the total 790 households in Wilmore within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Wilmore, within the age group of 45 to 64 years, a noteworthy 38.14% of households meet or exceed the state of Kentucky median income of $62,666. These 156 households, out of the total 409 households in this age cohort, signify a notable portion of mature demographic of Wilmore, showcasing commendable financial stability in comparison to the Kentucky state median income benchmark.
• Householder 65 years and over: In Wilmore, among the over 65 years age group, a noteworthy 39.96% of households either match or surpass the state of Kentucky median income of $62,666. These 223 households, constituting notable portion of the Wilmore city senior population, showcase commendable financial stability compared to the Kentucky state median income benchmark.

Things to know

Which age group reports the highest median household income in Wilmore, KY?

In Wilmore, households led by individuals aged 25 to 44 years report the highest median household income of $89,512 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 Wilmore, KY?

In terms of income distribution across age cohorts, in Wilmore, householders within the 25 to 44 years age group have the highest median household income at $89,512, followed by those in the under 25 years age group with an income of $60,325. Meanwhile householders within the 45 to 64 years age group report the second lowest median household income of $54,966. Notably, householders within the 65 years and over age group, had the lowest median household income at $51,756..

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

The median age in Wilmore is 29.1, 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 Wilmore, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $89,512.

References

Notes