Median Household Income by Age of Householder in Woodville, Maine (2022, in 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Woodville town. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Woodville town.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | - |
| 25 to 44 years | $37,311 |
| 45 to 64 years | $46,756 |
| 65 years and over | - |
TABLE OF CONTENTS
Woodville, Maine 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 Woodville town population by age, the median age in Woodville town is 51.7 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 Woodville town, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $46,756.
In terms of income distribution across age cohorts, in Woodville town, where there exist only two delineated age groups, the median household income is $46,756 for householders within the 45 to 64 years age group, compared to $37,311 for 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 Woodville town.
FIGURE 1
Woodville, Maine median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Woodville town, 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 two age groups with available Census data in both 2012 and 2022, none had an increase in this time period. Notably, household income for individuals within the 45 to 64 years age group demonstrated the smallest decline of $17,306(27.01%), declining from a median of $64,062 in 2012 to $46,756 in 2022. Conversely, the age group of 25 to 44 years years witnessed the most significant decline in household income across the same span. Their median income saw a substantial drop of $46,597(55.53%), declining from a median of $83,908 in 2012 to $37,311 in 2022.
Woodville, Maine household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Woodville town 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, 8(8.60%) households with a householder aged between 25 and 44 years, 65(69.89%) households with a householder aged between 45 and 64 years, and 20(21.51%) households where the householder is over 65 years old.
In Woodville town, 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
Woodville, Maine household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Woodville town: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Woodville town household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Woodville town: 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 | - | - | 2 | 2 |
| $10,000 - $14,999 | - | - | 1 | - |
| $15,000 - $19,999 | - | - | - | - |
| $20,000 - $24,999 | - | - | 3 | 7 |
| $25,000 - $29,999 | - | 3 | 11 | - |
| $30,000 - $34,999 | - | - | - | - |
| $35,000 - $39,999 | - | 3 | - | 1 |
| $40,000 - $44,999 | - | 1 | 16 | - |
| $45,000 - $49,999 | - | - | 4 | - |
| $50,000 - $59,999 | - | - | 17 | 1 |
| $60,000 - $74,999 | - | - | 6 | 2 |
| $75,000 - $99,999 | - | - | - | 3 |
| $100,000 - $124,999 | - | - | 3 | 4 |
| $125,000 - $149,999 | - | 1 | 2 | - |
| $150,000 - $199,999 | - | - | - | - |
| $200,000 or more | - | - | - | - |
To further explore the income distribution and gain insights into financial landscape of Woodville town when compared to the state of Maine 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 Woodville town, 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 Woodville town, among households headed by individuals aged 25 to 44,noteworthy that only 12.50% match or surpass the state of Maine median income of $71,066. These 1 households, represent a low portion of the total 8 households in Woodville town within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Woodville town, within the age group of 45 to 64 years, only 16.92% of households meet or exceed the state of Maine median income of $71,066. These 11 households, out of the total 65 households in this age cohort, signify a low portion of mature demographic of Woodville town, showcasing commendable financial stability in comparison to the Maine state median income benchmark.
- Householder 65 years and over: In Woodville town, among the over 65 years age group, a noteworthy 45% of households either match or surpass the state of Maine median income of $71,066. These 9 households, constituting notable portion of the Woodville town town senior population, showcase commendable financial stability compared to the Maine state median income benchmark.
Things to know
Which age group reports the highest median household income in Woodville, Maine?
In Woodville town, households led by individuals aged 45 to 64 years report the highest median household income of $46,756 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 Woodville, Maine?
In terms of income distribution across age cohorts, in Woodville town, where there exist only two delineated age groups, the median household income is $46,756 for householders within the 45 to 64 years age group, compared to $37,311 for the 25 to 44 years age group..
How does the median household income for households led by individuals of median age compare in Woodville, Maine?
The median age in Woodville town is 51.7, 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 Woodville town, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $46,756.
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)