Albany township, Bradford 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 Albany township population by age, the median age in Albany township is 55.6 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 Albany township, the age group of 45 to 64 years exhibited the second-highest median household income, recorded at $66,785.
In terms of income distribution across age cohorts, in Albany township, the median household income stands at $78,173 for householders within the 25 to 44 years age group, followed by $66,785 for the 45 to 64 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $38,201.
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 Albany township.
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 2011 and 2021, none had a decline during this time period. Notably, household income for individuals within the 25 to 44 years age group demonstrated a remarkable increase of $22,601(40.67%), escalating from a median of $55,572 in 2011 to $78,173 in 2021. Conversely, the age group of 65 years and over years witnessed the smallest growth in household income across the same span. Their median income saw a small increase of $4,694(14.01%), increasing from a median of $33,507 in 2011 to $38,201 in 2021.
Albany township, Bradford County, Pennsylvania household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Albany 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 2(0.45%) households where the householder is under 25 years old, 49(11.14%) households with a householder aged between 25 and 44 years, 220(50%) households with a householder aged between 45 and 64 years, and 169(38.41%) households where the householder is over 65 years old.
The age group of 25 to 44 years exhibits the highest median household income, while the largest number of households falls within the 45 to 64 years bracket. This distribution hints at economic disparities within the township of Albany township, showcasing varying income levels among different age demographics.
Age-wise distribution of Albany township household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Albany 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 | - | - | 4 | 11 |
| $10,000 - $14,999 | - | - | 3 | 5 |
| $15,000 - $19,999 | - | - | 17 | 32 |
| $20,000 - $24,999 | - | 7 | 11 | 13 |
| $25,000 - $29,999 | - | - | 10 | 8 |
| $30,000 - $34,999 | - | - | 16 | 14 |
| $35,000 - $39,999 | - | 2 | 17 | 11 |
| $40,000 - $44,999 | - | - | 2 | 11 |
| $45,000 - $49,999 | - | - | - | 9 |
| $50,000 - $59,999 | 2 | 4 | 25 | 18 |
| $60,000 - $74,999 | - | 14 | 20 | 6 |
| $75,000 - $99,999 | - | 8 | 28 | 3 |
| $100,000 - $124,999 | - | 4 | 12 | 5 |
| $125,000 - $149,999 | - | 10 | 50 | 17 |
| $150,000 - $199,999 | - | - | 5 | 2 |
| $200,000 or more | - | - | - | 4 |
To further explore the income distribution and gain insights into financial landscape of Albany 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: It is noteworthy that no households in Albany township, where householders are under 25 years old, fall within or exceed the income bracket representing the median income of $71,798 for the state of Pennsylvania. This indicates an income disparity among households headed by individuals under 25 years old when compared to the median income of the state.
- Householder 25 to 44 years: In Albany township, among households headed by individuals aged 25 to 44, an impressive 73.47% match or surpass the state of Pennsylvania median income of $71,798. These 36 households, represent a significant portion of the total 49 households in Albany township within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Albany township, within the age group of 45 to 64 years, a remarkable 52.27% of households meet or exceed the state of Pennsylvania median income of $71,798. These 115 households, out of the total 220 households in this age cohort, signify a substantial portion of mature demographic of Albany township, showcasing commendable financial stability in comparison to the Pennsylvania state median income benchmark.
- Householder 65 years and over: In Albany township, among the over 65 years age group, only 21.89% of households either match or surpass the state of Pennsylvania median income of $71,798. These 37 households, constituting low portion of the Albany township township senior population, showcase commendable financial stability compared to the Pennsylvania state median income benchmark.