Buffalo Gap, TX 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 Buffalo Gap population by age, the median age in Buffalo Gap is 41.1 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 Buffalo Gap, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $43,086.
In terms of income distribution across age cohorts, in Buffalo Gap, where there exist only two delineated age groups, the median household income is $47,290 for householders within the 65 years and over age group, compared to $43,086 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 Buffalo Gap.
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 2011 and 2021, none had an increase in this time period. Notably, household income for individuals within the 25 to 44 years age group demonstrated the smallest decline of $17,661(29.07%), declining from a median of $60,747 in 2011 to $43,086 in 2021. 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 $27,998(37.19%), declining from a median of $75,288 in 2011 to $47,290 in 2021.
Buffalo Gap, TX household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Buffalo Gap 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(1.08%) households where the householder is under 25 years old, 71(38.17%) households with a householder aged between 25 and 44 years, 71(38.17%) households with a householder aged between 45 and 64 years, and 42(22.58%) households where the householder is over 65 years old.
The age group of 65 years and over exhibits the highest median household income, while the largest number of households falls within the 25 to 44 years bracket. This distribution hints at economic disparities within the town of Buffalo Gap, showcasing varying income levels among different age demographics.
Age-wise distribution of Buffalo Gap household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Buffalo Gap: 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 | - | - |
| $10,000 - $14,999 | - | 6 | 1 | 9 |
| $15,000 - $19,999 | - | - | 6 | - |
| $20,000 - $24,999 | - | 14 | - | 2 |
| $25,000 - $29,999 | 2 | - | - | 4 |
| $30,000 - $34,999 | - | 3 | 4 | - |
| $35,000 - $39,999 | - | 9 | 30 | 2 |
| $40,000 - $44,999 | - | - | 2 | 6 |
| $45,000 - $49,999 | - | 9 | - | 2 |
| $50,000 - $59,999 | - | 9 | - | 8 |
| $60,000 - $74,999 | - | - | 6 | - |
| $75,000 - $99,999 | - | 13 | 7 | 2 |
| $100,000 - $124,999 | - | 1 | 10 | - |
| $125,000 - $149,999 | - | 3 | - | 5 |
| $150,000 - $199,999 | - | - | 5 | - |
| $200,000 or more | - | - | - | 2 |
To further explore the income distribution and gain insights into financial landscape of Buffalo Gap when compared to the state of Texas 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 Buffalo Gap, where householders are under 25 years old, fall within or exceed the income bracket representing the median income of $72,284 for the state of Texas. 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 Buffalo Gap, among households headed by individuals aged 25 to 44,noteworthy that only 23.94% match or surpass the state of Texas median income of $72,284. These 17 households, represent a low portion of the total 71 households in Buffalo Gap within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Buffalo Gap, within the age group of 45 to 64 years, only 39.44% of households meet or exceed the state of Texas median income of $72,284. These 28 households, out of the total 71 households in this age cohort, signify a low portion of mature demographic of Buffalo Gap, showcasing commendable financial stability in comparison to the Texas state median income benchmark.
- Householder 65 years and over: In Buffalo Gap, among the over 65 years age group, only 21.43% of households either match or surpass the state of Texas median income of $72,284. These 9 households, constituting low portion of the Buffalo Gap town senior population, showcase commendable financial stability compared to the Texas state median income benchmark.