Median Household Income by Age of Householder in Elk River, ID (2021, in 2022 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Elk River. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Elk River.
Age Of The Head Of Household | Median Household Income |
---|---|
Under 25 years | - |
25 to 44 years | - |
45 to 64 years | $41,661 |
65 years and over | $47,290 |
TABLE OF CONTENTS
Elk River, ID 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 Elk River population by age, the median age in Elk River is 58.9 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 Elk River, the age group of 45 to 64 years exhibited the second-highest median household income, recorded at $41,661.
In terms of income distribution across age cohorts, in Elk River, 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 $41,661 for 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 city of Elk River.
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, one groups encountered a decline in their median household income, while the remaining one experienced an increase during this period. Notably, household income for individuals within the 65 years and over age group demonstrated a remarkable increase of $10,242(27.65%), escalating from a median of $37,048 in 2011 to $47,290 in 2021. Conversely, the age group of 45 to 64 years years witnessed the most significant decline in household income across the same span. Their median income saw a substantial drop of $11,459(21.57%), declining from a median of $53,120 in 2011 to $41,661 in 2021.
Elk River, ID household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Elk River 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 1(1.67%) households where the householder is under 25 years old, 4(6.67%) households with a householder aged between 25 and 44 years, 25(41.67%) households with a householder aged between 45 and 64 years, and 30(50%) households where the householder is over 65 years old.
In Elk River, the age group of 65 years and over 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.
Age-wise distribution of Elk River household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Elk River: 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 |
$10,000 - $14,999 | - | - | - | - |
$15,000 - $19,999 | - | - | 3 | - |
$20,000 - $24,999 | - | 2 | 2 | - |
$25,000 - $29,999 | - | - | 5 | 6 |
$30,000 - $34,999 | - | - | - | 2 |
$35,000 - $39,999 | - | - | 6 | 2 |
$40,000 - $44,999 | - | - | 3 | 6 |
$45,000 - $49,999 | - | - | - | - |
$50,000 - $59,999 | - | - | 4 | - |
$60,000 - $74,999 | - | - | - | 7 |
$75,000 - $99,999 | 1 | - | - | 1 |
$100,000 - $124,999 | - | 2 | 2 | 1 |
$125,000 - $149,999 | - | - | - | 1 |
$150,000 - $199,999 | - | - | - | 3 |
$200,000 or more | - | - | - | - |
To further explore the income distribution and gain insights into financial landscape of Elk River when compared to the state of Idaho 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 impressive that 100% of the households in Elk River, where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $72,785 for the state of Idaho. These 1 Elk River households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
- Householder 25 to 44 years: In Elk River, among households headed by individuals aged 25 to 44,worth noting that 50% match or surpass the state of Idaho median income of $72,785. These 2 households, represent a notable portion of the total 4 households in Elk River within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Elk River, within the age group of 45 to 64 years, a noteworthy 8% of households meet or exceed the state of Idaho median income of $72,785. These 2 households, out of the total 25 households in this age cohort, signify a notable portion of mature demographic of Elk River, showcasing commendable financial stability in comparison to the Idaho state median income benchmark.
- Householder 65 years and over: In Elk River, among the over 65 years age group, a noteworthy 43.33% of households either match or surpass the state of Idaho median income of $72,785. These 13 households, constituting notable portion of the Elk River city senior population, showcase commendable financial stability compared to the Idaho state median income benchmark.
Things to know
Which age group reports the highest median household income in Elk River, ID?
In Elk River, households led by individuals aged 65 years and over report the highest median household income of $47,290 according to the American Community Survey 2017-2021 5-Year Estimates by the US Census Bureau.
How does the median household income vary by age in Elk River, ID?
In terms of income distribution across age cohorts, in Elk River, 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 $41,661 for the 45 to 64 years age group..
How does the median household income for households led by individuals of median age compare in Elk River, ID?
The median age in Elk River is 58.9, 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 Elk River, the age group of 45 to 64 years exhibited the second-highest median household income, recorded at $41,661.
References
- U.S. Census Bureau American Community Survey (ACS) 2017-2021 5-Year Estimates
- Consumer Price Index retroactive series using current methods (R-CPI-U-RS)