Median Household Income by Age of Householder in Fairbanks North Star Borough, AK (2022)
This table presents the distribution of median household income among distinct age brackets of householders in Fairbanks North Star Borough. Based on the latest 1-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Fairbanks North Star Borough.
Age Of The Head Of Household | Median Household Income |
---|---|
Under 25 years | $55,889 |
25 to 44 years | $100,683 |
45 to 64 years | $84,991 |
65 years and over | $74,004 |
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Fairbanks North Star Borough, AK 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 Fairbanks North Star Borough population by age, the median age in Fairbanks North Star Borough is 31.9 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 Fairbanks North Star Borough, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $100,683.
In terms of income distribution across age cohorts, in Fairbanks North Star Borough, householders within the 25 to 44 years age group have the highest median household income at $100,683, followed by those in the 45 to 64 years age group with an income of $84,991. Meanwhile householders within the 65 years and over age group report the second lowest median household income of $74,004. Notably, householders within the under 25 years age group, had the lowest median household income at $55,889.
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 county of Fairbanks North Star Borough.
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 $22,092(28.11%), escalating from a median of $78,591 in 2012 to $100,683 in 2022. 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 $9,898(10.43%), declining from a median of $94,889 in 2012 to $84,991 in 2022.
Fairbanks North Star Borough, AK household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Fairbanks North Star Borough 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 3,589(9.61%) households where the householder is under 25 years old, 15,883(42.52%) households with a householder aged between 25 and 44 years, 10,829(28.99%) households with a householder aged between 45 and 64 years, and 7,055(18.89%) households where the householder is over 65 years old.
In Fairbanks North Star Borough, 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.
Age-wise distribution of Fairbanks North Star Borough household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Fairbanks North Star Borough: 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 | - | 451 | 898 | 113 |
$10,000 - $14,999 | 109 | 167 | 98 | 656 |
$15,000 - $19,999 | 50 | 92 | 579 | 76 |
$20,000 - $24,999 | 227 | 89 | 294 | 253 |
$25,000 - $29,999 | - | 429 | - | 331 |
$30,000 - $34,999 | - | 822 | 817 | 245 |
$35,000 - $39,999 | - | 344 | 140 | 268 |
$40,000 - $44,999 | 405 | 468 | 386 | 76 |
$45,000 - $49,999 | 629 | 539 | 93 | 37 |
$50,000 - $59,999 | 749 | 832 | 630 | 440 |
$60,000 - $74,999 | 522 | 1,914 | 548 | 1,056 |
$75,000 - $99,999 | 478 | 1,674 | 1,806 | 1,190 |
$100,000 - $124,999 | 392 | 3,186 | 1,676 | 1,496 |
$125,000 - $149,999 | - | 1,246 | 727 | 71 |
$150,000 - $199,999 | - | 1,749 | 1,474 | 325 |
$200,000 or more | 28 | 1,881 | 663 | 422 |
To further explore the income distribution and gain insights into financial landscape of Fairbanks North Star Borough when compared to the state of Alaska 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 25.02% of the households in Fairbanks North Star Borough, where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $88,121 for the state of Alaska. These 898 Fairbanks North Star Borough households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
- Householder 25 to 44 years: In Fairbanks North Star Borough, among households headed by individuals aged 25 to 44, an impressive 61.30% match or surpass the state of Alaska median income of $88,121. These 9,736 households, represent a significant portion of the total 15,883 households in Fairbanks North Star Borough within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Fairbanks North Star Borough, within the age group of 45 to 64 years, a remarkable 58.60% of households meet or exceed the state of Alaska median income of $88,121. These 6,346 households, out of the total 10,829 households in this age cohort, signify a substantial portion of mature demographic of Fairbanks North Star Borough, showcasing commendable financial stability in comparison to the Alaska state median income benchmark.
- Householder 65 years and over: In Fairbanks North Star Borough, among the over 65 years age group, a noteworthy 49.67% of households either match or surpass the state of Alaska median income of $88,121. These 3,504 households, constituting notable portion of the Fairbanks North Star Borough county senior population, showcase commendable financial stability compared to the Alaska state median income benchmark.
Things to know
Which age group reports the highest median household income in Fairbanks North Star Borough, AK?
In Fairbanks North Star Borough, households led by individuals aged 25 to 44 years report the highest median household income of $100,683 according to the American Community Survey 2022 1-Year Estimates by the US Census Bureau.
How does the median household income vary by age in Fairbanks North Star Borough, AK?
In terms of income distribution across age cohorts, in Fairbanks North Star Borough, householders within the 25 to 44 years age group have the highest median household income at $100,683, followed by those in the 45 to 64 years age group with an income of $84,991. Meanwhile householders within the 65 years and over age group report the second lowest median household income of $74,004. Notably, householders within the under 25 years age group, had the lowest median household income at $55,889..
How does the median household income for households led by individuals of median age compare in Fairbanks North Star Borough, AK?
The median age in Fairbanks North Star Borough is 31.9, 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 Fairbanks North Star Borough, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $100,683.
References
- U.S. Census Bureau American Community Survey (ACS) 2022 1-Year Estimates
- Consumer Price Index retroactive series using current methods (R-CPI-U-RS)