Fairhaven, Massachusetts 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 Fairhaven town population by age, the median age in Fairhaven town is 47.8 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 Fairhaven town, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $127,901.
In terms of income distribution across age cohorts, in Fairhaven town, householders within the 45 to 64 years age group have the highest median household income at $127,901, followed by those in the 25 to 44 years age group with an income of $102,853. Meanwhile householders within the under 25 years age group report the second lowest median household income of $47,026. Notably, householders within the 65 years and over age group, had the lowest median household income at $40,866.
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 Fairhaven town.
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 2011 and 2021, one groups encountered a decline in their median household income, while the remaining three experienced an increase during this period. Notably, household income for individuals within the Under 25 years age group demonstrated a remarkable increase of $24,961(113.12%), escalating from a median of $22,065 in 2011 to $47,026 in 2021. 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 $1,567(1.50%), declining from a median of $104,420 in 2011 to $102,853 in 2021.
Fairhaven, Massachusetts household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Fairhaven 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 113(1.64%) households where the householder is under 25 years old, 1,515(22.05%) households with a householder aged between 25 and 44 years, 2,921(42.51%) households with a householder aged between 45 and 64 years, and 2,323(33.80%) households where the householder is over 65 years old.
In Fairhaven 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.
Age-wise distribution of Fairhaven town household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Fairhaven 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 | - | 10 | 79 | 174 |
| $10,000 - $14,999 | - | 52 | 24 | 120 |
| $15,000 - $19,999 | 34 | 13 | 89 | 338 |
| $20,000 - $24,999 | - | 24 | 60 | 170 |
| $25,000 - $29,999 | - | 34 | 40 | 206 |
| $30,000 - $34,999 | - | - | 59 | 85 |
| $35,000 - $39,999 | - | 28 | 79 | 165 |
| $40,000 - $44,999 | 47 | 35 | 23 | 94 |
| $45,000 - $49,999 | - | 79 | 53 | 80 |
| $50,000 - $59,999 | - | 51 | 183 | 158 |
| $60,000 - $74,999 | 32 | 201 | 165 | 212 |
| $75,000 - $99,999 | - | 376 | 349 | 196 |
| $100,000 - $124,999 | - | 206 | 332 | 60 |
| $125,000 - $149,999 | - | 165 | 530 | 50 |
| $150,000 - $199,999 | - | 138 | 384 | 134 |
| $200,000 or more | - | 103 | 472 | 81 |
To further explore the income distribution and gain insights into financial landscape of Fairhaven town when compared to the state of Massachusetts 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 Fairhaven town, where householders are under 25 years old, fall within or exceed the income bracket representing the median income of $94,488 for the state of Massachusetts. 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 Fairhaven town, among households headed by individuals aged 25 to 44, an impressive 65.21% match or surpass the state of Massachusetts median income of $94,488. These 988 households, represent a significant portion of the total 1,515 households in Fairhaven town within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Fairhaven town, within the age group of 45 to 64 years, a remarkable 70.76% of households meet or exceed the state of Massachusetts median income of $94,488. These 2,067 households, out of the total 2,921 households in this age cohort, signify a substantial portion of mature demographic of Fairhaven town, showcasing commendable financial stability in comparison to the Massachusetts state median income benchmark.
- Householder 65 years and over: In Fairhaven town, among the over 65 years age group, only 22.43% of households either match or surpass the state of Massachusetts median income of $94,488. These 521 households, constituting low portion of the Fairhaven town town senior population, showcase commendable financial stability compared to the Massachusetts state median income benchmark.