Halifax, Vermont 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 Halifax town population by age, the median age in Halifax town is 43.5 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 Halifax town, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $59,360.
In terms of income distribution across age cohorts, in Halifax town, the median household income stands at $59,360 for householders within the 25 to 44 years age group, followed by $52,694 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 $37,275.
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 Halifax town.
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, one 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 45 to 64 years age group demonstrated a remarkable increase of $6,765(14.73%), escalating from a median of $45,929 in 2011 to $52,694 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 $17,889(32.43%), declining from a median of $55,164 in 2011 to $37,275 in 2021.
Halifax, Vermont household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Halifax 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 0 households where the householder is under 25 years old, 57(19.66%) households with a householder aged between 25 and 44 years, 118(40.69%) households with a householder aged between 45 and 64 years, and 115(39.66%) 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 town of Halifax town, showcasing varying income levels among different age demographics.
Age-wise distribution of Halifax town household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Halifax 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 | - | 5 | - | 2 |
| $10,000 - $14,999 | - | - | 4 | 11 |
| $15,000 - $19,999 | - | - | 18 | 6 |
| $20,000 - $24,999 | - | 3 | 20 | 2 |
| $25,000 - $29,999 | - | 4 | - | 9 |
| $30,000 - $34,999 | - | - | 10 | 31 |
| $35,000 - $39,999 | - | 2 | 6 | - |
| $40,000 - $44,999 | - | - | - | 3 |
| $45,000 - $49,999 | - | - | 2 | 6 |
| $50,000 - $59,999 | - | 18 | 11 | 13 |
| $60,000 - $74,999 | - | 8 | 12 | 10 |
| $75,000 - $99,999 | - | 10 | 6 | - |
| $100,000 - $124,999 | - | 7 | 9 | 10 |
| $125,000 - $149,999 | - | - | 11 | - |
| $150,000 - $199,999 | - | - | 4 | 8 |
| $200,000 or more | - | - | 5 | 4 |
To further explore the income distribution and gain insights into financial landscape of Halifax town when compared to the state of Vermont 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: In Halifax town, the comparison with the median income of the state and the nation remains inapplicable as there are no households headed by individuals under 25 years old.
- Householder 25 to 44 years: In Halifax town, among households headed by individuals aged 25 to 44,worth noting that 43.86% match or surpass the state of Vermont median income of $73,991. These 25 households, represent a notable portion of the total 57 households in Halifax town within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Halifax town, within the age group of 45 to 64 years, a noteworthy 39.83% of households meet or exceed the state of Vermont median income of $73,991. These 47 households, out of the total 118 households in this age cohort, signify a notable portion of mature demographic of Halifax town, showcasing commendable financial stability in comparison to the Vermont state median income benchmark.
- Householder 65 years and over: In Halifax town, among the over 65 years age group, a noteworthy 27.83% of households either match or surpass the state of Vermont median income of $73,991. These 32 households, constituting notable portion of the Halifax town town senior population, showcase commendable financial stability compared to the Vermont state median income benchmark.