Lexington, 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 Lexington town population by age, the median age in Lexington town is 46.6 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 Lexington town, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $270,229.
In terms of income distribution across age cohorts, in Lexington town, the median household income stands at $270,229 for householders within the 45 to 64 years age group, followed by $259,225 for the 25 to 44 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $132,580.
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 Lexington 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, none had a decline during this time period. Notably, household income for individuals within the 45 to 64 years age group demonstrated a remarkable increase of $67,178(33.08%), escalating from a median of $203,051 in 2011 to $270,229 in 2021. Conversely, the age group of 25 to 44 years years witnessed the smallest growth in household income across the same span. Their median income saw a small increase of $33,464(14.82%), increasing from a median of $225,761 in 2011 to $259,225 in 2021.
Lexington, Massachusetts household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Lexington 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 10(0.08%) households where the householder is under 25 years old, 2,301(18.71%) households with a householder aged between 25 and 44 years, 5,971(48.54%) households with a householder aged between 45 and 64 years, and 4,019(32.67%) households where the householder is over 65 years old.
In Lexington 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 Lexington town household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Lexington 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 | - | 45 | 125 | 177 |
| $10,000 - $14,999 | - | 14 | 52 | 103 |
| $15,000 - $19,999 | - | - | 19 | 106 |
| $20,000 - $24,999 | - | 21 | 92 | 65 |
| $25,000 - $29,999 | - | 9 | 9 | 70 |
| $30,000 - $34,999 | - | - | - | 72 |
| $35,000 - $39,999 | - | 29 | 84 | 83 |
| $40,000 - $44,999 | - | 21 | 102 | 114 |
| $45,000 - $49,999 | - | 13 | 18 | 24 |
| $50,000 - $59,999 | - | - | 59 | 226 |
| $60,000 - $74,999 | - | 42 | 179 | 161 |
| $75,000 - $99,999 | - | 74 | 253 | 439 |
| $100,000 - $124,999 | - | 94 | 249 | 377 |
| $125,000 - $149,999 | 10 | 245 | 341 | 323 |
| $150,000 - $199,999 | - | 296 | 555 | 672 |
| $200,000 or more | - | 1,398 | 3,834 | 1,007 |
To further explore the income distribution and gain insights into financial landscape of Lexington 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 impressive that 100% of the households in Lexington town, where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $94,488 for the state of Massachusetts. These 10 Lexington town households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
- Householder 25 to 44 years: In Lexington town, among households headed by individuals aged 25 to 44, an impressive 91.57% match or surpass the state of Massachusetts median income of $94,488. These 2,107 households, represent a significant portion of the total 2,301 households in Lexington town within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Lexington town, within the age group of 45 to 64 years, a remarkable 87.62% of households meet or exceed the state of Massachusetts median income of $94,488. These 5,232 households, out of the total 5,971 households in this age cohort, signify a substantial portion of mature demographic of Lexington town, showcasing commendable financial stability in comparison to the Massachusetts state median income benchmark.
- Householder 65 years and over: In Lexington town, among the over 65 years age group, an impressive 70.12% of households either match or surpass the state of Massachusetts median income of $94,488. These 2,818 households, constituting a significant portion of the Lexington town town senior population, showcase commendable financial stability compared to the Massachusetts state median income benchmark.