Median Household Income by Age of Householder in Lower Milford Township, Pennsylvania (2021, in 2022 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Lower Milford township. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Lower Milford township.
Age Of The Head Of Household | Median Household Income |
---|---|
Under 25 years | - |
25 to 44 years | $139,618 |
45 to 64 years | $131,832 |
65 years and over | $61,747 |
TABLE OF CONTENTS
Lower Milford Township, Pennsylvania 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 Lower Milford township population by age, the median age in Lower Milford township is 48 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 Lower Milford township, the age group of 45 to 64 years exhibited the second-highest median household income, recorded at $131,832.
In terms of income distribution across age cohorts, in Lower Milford township, the median household income stands at $139,618 for householders within the 25 to 44 years age group, followed by $131,832 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 $61,747.
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 township of Lower Milford township.
![Lower Milford Township, Pennsylvania median household income by age of householder The bar chart shows Lower Milford Township, Pennsylvania median household income by age of householder. All incomes have been adjusted for 2022 inflation using the Consumer Price Index retroactive series (R-CPI-U-RS).](https://i.neilsberg.com/ch/lower-milford-township-pa-median-household-income-by-age.jpeg)
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 25 to 44 years age group demonstrated a remarkable increase of $46,998(50.74%), escalating from a median of $92,620 in 2011 to $139,618 in 2021. Conversely, the age group of 45 to 64 years years witnessed the smallest growth in household income across the same span. Their median income saw a small increase of $10,107(8.30%), increasing from a median of $121,725 in 2011 to $131,832 in 2021.
Lower Milford Township, Pennsylvania household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Lower Milford township 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, 310(21.47%) households with a householder aged between 25 and 44 years, 667(46.19%) households with a householder aged between 45 and 64 years, and 467(32.34%) 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 township of Lower Milford township, showcasing varying income levels among different age demographics.
![>Lower Milford Township, Pennsylvania household income distribution across age groups The bar chart displays the distribution of household income in Lower Milford Township, Pennsylvania across different age groups as categorized by the U.S. Census Bureau. It illustrates the number of households within each income bracket across age categories. This visualization offers valuable insights into income disparities and variations across age groups, facilitating data analysis and informed decision-making. It enables the identification of demographics with specific financial statuses within distinct age brackets.](https://i.neilsberg.com/ch/lower-milford-township-pa-household-income-by-age-groups.jpeg)
Age-wise distribution of Lower Milford township household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Lower Milford township: 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 | - | - | 18 | - |
$10,000 - $14,999 | - | - | - | - |
$15,000 - $19,999 | - | - | 9 | 24 |
$20,000 - $24,999 | - | - | - | - |
$25,000 - $29,999 | - | - | 8 | 37 |
$30,000 - $34,999 | - | - | 8 | 34 |
$35,000 - $39,999 | - | - | 43 | 15 |
$40,000 - $44,999 | - | - | - | 45 |
$45,000 - $49,999 | - | 9 | - | - |
$50,000 - $59,999 | - | - | 22 | 99 |
$60,000 - $74,999 | - | 52 | 51 | 23 |
$75,000 - $99,999 | - | 27 | 94 | 36 |
$100,000 - $124,999 | - | 61 | 90 | 70 |
$125,000 - $149,999 | - | 69 | 25 | 29 |
$150,000 - $199,999 | - | 32 | 93 | 18 |
$200,000 or more | - | 60 | 206 | 37 |
To further explore the income distribution and gain insights into financial landscape of Lower Milford township when compared to the state of Pennsylvania 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 Lower Milford township, 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 Lower Milford township, among households headed by individuals aged 25 to 44, an impressive 97.10% match or surpass the state of Pennsylvania median income of $71,798. These 301 households, represent a significant portion of the total 310 households in Lower Milford township within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Lower Milford township, within the age group of 45 to 64 years, a remarkable 83.81% of households meet or exceed the state of Pennsylvania median income of $71,798. These 559 households, out of the total 667 households in this age cohort, signify a substantial portion of mature demographic of Lower Milford township, showcasing commendable financial stability in comparison to the Pennsylvania state median income benchmark.
- Householder 65 years and over: In Lower Milford township, among the over 65 years age group, a noteworthy 45.61% of households either match or surpass the state of Pennsylvania median income of $71,798. These 213 households, constituting notable portion of the Lower Milford township township senior population, showcase commendable financial stability compared to the Pennsylvania state median income benchmark.
Things to know
Which age group reports the highest median household income in Lower Milford Township, Pennsylvania?
In Lower Milford township, households led by individuals aged 25 to 44 years report the highest median household income of $139,618 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 Lower Milford Township, Pennsylvania?
In terms of income distribution across age cohorts, in Lower Milford township, the median household income stands at $139,618 for householders within the 25 to 44 years age group, followed by $131,832 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 $61,747..
How does the median household income for households led by individuals of median age compare in Lower Milford Township, Pennsylvania?
The median age in Lower Milford township is 48, 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 Lower Milford township, the age group of 45 to 64 years exhibited the second-highest median household income, recorded at $131,832.
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)