Median Household Income by Age of Householder in Magness, AR (2021, in 2022 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Magness. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Magness.
Age Of The Head Of Household | Median Household Income |
---|---|
Under 25 years | - |
25 to 44 years | - |
45 to 64 years | $60,025 |
65 years and over | - |
TABLE OF CONTENTS
Magness, AR 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 Magness population by age, the median age in Magness is 50 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 Magness, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $60,025.
In terms of income distribution across age cohorts, Magness only reports a median household income of $60,025 among householders in the 45 to 64 years age group.
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 Magness.
Analysis of income trends over the past decade highlights notable shifts across various age groups. Notably, household income for individuals within the 45 to 64 years age group demonstrated a remarkable increase of $6,414(11.96%), escalating from a median of $53,611 in 2011 to $60,025 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 $6,414(11.96%), increasing from a median of $53,611 in 2011 to $60,025 in 2021.
Magness, AR household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Magness 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 5(4.90%) households where the householder is under 25 years old, 16(15.69%) households with a householder aged between 25 and 44 years, 78(76.47%) households with a householder aged between 45 and 64 years, and 3(2.94%) households where the householder is over 65 years old.
In Magness, 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 Magness household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Magness: 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 | - | - | - | - |
$10,000 - $14,999 | - | - | 5 | - |
$15,000 - $19,999 | - | - | 7 | 1 |
$20,000 - $24,999 | - | - | 5 | - |
$25,000 - $29,999 | - | 6 | - | - |
$30,000 - $34,999 | 2 | - | - | - |
$35,000 - $39,999 | 3 | - | 8 | - |
$40,000 - $44,999 | - | - | 1 | - |
$45,000 - $49,999 | - | - | - | - |
$50,000 - $59,999 | - | - | 50 | - |
$60,000 - $74,999 | - | 5 | - | - |
$75,000 - $99,999 | - | - | 2 | - |
$100,000 - $124,999 | - | - | - | 2 |
$125,000 - $149,999 | - | - | - | - |
$150,000 - $199,999 | - | 5 | - | - |
$200,000 or more | - | - | - | - |
To further explore the income distribution and gain insights into financial landscape of Magness when compared to the state of Arkansas 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 Magness, where householders are under 25 years old, fall within or exceed the income bracket representing the median income of $55,432 for the state of Arkansas. 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 Magness, among households headed by individuals aged 25 to 44, an impressive 62.50% match or surpass the state of Arkansas median income of $55,432. These 10 households, represent a significant portion of the total 16 households in Magness within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Magness, within the age group of 45 to 64 years, a remarkable 66.67% of households meet or exceed the state of Arkansas median income of $55,432. These 52 households, out of the total 78 households in this age cohort, signify a substantial portion of mature demographic of Magness, showcasing commendable financial stability in comparison to the Arkansas state median income benchmark.
- Householder 65 years and over: In Magness, among the over 65 years age group, an impressive 66.67% of households either match or surpass the state of Arkansas median income of $55,432. These 2 households, constituting a significant portion of the Magness town senior population, showcase commendable financial stability compared to the Arkansas state median income benchmark.
Things to know
Which age group reports the highest median household income in Magness, AR?
In Magness, households led by individuals aged 45 to 64 years report the highest median household income of $60,025 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 Magness, AR?
In terms of income distribution across age cohorts, Magness only reports a median household income of $60,025 among householders in the 45 to 64 years age group..
How does the median household income for households led by individuals of median age compare in Magness, AR?
The median age in Magness is 50, 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 Magness, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $60,025.
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)