Median Household Income by Age of Householder in Mentor, Wisconsin (2021, in 2022 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Mentor town. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Mentor town.
Age Of The Head Of Household | Median Household Income |
---|---|
Under 25 years | - |
25 to 44 years | $59,991 |
45 to 64 years | $60,801 |
65 years and over | $36,481 |
TABLE OF CONTENTS
Mentor, Wisconsin 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 Mentor town population by age, the median age in Mentor town is 45.3 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 Mentor town, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $60,801.
In terms of income distribution across age cohorts, in Mentor town, the median household income stands at $60,801 for householders within the 45 to 64 years age group, followed by $59,991 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 $36,481.
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 Mentor 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 an increase in this time period. Notably, household income for individuals within the 65 years and over age group demonstrated the smallest decline of $2,746(7%), declining from a median of $39,227 in 2011 to $36,481 in 2021. Conversely, the age group of 45 to 64 years years witnessed the most significant decline in household income across the same span. Their median income saw a substantial drop of $18,307(23.14%), declining from a median of $79,108 in 2011 to $60,801 in 2021.
Mentor, Wisconsin household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Mentor 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(3.83%) households where the householder is under 25 years old, 54(20.69%) households with a householder aged between 25 and 44 years, 157(60.15%) households with a householder aged between 45 and 64 years, and 40(15.33%) households where the householder is over 65 years old.
In Mentor 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 Mentor town household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Mentor 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 | - | 4 | 10 | 2 |
$10,000 - $14,999 | - | 3 | 4 | 2 |
$15,000 - $19,999 | - | - | 7 | 9 |
$20,000 - $24,999 | 2 | 7 | 6 | - |
$25,000 - $29,999 | - | - | 27 | 7 |
$30,000 - $34,999 | - | - | 9 | - |
$35,000 - $39,999 | - | 2 | - | 2 |
$40,000 - $44,999 | - | - | 8 | 5 |
$45,000 - $49,999 | - | 7 | - | 3 |
$50,000 - $59,999 | - | 12 | 9 | - |
$60,000 - $74,999 | 8 | 8 | 20 | 5 |
$75,000 - $99,999 | - | 9 | 19 | 3 |
$100,000 - $124,999 | - | 2 | 10 | - |
$125,000 - $149,999 | - | - | 3 | 2 |
$150,000 - $199,999 | - | - | 25 | - |
$200,000 or more | - | - | - | - |
To further explore the income distribution and gain insights into financial landscape of Mentor town when compared to the state of Wisconsin 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 80% of the households in Mentor town, where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $70,996 for the state of Wisconsin. These 8 Mentor town households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
- Householder 25 to 44 years: In Mentor town, among households headed by individuals aged 25 to 44,worth noting that 35.19% match or surpass the state of Wisconsin median income of $70,996. These 19 households, represent a notable portion of the total 54 households in Mentor town within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Mentor town, within the age group of 45 to 64 years, a noteworthy 49.04% of households meet or exceed the state of Wisconsin median income of $70,996. These 77 households, out of the total 157 households in this age cohort, signify a notable portion of mature demographic of Mentor town, showcasing commendable financial stability in comparison to the Wisconsin state median income benchmark.
- Householder 65 years and over: In Mentor town, among the over 65 years age group, only 25% of households either match or surpass the state of Wisconsin median income of $70,996. These 10 households, constituting low portion of the Mentor town town senior population, showcase commendable financial stability compared to the Wisconsin state median income benchmark.
Things to know
Which age group reports the highest median household income in Mentor, Wisconsin?
In Mentor town, households led by individuals aged 45 to 64 years report the highest median household income of $60,801 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 Mentor, Wisconsin?
In terms of income distribution across age cohorts, in Mentor town, the median household income stands at $60,801 for householders within the 45 to 64 years age group, followed by $59,991 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 $36,481..
How does the median household income for households led by individuals of median age compare in Mentor, Wisconsin?
The median age in Mentor town is 45.3, 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 Mentor town, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $60,801.
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)