Montville, Maine 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 Montville town population by age, the median age in Montville 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 Montville town, the age group of 45 to 64 years exhibited the second-highest median household income, recorded at $73,412.
In terms of income distribution across age cohorts, in Montville town, householders within the under 25 years age group have the highest median household income at $73,733, followed by those in the 45 to 64 years age group with an income of $73,412. Meanwhile householders within the 25 to 44 years age group report the second lowest median household income of $52,694. Notably, householders within the 65 years and over age group, had the lowest median household income at $38,732.
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 Montville town.
Analysis of income trends over the past decade highlights notable shifts across various age groups. Among the four 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 Under 25 years age group demonstrated a remarkable increase of $54,937(292.28%), escalating from a median of $18,796 in 2011 to $73,733 in 2021. Conversely, the age group of 65 years and over years witnessed the smallest growth in household income across the same span. Their median income saw a small increase of $18,465(91.11%), increasing from a median of $20,267 in 2011 to $38,732 in 2021.
Montville, Maine household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Montville 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 60(12.40%) households where the householder is under 25 years old, 109(22.52%) households with a householder aged between 25 and 44 years, 155(32.02%) households with a householder aged between 45 and 64 years, and 160(33.06%) households where the householder is over 65 years old.
The age group of under 25 years exhibits the highest median household income, while the largest number of households falls within the 65 years and over bracket. This distribution hints at economic disparities within the town of Montville town, showcasing varying income levels among different age demographics.
Age-wise distribution of Montville town household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Montville 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 | - | 14 | 3 | 3 |
| $10,000 - $14,999 | - | - | 7 | 3 |
| $15,000 - $19,999 | - | 3 | 9 | 6 |
| $20,000 - $24,999 | - | 6 | - | 16 |
| $25,000 - $29,999 | - | 4 | - | 36 |
| $30,000 - $34,999 | - | - | 3 | 11 |
| $35,000 - $39,999 | - | 10 | - | 15 |
| $40,000 - $44,999 | - | 15 | 11 | 6 |
| $45,000 - $49,999 | 13 | 5 | 4 | 11 |
| $50,000 - $59,999 | - | 22 | 34 | 9 |
| $60,000 - $74,999 | 47 | 9 | 18 | 15 |
| $75,000 - $99,999 | - | 14 | 19 | 7 |
| $100,000 - $124,999 | - | 7 | 10 | - |
| $125,000 - $149,999 | - | - | 8 | 22 |
| $150,000 - $199,999 | - | - | 29 | - |
| $200,000 or more | - | - | - | - |
To further explore the income distribution and gain insights into financial landscape of Montville town when compared to the state of Maine 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 78.33% of the households in Montville town, where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $69,543 for the state of Maine. These 47 Montville town households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
- Householder 25 to 44 years: In Montville town, among households headed by individuals aged 25 to 44,worth noting that 27.52% match or surpass the state of Maine median income of $69,543. These 30 households, represent a notable portion of the total 109 households in Montville town within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Montville town, within the age group of 45 to 64 years, a remarkable 54.19% of households meet or exceed the state of Maine median income of $69,543. These 84 households, out of the total 155 households in this age cohort, signify a substantial portion of mature demographic of Montville town, showcasing commendable financial stability in comparison to the Maine state median income benchmark.
- Householder 65 years and over: In Montville town, among the over 65 years age group, a noteworthy 27.50% of households either match or surpass the state of Maine median income of $69,543. These 44 households, constituting notable portion of the Montville town town senior population, showcase commendable financial stability compared to the Maine state median income benchmark.