Median Household Income by Age of Householder in New Vernon Township, Pennsylvania (2021, in 2022 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in New Vernon township. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in New Vernon township.
Age Of The Head Of Household | Median Household Income |
---|---|
Under 25 years | - |
25 to 44 years | - |
45 to 64 years | $72,811 |
65 years and over | $45,167 |
TABLE OF CONTENTS
New Vernon 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 New Vernon township population by age, the median age in New Vernon township is 55.7 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 New Vernon township, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $72,811.
In terms of income distribution across age cohorts, in New Vernon township, where there exist only two delineated age groups, the median household income is $72,811 for householders within the 45 to 64 years age group, compared to $45,167 for the 65 years and over 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 township of New Vernon township.
Analysis of income trends over the past decade highlights notable shifts across various age groups. Among the two 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 65 years and over age group demonstrated a remarkable increase of $22,938(103.19%), escalating from a median of $22,229 in 2011 to $45,167 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 $6,615(9.99%), increasing from a median of $66,196 in 2011 to $72,811 in 2021.
New Vernon Township, Pennsylvania household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the New Vernon 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 2(1.03%) households where the householder is under 25 years old, 26(13.33%) households with a householder aged between 25 and 44 years, 91(46.67%) households with a householder aged between 45 and 64 years, and 76(38.97%) households where the householder is over 65 years old.
In New Vernon township, 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 New Vernon township household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in New Vernon 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 | - | - | - | 5 |
$10,000 - $14,999 | - | - | - | 3 |
$15,000 - $19,999 | - | - | 2 | 6 |
$20,000 - $24,999 | - | 6 | 2 | 3 |
$25,000 - $29,999 | - | - | - | 3 |
$30,000 - $34,999 | 2 | - | 6 | 8 |
$35,000 - $39,999 | - | - | 6 | 5 |
$40,000 - $44,999 | - | 7 | 2 | 13 |
$45,000 - $49,999 | - | - | 9 | - |
$50,000 - $59,999 | - | - | 4 | - |
$60,000 - $74,999 | - | - | 15 | 4 |
$75,000 - $99,999 | - | - | 23 | 1 |
$100,000 - $124,999 | - | 11 | 10 | 18 |
$125,000 - $149,999 | - | - | 8 | 2 |
$150,000 - $199,999 | - | 2 | 4 | - |
$200,000 or more | - | - | - | 5 |
To further explore the income distribution and gain insights into financial landscape of New Vernon 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: It is noteworthy that no households in New Vernon township, where householders are under 25 years old, fall within or exceed the income bracket representing the median income of $71,798 for the state of Pennsylvania. 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 New Vernon township, among households headed by individuals aged 25 to 44,worth noting that 50% match or surpass the state of Pennsylvania median income of $71,798. These 13 households, represent a notable portion of the total 26 households in New Vernon township within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In New Vernon township, within the age group of 45 to 64 years, a remarkable 65.93% of households meet or exceed the state of Pennsylvania median income of $71,798. These 60 households, out of the total 91 households in this age cohort, signify a substantial portion of mature demographic of New Vernon township, showcasing commendable financial stability in comparison to the Pennsylvania state median income benchmark.
- Householder 65 years and over: In New Vernon township, among the over 65 years age group, a noteworthy 39.47% of households either match or surpass the state of Pennsylvania median income of $71,798. These 30 households, constituting notable portion of the New Vernon 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 New Vernon Township, Pennsylvania?
In New Vernon township, households led by individuals aged 45 to 64 years report the highest median household income of $72,811 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 New Vernon Township, Pennsylvania?
In terms of income distribution across age cohorts, in New Vernon township, where there exist only two delineated age groups, the median household income is $72,811 for householders within the 45 to 64 years age group, compared to $45,167 for the 65 years and over age group..
How does the median household income for households led by individuals of median age compare in New Vernon Township, Pennsylvania?
The median age in New Vernon township is 55.7, 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 New Vernon township, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $72,811.
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)