Palm Bay, FL 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 Palm Bay population by age, the median age in Palm Bay is 40.9 years.
Typically for a location with median age in this range, it suggests a dynamic mix of young professionals, often indicative of family formation and career advancement. Interestingly, within Palm Bay, the age group of 25 to 44 years had the second lowest median household income, recorded at $78,105.
In terms of income distribution across age cohorts, in Palm Bay, householders within the under 25 years age group have the highest median household income at $110,022, followed by those in the 45 to 64 years age group with an income of $84,069. Meanwhile householders within the 25 to 44 years age group report the second lowest median household income of $78,105. Notably, householders within the 65 years and over age group, had the lowest median household income at $48,327.
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 city of Palm Bay.
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 2012 and 2022, 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 $81,299(283.04%), escalating from a median of $28,723 in 2012 to $110,022 in 2022. 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 $8,622(21.72%), increasing from a median of $39,705 in 2012 to $48,327 in 2022.
Palm Bay, FL household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Palm Bay 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 945(2.13%) households where the householder is under 25 years old, 12,992(29.30%) households with a householder aged between 25 and 44 years, 15,859(35.77%) households with a householder aged between 45 and 64 years, and 14,542(32.80%) 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 45 to 64 years bracket. This distribution hints at economic disparities within the city of Palm Bay, showcasing varying income levels among different age demographics.
Age-wise distribution of Palm Bay household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Palm Bay: 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 | 45 | 165 | 238 | 645 |
| $10,000 - $14,999 | - | 51 | 219 | 369 |
| $15,000 - $19,999 | - | 44 | 658 | 454 |
| $20,000 - $24,999 | - | 224 | 452 | 434 |
| $25,000 - $29,999 | 137 | 499 | 68 | 739 |
| $30,000 - $34,999 | - | 254 | 435 | 1,455 |
| $35,000 - $39,999 | - | 545 | 178 | 1,246 |
| $40,000 - $44,999 | - | 1,016 | 432 | 1,637 |
| $45,000 - $49,999 | 97 | 376 | 1,050 | 573 |
| $50,000 - $59,999 | - | 1,285 | 1,384 | 903 |
| $60,000 - $74,999 | 192 | 1,650 | 1,853 | 1,384 |
| $75,000 - $99,999 | - | 1,906 | 2,721 | 1,914 |
| $100,000 - $124,999 | 396 | 1,732 | 2,634 | 689 |
| $125,000 - $149,999 | - | 1,299 | 1,723 | 1,022 |
| $150,000 - $199,999 | - | 1,347 | 1,494 | 731 |
| $200,000 or more | 78 | 599 | 320 | 347 |
To further explore the income distribution and gain insights into financial landscape of Palm Bay when compared to the state of Florida 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 70.48% of the households in Palm Bay, where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $69,303 for the state of Florida. These 666 Palm Bay households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
- Householder 25 to 44 years: In Palm Bay, among households headed by individuals aged 25 to 44, an impressive 65.68% match or surpass the state of Florida median income of $69,303. These 8,533 households, represent a significant portion of the total 12,992 households in Palm Bay within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Palm Bay, within the age group of 45 to 64 years, a remarkable 67.75% of households meet or exceed the state of Florida median income of $69,303. These 10,745 households, out of the total 15,859 households in this age cohort, signify a substantial portion of mature demographic of Palm Bay, showcasing commendable financial stability in comparison to the Florida state median income benchmark.
- Householder 65 years and over: In Palm Bay, among the over 65 years age group, a noteworthy 41.86% of households either match or surpass the state of Florida median income of $69,303. These 6,087 households, constituting notable portion of the Palm Bay city senior population, showcase commendable financial stability compared to the Florida state median income benchmark.