Median Household Income by Age of Householder in Soap Lake, WA (2021, in 2022 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Soap Lake. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Soap Lake.
Age Of The Head Of Household | Median Household Income |
---|---|
Under 25 years | - |
25 to 44 years | $62,152 |
45 to 64 years | - |
65 years and over | $34,003 |
TABLE OF CONTENTS
Soap Lake, WA 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 Soap Lake population by age, the median age in Soap Lake is 43.3 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 Soap Lake, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $62,152.
In terms of income distribution across age cohorts, in Soap Lake, where there exist only two delineated age groups, the median household income is $62,152 for householders within the 25 to 44 years age group, compared to $34,003 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 city of Soap Lake.
![Soap Lake, WA median household income by age of householder The bar chart shows Soap Lake, WA median household income by age of householder. All incomes have been adjusted for 2022 inflation using the Consumer Price Index retroactive series (R-CPI-U-RS).](https://i.neilsberg.com/ch/soap-lake-wa-median-household-income-by-age.jpeg)
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, one groups encountered a decline in their median household income, while the remaining one experienced an increase during this period. Notably, household income for individuals within the 25 to 44 years age group demonstrated a remarkable increase of $26,081(72.30%), escalating from a median of $36,071 in 2011 to $62,152 in 2021. Conversely, the age group of 65 years and over years witnessed the most significant decline in household income across the same span. Their median income saw a substantial drop of $470(1.36%), declining from a median of $34,473 in 2011 to $34,003 in 2021.
Soap Lake, WA household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Soap Lake 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 18(2.77%) households where the householder is under 25 years old, 154(23.73%) households with a householder aged between 25 and 44 years, 179(27.58%) households with a householder aged between 45 and 64 years, and 298(45.92%) households where the householder is over 65 years old.
The age group of 25 to 44 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 city of Soap Lake, showcasing varying income levels among different age demographics.
![>Soap Lake, WA household income distribution across age groups The bar chart displays the distribution of household income in Soap Lake, WA across different age groups as categorized by the U.S. Census Bureau. It illustrates the number of households within each income bracket across age categories. This visualization offers valuable insights into income disparities and variations across age groups, facilitating data analysis and informed decision-making. It enables the identification of demographics with specific financial statuses within distinct age brackets.](https://i.neilsberg.com/ch/soap-lake-wa-household-income-by-age-groups.jpeg)
Age-wise distribution of Soap Lake household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Soap Lake: 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 | - | 6 | 30 | 19 |
$10,000 - $14,999 | - | 26 | - | 24 |
$15,000 - $19,999 | - | 8 | 21 | 56 |
$20,000 - $24,999 | - | 8 | 21 | 9 |
$25,000 - $29,999 | - | - | - | 27 |
$30,000 - $34,999 | - | 9 | 16 | 24 |
$35,000 - $39,999 | 9 | - | - | 33 |
$40,000 - $44,999 | - | 12 | - | 25 |
$45,000 - $49,999 | - | - | 4 | - |
$50,000 - $59,999 | - | 8 | - | - |
$60,000 - $74,999 | - | 54 | 42 | 12 |
$75,000 - $99,999 | - | 14 | 38 | 4 |
$100,000 - $124,999 | 9 | 9 | - | 11 |
$125,000 - $149,999 | - | - | 7 | 40 |
$150,000 - $199,999 | - | - | - | - |
$200,000 or more | - | - | - | 14 |
To further explore the income distribution and gain insights into financial landscape of Soap Lake when compared to the state of Washington 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 worth noting that 50% of the households in Soap Lake, where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $91,306 for the state of Washington. These 9 Soap Lake households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
- Householder 25 to 44 years: In Soap Lake, among households headed by individuals aged 25 to 44,noteworthy that only 14.94% match or surpass the state of Washington median income of $91,306. These 23 households, represent a low portion of the total 154 households in Soap Lake within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Soap Lake, within the age group of 45 to 64 years, only 25.14% of households meet or exceed the state of Washington median income of $91,306. These 45 households, out of the total 179 households in this age cohort, signify a low portion of mature demographic of Soap Lake, showcasing commendable financial stability in comparison to the Washington state median income benchmark.
- Householder 65 years and over: In Soap Lake, among the over 65 years age group, only 23.15% of households either match or surpass the state of Washington median income of $91,306. These 69 households, constituting low portion of the Soap Lake city senior population, showcase commendable financial stability compared to the Washington state median income benchmark.
Things to know
Which age group reports the highest median household income in Soap Lake, WA?
In Soap Lake, households led by individuals aged 25 to 44 years report the highest median household income of $62,152 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 Soap Lake, WA?
In terms of income distribution across age cohorts, in Soap Lake, where there exist only two delineated age groups, the median household income is $62,152 for householders within the 25 to 44 years age group, compared to $34,003 for the 65 years and over age group..
How does the median household income for households led by individuals of median age compare in Soap Lake, WA?
The median age in Soap Lake is 43.3, which falls within the 25 to 44 years range among the four age groups defined by the US Census Bureau. This demographic suggests a dynamic mix of young professionals, often indicative of family formation and career advancement. Interestingly, within Soap Lake, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $62,152.
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)