Median Household Income by Age of Householder in Summit Town, Langlade County, Wisconsin (2021, in 2022 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Summit town. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Summit town.
Age Of The Head Of Household | Median Household Income |
---|---|
Under 25 years | - |
25 to 44 years | $55,397 |
45 to 64 years | $89,175 |
65 years and over | $33,779 |
TABLE OF CONTENTS
Summit Town, Langlade County, 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 Summit town population by age, the median age in Summit town is 56.9 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 Summit town, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $89,175.
In terms of income distribution across age cohorts, in Summit town, the median household income stands at $89,175 for householders within the 45 to 64 years age group, followed by $55,397 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 $33,779.
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 Summit 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 25 to 44 years age group demonstrated the smallest decline of $1,264(2.23%), declining from a median of $56,661 in 2011 to $55,397 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 $6,266(15.65%), declining from a median of $40,045 in 2011 to $33,779 in 2021.
Summit Town, Langlade County, Wisconsin household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Summit 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 4(8.16%) households where the householder is under 25 years old, 8(16.33%) households with a householder aged between 25 and 44 years, 20(40.82%) households with a householder aged between 45 and 64 years, and 17(34.69%) households where the householder is over 65 years old.
In Summit 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 Summit town household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Summit 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 | - | - | - | 2 |
$10,000 - $14,999 | - | 1 | - | 2 |
$15,000 - $19,999 | - | - | - | 1 |
$20,000 - $24,999 | - | - | - | 2 |
$25,000 - $29,999 | 4 | - | - | 1 |
$30,000 - $34,999 | - | - | - | 1 |
$35,000 - $39,999 | - | - | - | 1 |
$40,000 - $44,999 | - | - | - | 3 |
$45,000 - $49,999 | - | 2 | - | - |
$50,000 - $59,999 | - | 3 | 1 | 2 |
$60,000 - $74,999 | - | - | 3 | - |
$75,000 - $99,999 | - | - | 9 | 2 |
$100,000 - $124,999 | - | - | 2 | - |
$125,000 - $149,999 | - | - | 5 | - |
$150,000 - $199,999 | - | 2 | - | - |
$200,000 or more | - | - | - | - |
To further explore the income distribution and gain insights into financial landscape of Summit 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 noteworthy that no households in Summit town, where householders are under 25 years old, fall within or exceed the income bracket representing the median income of $70,996 for the state of Wisconsin. 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 Summit town, among households headed by individuals aged 25 to 44,noteworthy that only 25% match or surpass the state of Wisconsin median income of $70,996. These 2 households, represent a low portion of the total 8 households in Summit town within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Summit town, within the age group of 45 to 64 years, a remarkable 95% of households meet or exceed the state of Wisconsin median income of $70,996. These 19 households, out of the total 20 households in this age cohort, signify a substantial portion of mature demographic of Summit town, showcasing commendable financial stability in comparison to the Wisconsin state median income benchmark.
- Householder 65 years and over: In Summit town, among the over 65 years age group, only 11.76% of households either match or surpass the state of Wisconsin median income of $70,996. These 2 households, constituting low portion of the Summit 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 Summit Town, Langlade County, Wisconsin?
In Summit town, households led by individuals aged 45 to 64 years report the highest median household income of $89,175 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 Summit Town, Langlade County, Wisconsin?
In terms of income distribution across age cohorts, in Summit town, the median household income stands at $89,175 for householders within the 45 to 64 years age group, followed by $55,397 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 $33,779..
How does the median household income for households led by individuals of median age compare in Summit Town, Langlade County, Wisconsin?
The median age in Summit town is 56.9, 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 Summit town, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $89,175.
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)