Virginia 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 Virginia population by age, the median age in Virginia is 38.5 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 Virginia, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $93,923.
In terms of income distribution across age cohorts, in Virginia, householders within the 45 to 64 years age group have the highest median household income at $107,552, followed by those in the 25 to 44 years age group with an income of $93,923. Meanwhile householders within the 65 years and over age group report the second lowest median household income of $61,447. Notably, householders within the under 25 years age group, had the lowest median household income at $44,335.
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 state of Virginia.
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 45 to 64 years age group demonstrated a remarkable increase of $10,241(10.52%), escalating from a median of $97,311 in 2012 to $107,552 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 $7,677(14.28%), increasing from a median of $53,770 in 2012 to $61,447 in 2022.
Virginia household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Virginia 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 132,709(3.93%) households where the householder is under 25 years old, 1,134,109(33.55%) households with a householder aged between 25 and 44 years, 1,220,174(36.09%) households with a householder aged between 45 and 64 years, and 893,615(26.43%) households where the householder is over 65 years old.
In Virginia, 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 Virginia household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Virginia: 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 | 20,253 | 43,985 | 54,151 | 46,926 |
| $10,000 - $14,999 | 7,098 | 24,424 | 31,313 | 44,082 |
| $15,000 - $19,999 | 5,985 | 18,333 | 24,987 | 43,158 |
| $20,000 - $24,999 | 7,130 | 24,217 | 26,849 | 45,319 |
| $25,000 - $29,999 | 6,330 | 22,621 | 24,595 | 45,182 |
| $30,000 - $34,999 | 7,273 | 32,726 | 25,571 | 41,013 |
| $35,000 - $39,999 | 6,239 | 31,690 | 25,259 | 36,196 |
| $40,000 - $44,999 | 6,843 | 37,447 | 32,350 | 37,817 |
| $45,000 - $49,999 | 6,943 | 30,244 | 29,237 | 34,767 |
| $50,000 - $59,999 | 13,437 | 74,222 | 59,864 | 62,993 |
| $60,000 - $74,999 | 12,413 | 106,470 | 95,607 | 77,622 |
| $75,000 - $99,999 | 13,504 | 154,359 | 137,464 | 106,871 |
| $100,000 - $124,999 | 9,461 | 136,779 | 126,475 | 76,283 |
| $125,000 - $149,999 | 4,666 | 105,680 | 99,842 | 51,048 |
| $150,000 - $199,999 | 3,220 | 127,413 | 157,038 | 59,611 |
| $200,000 or more | 1,914 | 163,499 | 269,572 | 84,727 |
To further explore the income distribution and gain insights into financial landscape of Virginia when compared to 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 34.04% of the households in the state of Virginia, where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $74,755 for The United States of America. These 45,178 households in the state of Virginia demonstrate a significant financial standing, aligning with or exceeding the median income of The United States.
- Householder 25 to 44 years: In the state of Virginia, among households headed by individuals aged 25 to 44, an impressive 70.03% match or surpass the US median income of $74,755. These 794,200 households, represent a significant portion of the total 1,134,109 households in Virginia within 25-44 years age group, reflecting commendable financial well-being within the nation.
- Householder 45 to 64 years: In the state of Virginia, within the age group of 45 to 64 years, a remarkable 72.61% of households meet or exceed the US median income of $74,755. These 885,998 households, out of the total 1,220,174 households in this age cohort, signify a substantial portion of mature demographic of Virginia, showcasing commendable financial stability in comparison to the US median income benchmark.
- Householder 65 years and over: In the state of Virginia, among the over 65 years age group, an impressive 51.05% of households either match or surpass the state of US median income of $74,755. These 456,162 households, constituting a significant portion of the Virginia state senior population, showcase commendable financial stability compared to the US median income benchmark.