Median Household Income by Age of Householder in Westminster Town, Vermont (2021, in 2022 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Westminster town. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Westminster town.
Age Of The Head Of Household | Median Household Income |
---|---|
Under 25 years | - |
25 to 44 years | $80,512 |
45 to 64 years | $71,804 |
65 years and over | $67,731 |
TABLE OF CONTENTS
Westminster Town, Vermont 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 Westminster town population by age, the median age in Westminster town is 51.7 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 Westminster town, the age group of 45 to 64 years exhibited the second-highest median household income, recorded at $71,804.
In terms of income distribution across age cohorts, in Westminster town, the median household income stands at $80,512 for householders within the 25 to 44 years age group, followed by $71,804 for the 45 to 64 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $67,731.
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 Westminster 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, one groups encountered a decline in their median household income, while the remaining two experienced an increase during this period. Notably, household income for individuals within the 65 years and over age group demonstrated a remarkable increase of $27,958(70.29%), escalating from a median of $39,773 in 2011 to $67,731 in 2021. Conversely, the age group of 45 to 64 years years witnessed the most significant decline in household income across the same span. Their median income saw a substantial drop of $16,691(18.86%), declining from a median of $88,495 in 2011 to $71,804 in 2021.
Westminster Town, Vermont household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Westminster 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 5(0.41%) households where the householder is under 25 years old, 205(16.94%) households with a householder aged between 25 and 44 years, 572(47.27%) households with a householder aged between 45 and 64 years, and 428(35.37%) 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 45 to 64 years bracket. This distribution hints at economic disparities within the town of Westminster town, showcasing varying income levels among different age demographics.
Age-wise distribution of Westminster town household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Westminster 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 | - | - | 46 | - |
$10,000 - $14,999 | - | - | 70 | 16 |
$15,000 - $19,999 | - | - | 34 | 2 |
$20,000 - $24,999 | - | - | 4 | 53 |
$25,000 - $29,999 | - | 21 | 19 | 36 |
$30,000 - $34,999 | - | 2 | 15 | 14 |
$35,000 - $39,999 | - | 22 | 4 | 1 |
$40,000 - $44,999 | - | 8 | - | 10 |
$45,000 - $49,999 | - | 8 | 8 | 37 |
$50,000 - $59,999 | - | 10 | 34 | 1 |
$60,000 - $74,999 | - | 35 | 137 | 97 |
$75,000 - $99,999 | 5 | 43 | 10 | 48 |
$100,000 - $124,999 | - | 17 | 67 | 23 |
$125,000 - $149,999 | - | 24 | 62 | 15 |
$150,000 - $199,999 | - | 6 | 54 | 7 |
$200,000 or more | - | 9 | 8 | 68 |
To further explore the income distribution and gain insights into financial landscape of Westminster town when compared to the state of Vermont 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 100% of the households in Westminster town, where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $73,991 for the state of Vermont. These 5 Westminster town households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
- Householder 25 to 44 years: In Westminster town, among households headed by individuals aged 25 to 44, an impressive 65.37% match or surpass the state of Vermont median income of $73,991. These 134 households, represent a significant portion of the total 205 households in Westminster town within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Westminster town, within the age group of 45 to 64 years, a remarkable 59.09% of households meet or exceed the state of Vermont median income of $73,991. These 338 households, out of the total 572 households in this age cohort, signify a substantial portion of mature demographic of Westminster town, showcasing commendable financial stability in comparison to the Vermont state median income benchmark.
- Householder 65 years and over: In Westminster town, among the over 65 years age group, an impressive 60.28% of households either match or surpass the state of Vermont median income of $73,991. These 258 households, constituting a significant portion of the Westminster town town senior population, showcase commendable financial stability compared to the Vermont state median income benchmark.
Things to know
Which age group reports the highest median household income in Westminster Town, Vermont?
In Westminster town, households led by individuals aged 25 to 44 years report the highest median household income of $80,512 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 Westminster Town, Vermont?
In terms of income distribution across age cohorts, in Westminster town, the median household income stands at $80,512 for householders within the 25 to 44 years age group, followed by $71,804 for the 45 to 64 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $67,731..
How does the median household income for households led by individuals of median age compare in Westminster Town, Vermont?
The median age in Westminster town is 51.7, 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 Westminster town, the age group of 45 to 64 years exhibited the second-highest median household income, recorded at $71,804.
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)