Sharon Springs, NY Median Household Income By Age - 2024 Update | Neilsberg (2024)

Sharon Springs, NY 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 Sharon Springs population by age, the median age in Sharon Springs is 36.6 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 Sharon Springs, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $95,762.

In terms of income distribution across age cohorts, in Sharon Springs, the median household income stands at $95,762 for householders within the 25 to 44 years age group, followed by $58,099 for the under 25 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $26,753.

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 village of Sharon Springs.

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, none had a decline during this time period. Notably, household income for individuals within the 25 to 44 years age group demonstrated a remarkable increase of $28,422(42.21%), escalating from a median of $67,340 in 2011 to $95,762 in 2021. 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 $3,870(16.91%), increasing from a median of $22,883 in 2011 to $26,753 in 2021.

Sharon Springs, NY household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Sharon Springs 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(1.88%) households where the householder is under 25 years old, 89(41.78%) households with a householder aged between 25 and 44 years, 46(21.60%) households with a householder aged between 45 and 64 years, and 74(34.74%) households where the householder is over 65 years old.

In Sharon Springs, the age group of 25 to 44 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.

To further explore the income distribution and gain insights into financial landscape of Sharon Springs when compared to the state of New York 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 Sharon Springs, where householders are under 25 years old, fall within or exceed the income bracket representing the median income of $79,557 for the state of New York. 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 Sharon Springs, among households headed by individuals aged 25 to 44, an impressive 62.92% match or surpass the state of New York median income of $79,557. These 56 households, represent a significant portion of the total 89 households in Sharon Springs within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Sharon Springs, within the age group of 45 to 64 years, a noteworthy 47.83% of households meet or exceed the state of New York median income of $79,557. These 22 households, out of the total 46 households in this age cohort, signify a notable portion of mature demographic of Sharon Springs, showcasing commendable financial stability in comparison to the New York state median income benchmark.
• Householder 65 years and over: In Sharon Springs, among the over 65 years age group, only 20.27% of households either match or surpass the state of New York median income of $79,557. These 15 households, constituting low portion of the Sharon Springs village senior population, showcase commendable financial stability compared to the New York state median income benchmark.

Things to know

Which age group reports the highest median household income in Sharon Springs, NY?

In Sharon Springs, households led by individuals aged 25 to 44 years report the highest median household income of $95,762 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 Sharon Springs, NY?

In terms of income distribution across age cohorts, in Sharon Springs, the median household income stands at $95,762 for householders within the 25 to 44 years age group, followed by $58,099 for the under 25 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $26,753..

How does the median household income for households led by individuals of median age compare in Sharon Springs, NY?

The median age in Sharon Springs is 36.6, 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 Sharon Springs, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $95,762.

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