Salem, OR Median Household Income By Age - 2024 Update | Neilsberg (2024)

Salem, OR 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 Salem population by age, the median age in Salem is 35.7 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 Salem, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $82,638.

In terms of income distribution across age cohorts, in Salem, householders within the 45 to 64 years age group have the highest median household income at $83,622, followed by those in the 25 to 44 years age group with an income of $82,638. Meanwhile householders within the under 25 years age group report the second lowest median household income of $58,253. Notably, householders within the 65 years and over age group, had the lowest median household income at $55,320.

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 Salem.

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 Under 25 years age group demonstrated a remarkable increase of $30,811(112.28%), escalating from a median of $27,442 in 2012 to $58,253 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 $1,018(1.87%), increasing from a median of $54,302 in 2012 to $55,320 in 2022.

Salem, OR household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Salem 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 4,588(6.68%) households where the householder is under 25 years old, 24,683(35.95%) households with a householder aged between 25 and 44 years, 21,524(31.35%) households with a householder aged between 45 and 64 years, and 17,872(26.03%) households where the householder is over 65 years old.

The age group of 45 to 64 years exhibits the highest median household income, while the largest number of households falls within the 25 to 44 years bracket. This distribution hints at economic disparities within the city of Salem, showcasing varying income levels among different age demographics.

To further explore the income distribution and gain insights into financial landscape of Salem when compared to the state of Oregon 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 only 20.79% of the households in Salem, where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $75,657 for the state of Oregon. These 954 Salem households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
• Householder 25 to 44 years: In Salem, among households headed by individuals aged 25 to 44, an impressive 55.12% match or surpass the state of Oregon median income of $75,657. These 13,606 households, represent a significant portion of the total 24,683 households in Salem within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Salem, within the age group of 45 to 64 years, a remarkable 53.79% of households meet or exceed the state of Oregon median income of $75,657. These 11,577 households, out of the total 21,524 households in this age cohort, signify a substantial portion of mature demographic of Salem, showcasing commendable financial stability in comparison to the Oregon state median income benchmark.
• Householder 65 years and over: In Salem, among the over 65 years age group, a noteworthy 34.35% of households either match or surpass the state of Oregon median income of $75,657. These 6,139 households, constituting notable portion of the Salem city senior population, showcase commendable financial stability compared to the Oregon state median income benchmark.

Things to know

Which age group reports the highest median household income in Salem, OR?

In Salem, households led by individuals aged 45 to 64 years report the highest median household income of $83,622 according to the American Community Survey 2022 1-Year Estimates by the US Census Bureau.

How does the median household income vary by age in Salem, OR?

In terms of income distribution across age cohorts, in Salem, householders within the 45 to 64 years age group have the highest median household income at $83,622, followed by those in the 25 to 44 years age group with an income of $82,638. Meanwhile householders within the under 25 years age group report the second lowest median household income of $58,253. Notably, householders within the 65 years and over age group, had the lowest median household income at $55,320..

How does the median household income for households led by individuals of median age compare in Salem, OR?

The median age in Salem is 35.7, 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 Salem, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $82,638.

References