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Over 65s expected to be fastest-growing demographic over next 5 years

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Over 65s expected to be fastest-growing demographic over next 5 years

The U.S. population is projected to reach 330.9 million in 2021 and grow by 2.9% to 340.6 million by 2026, according to Claritas Pop-Facts 2020.

The fastest-growing segment of the population is expected to be the over-65 crowd, which will account for 19.1% of the total population in 2026, compared to 17.1% in 2020. The population of those under the age of 35 is expected to decline to 43.7% in 2026 from 45.1% in 2021.

Washington, D.C.'s population is expected to increase by 6.8% over the next five years, the highest growth rate of any state or territory. On the flip side, three states — West Virginia, Illinois and New York — are expected to see the largest population declines.

Utah is expected to remain the youngest state or territory in the nation, with an average age of 35.3 years in 2026, while Maine is expected to remain the oldest with an average age of 44.6 years.

Median household income in the U.S. is expected to hit $73,868 in 2026, up from $67,761 in 2021, with 18 states expected to post double-digit percentage gains.

Furthermore, the median household income in the state of Washington is expected to rise by 13.0% to $92,359 between 2021 and 2026, the largest percentage increase of any state or territory, followed by Oregon, which is projected to see an increase of 12.8% in its median household income.

Washington, D.C., which is projected to have the country's highest median household income of $91,414 in 2021, will see its median household income grow by around 8.8% through 2026.

Two California counties, Lake and Santa Cruz, are among five counties in the country expected to post the largest percentage increase in median household income between 2021 and 2026.

All five counties projected to post the highest five-year population growth through 2026 are in Texas.

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