Median Household Income by Age of Householder in Andover Township, Minnesota (2022, in 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Andover township. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Andover township.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | - |
| 25 to 44 years | $140,895 |
| 45 to 64 years | $108,811 |
| 65 years and over | - |
TABLE OF CONTENTS
Andover Township, Minnesota 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 Andover township population by age, the median age in Andover township is 48.8 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 Andover township, the age group of 45 to 64 years exhibited the second-highest median household income, recorded at $108,811.
In terms of income distribution across age cohorts, in Andover township, where there exist only two delineated age groups, the median household income is $140,895 for householders within the 25 to 44 years age group, compared to $108,811 for the 45 to 64 years age group.
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 township of Andover township.
FIGURE 1
Andover Township, Minnesota median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Andover township, based on the age of householders divided into four cohorts : Under 25 years, 25 - 44 years, 45 to 64 years and 65 years and over.
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 2012 and 2022, 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 $106,443(308.96%), escalating from a median of $34,452 in 2012 to $140,895 in 2022. Conversely, the age group of 45 to 64 years years witnessed the smallest growth in household income across the same span. Their median income saw a small increase of $21,708(24.92%), increasing from a median of $87,103 in 2012 to $108,811 in 2022.
Andover Township, Minnesota household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Andover township 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 0 households where the householder is under 25 years old, 11(23.40%) households with a householder aged between 25 and 44 years, 32(68.09%) households with a householder aged between 45 and 64 years, and 4(8.51%) 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 township of Andover township, showcasing varying income levels among different age demographics.
FIGURE 2
Andover Township, Minnesota household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Andover township: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Andover township household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Andover township: 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 | - | - | 4 | - |
| $10,000 - $14,999 | - | - | - | - |
| $15,000 - $19,999 | - | - | - | - |
| $20,000 - $24,999 | - | - | - | - |
| $25,000 - $29,999 | - | - | - | - |
| $30,000 - $34,999 | - | 2 | - | - |
| $35,000 - $39,999 | - | - | - | - |
| $40,000 - $44,999 | - | - | - | - |
| $45,000 - $49,999 | - | - | - | 3 |
| $50,000 - $59,999 | - | - | 3 | - |
| $60,000 - $74,999 | - | 2 | 1 | - |
| $75,000 - $99,999 | - | - | 4 | - |
| $100,000 - $124,999 | - | 1 | 5 | - |
| $125,000 - $149,999 | - | 4 | 8 | 1 |
| $150,000 - $199,999 | - | 2 | 1 | - |
| $200,000 or more | - | - | 6 | - |
To further explore the income distribution and gain insights into financial landscape of Andover township when compared to the state of Minnesota 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: In Andover township, the comparison with the median income of the state and the nation remains inapplicable as there are no households headed by individuals under 25 years old.
- Householder 25 to 44 years: In Andover township, among households headed by individuals aged 25 to 44, an impressive 63.64% match or surpass the state of Minnesota median income of $87,791. These 7 households, represent a significant portion of the total 11 households in Andover township within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Andover township, within the age group of 45 to 64 years, a remarkable 75% of households meet or exceed the state of Minnesota median income of $87,791. These 24 households, out of the total 32 households in this age cohort, signify a substantial portion of mature demographic of Andover township, showcasing commendable financial stability in comparison to the Minnesota state median income benchmark.
- Householder 65 years and over: In Andover township, among the over 65 years age group, only 25% of households either match or surpass the state of Minnesota median income of $87,791. These 1 households, constituting low portion of the Andover township township senior population, showcase commendable financial stability compared to the Minnesota state median income benchmark.
Things to know
Which age group reports the highest median household income in Andover Township, Minnesota?
In Andover township, households led by individuals aged 25 to 44 years report the highest median household income of $140,895 according to the American Community Survey 2018-2022 5-Year Estimates by the US Census Bureau.
How does the median household income vary by age in Andover Township, Minnesota?
In terms of income distribution across age cohorts, in Andover township, where there exist only two delineated age groups, the median household income is $140,895 for householders within the 25 to 44 years age group, compared to $108,811 for the 45 to 64 years age group..
How does the median household income for households led by individuals of median age compare in Andover Township, Minnesota?
The median age in Andover township is 48.8, 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 Andover township, the age group of 45 to 64 years exhibited the second-highest median household income, recorded at $108,811.
References
- U.S. Census Bureau American Community Survey (ACS) 2018-2022 5-Year Estimates
- Consumer Price Index retroactive series using current methods (R-CPI-U-RS)