Bancroft 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 Bancroft township population by age, the median age in Bancroft township is 42.5 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 Bancroft township, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $116,198.
In terms of income distribution across age cohorts, in Bancroft township, the median household income stands at $117,549 for householders within the 45 to 64 years age group, followed by $116,198 for the 25 to 44 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $74,088.
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 Bancroft township.
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 $20,696(38.76%), escalating from a median of $53,392 in 2011 to $74,088 in 2021. Conversely, the age group of 25 to 44 years years witnessed the most significant decline in household income across the same span. Their median income saw a substantial drop of $2,211(1.87%), declining from a median of $118,409 in 2011 to $116,198 in 2021.
Bancroft Township, Minnesota household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Bancroft 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, 76(26.12%) households with a householder aged between 25 and 44 years, 106(36.43%) households with a householder aged between 45 and 64 years, and 109(37.46%) 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 65 years and over bracket. This distribution hints at economic disparities within the township of Bancroft township, showcasing varying income levels among different age demographics.
Age-wise distribution of Bancroft township household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Bancroft 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 | - | 6 | 2 | 2 |
| $10,000 - $14,999 | - | - | - | 1 |
| $15,000 - $19,999 | - | - | - | 4 |
| $20,000 - $24,999 | - | - | - | - |
| $25,000 - $29,999 | - | - | - | 11 |
| $30,000 - $34,999 | - | - | - | 6 |
| $35,000 - $39,999 | - | - | 4 | 2 |
| $40,000 - $44,999 | - | - | 2 | 2 |
| $45,000 - $49,999 | - | - | - | 9 |
| $50,000 - $59,999 | - | 2 | 4 | 7 |
| $60,000 - $74,999 | - | 13 | 11 | 15 |
| $75,000 - $99,999 | - | 16 | 26 | 17 |
| $100,000 - $124,999 | - | 12 | 7 | 9 |
| $125,000 - $149,999 | - | 16 | 20 | 4 |
| $150,000 - $199,999 | - | 11 | 17 | 13 |
| $200,000 or more | - | - | 13 | 7 |
To further explore the income distribution and gain insights into financial landscape of Bancroft 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 Bancroft 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 Bancroft township, among households headed by individuals aged 25 to 44, an impressive 72.37% match or surpass the state of Minnesota median income of $82,338. These 55 households, represent a significant portion of the total 76 households in Bancroft township within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Bancroft township, within the age group of 45 to 64 years, a remarkable 78.30% of households meet or exceed the state of Minnesota median income of $82,338. These 83 households, out of the total 106 households in this age cohort, signify a substantial portion of mature demographic of Bancroft township, showcasing commendable financial stability in comparison to the Minnesota state median income benchmark.
- Householder 65 years and over: In Bancroft township, among the over 65 years age group, a noteworthy 45.87% of households either match or surpass the state of Minnesota median income of $82,338. These 50 households, constituting notable portion of the Bancroft township township senior population, showcase commendable financial stability compared to the Minnesota state median income benchmark.