Median Household Income by Age of Householder in Big Rapids, MI (2022, in 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Big Rapids. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Big Rapids.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | $30,540 |
| 25 to 44 years | $55,596 |
| 45 to 64 years | $33,696 |
| 65 years and over | $33,349 |
TABLE OF CONTENTS
Big Rapids, MI 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 Big Rapids population by age, the median age in Big Rapids is 22.8 years.
Typically for a location with median age in this range, it likely boasts a youthful population, indication a potential hub for emerging workforce. Interestingly, within Big Rapids, the age group of Under 25 years reported the lowest median household income, at $30,540.
In terms of income distribution across age cohorts, in Big Rapids, householders within the 25 to 44 years age group have the highest median household income at $55,596, followed by those in the 45 to 64 years age group with an income of $33,696. Meanwhile householders within the 65 years and over age group report the second lowest median household income of $33,349. Notably, householders within the under 25 years age group, had the lowest median household income at $30,540.
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 Big Rapids.
FIGURE 1
Big Rapids, MI median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Big Rapids, 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 four age groups with available Census data in both 2012 and 2022, one groups encountered a decline in their median household income, while the remaining three experienced an increase during this period. Notably, household income for individuals within the Under 25 years age group demonstrated a remarkable increase of $9,835(47.50%), escalating from a median of $20,705 in 2012 to $30,540 in 2022. Conversely, the age group of 45 to 64 years years witnessed the most significant decline in household income across the same span. Their median income saw a substantial drop of $41,701(55.31%), declining from a median of $75,397 in 2012 to $33,696 in 2022.
Big Rapids, MI household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Big Rapids 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 651(24.77%) households where the householder is under 25 years old, 806(30.67%) households with a householder aged between 25 and 44 years, 669(25.46%) households with a householder aged between 45 and 64 years, and 502(19.10%) households where the householder is over 65 years old.
In Big Rapids, 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.
FIGURE 2
Big Rapids, MI household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Big Rapids: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Big Rapids household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Big Rapids: 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 | 93 | 38 | 43 | - |
| $10,000 - $14,999 | 72 | 70 | 86 | 88 |
| $15,000 - $19,999 | 17 | 43 | 64 | 61 |
| $20,000 - $24,999 | 88 | 25 | 47 | 34 |
| $25,000 - $29,999 | 74 | 73 | 52 | 25 |
| $30,000 - $34,999 | 54 | 36 | 45 | 64 |
| $35,000 - $39,999 | 57 | 13 | 7 | 19 |
| $40,000 - $44,999 | 17 | 46 | 10 | 15 |
| $45,000 - $49,999 | 28 | 21 | 53 | - |
| $50,000 - $59,999 | 75 | 114 | - | 27 |
| $60,000 - $74,999 | 28 | 136 | 53 | 32 |
| $75,000 - $99,999 | 37 | 119 | 26 | 12 |
| $100,000 - $124,999 | 6 | 54 | 73 | 47 |
| $125,000 - $149,999 | - | 18 | 77 | 41 |
| $150,000 - $199,999 | 5 | - | 5 | 8 |
| $200,000 or more | - | - | 28 | 29 |
To further explore the income distribution and gain insights into financial landscape of Big Rapids when compared to the state of Michigan 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 11.67% of the households in Big Rapids, where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $71,331 for the state of Michigan. These 76 Big Rapids households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
- Householder 25 to 44 years: In Big Rapids, among households headed by individuals aged 25 to 44,worth noting that 40.57% match or surpass the state of Michigan median income of $71,331. These 327 households, represent a notable portion of the total 806 households in Big Rapids within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Big Rapids, within the age group of 45 to 64 years, a noteworthy 39.16% of households meet or exceed the state of Michigan median income of $71,331. These 262 households, out of the total 669 households in this age cohort, signify a notable portion of mature demographic of Big Rapids, showcasing commendable financial stability in comparison to the Michigan state median income benchmark.
- Householder 65 years and over: In Big Rapids, among the over 65 years age group, a noteworthy 33.67% of households either match or surpass the state of Michigan median income of $71,331. These 169 households, constituting notable portion of the Big Rapids city senior population, showcase commendable financial stability compared to the Michigan state median income benchmark.
Things to know
Which age group reports the highest median household income in Big Rapids, MI?
In Big Rapids, households led by individuals aged 25 to 44 years report the highest median household income of $55,596 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 Big Rapids, MI?
In terms of income distribution across age cohorts, in Big Rapids, householders within the 25 to 44 years age group have the highest median household income at $55,596, followed by those in the 45 to 64 years age group with an income of $33,696. Meanwhile householders within the 65 years and over age group report the second lowest median household income of $33,349. Notably, householders within the under 25 years age group, had the lowest median household income at $30,540..
How does the median household income for households led by individuals of median age compare in Big Rapids, MI?
The median age in Big Rapids is 22.8, which falls within the Under 25 years range among the four age groups defined by the US Census Bureau. This demographic likely boasts a youthful population, indication a potential hub for emerging workforce. Interestingly, within Big Rapids, the age group of Under 25 years reported the lowest median household income, at $30,540.
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)