Big Woods Township, Minnesota Median Household Income By Age

Big Woods 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 Big Woods township population by age, the median age in Big Woods township is 17.8 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, according to the latest American Community Survey data, the US Census Bureau did not report the median household income for householders in the Under 25 years age group in Big Woods township. This absence could be attributed to a smaller working population or fewer household heads within this age range, potentially resulting in less reliable or unavailable data for reporting.

In terms of income distribution across age cohorts, Big Woods township only reports a median household income of $77,009 among householders in the 25 to 44 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 Big Woods township.

FIGURE 1

Big Woods Township, Minnesota median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Big Woods 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. Notably, household income for individuals within the 25 to 44 years age group demonstrated the smallest decline of $14,678(16.01%), declining from a median of $91,687 in 2012 to $77,009 in 2022. 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 $14,678(16.01%), declining from a median of $91,687 in 2012 to $77,009 in 2022.

Big Woods Township, Minnesota household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Big Woods 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, 9(64.29%) households with a householder aged between 25 and 44 years, 3(21.43%) households with a householder aged between 45 and 64 years, and 2(14.29%) households where the householder is over 65 years old.

In Big Woods township, 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 Woods Township, Minnesota household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Big Woods township: under 25 years, 25-44 years, 45-64 years, and over 65 years

To further explore the income distribution and gain insights into financial landscape of Big Woods 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 Big Woods 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 Big Woods township, among households headed by individuals aged 25 to 44,noteworthy that only 22.22% match or surpass the state of Minnesota median income of $87,791. These 2 households, represent a low portion of the total 9 households in Big Woods township within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Big Woods township, among households led by individuals aged 45 to 64 years, there are no households that meet or surpass the state of Minnesota median income of $87,791. Hence, of the total 3 households in this age group, none achieved an income higher than the Minnesota state median income range.
• Householder 65 years and over: In Big Woods township, within the over 65 years age cohort, there are no households that meet or exceed the state of Minnesota median income of $87,791. Therefore, among the total number of households in this senior demographic, none have an income higher than the Minnesota state median income range.

Things to know

Which age group reports the highest median household income in Big Woods Township, Minnesota?

In Big Woods township, households led by individuals aged 25 to 44 years report the highest median household income of $77,009 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 Woods Township, Minnesota?

In terms of income distribution across age cohorts, Big Woods township only reports a median household income of $77,009 among householders in the 25 to 44 years age group..

How does the median household income for households led by individuals of median age compare in Big Woods Township, Minnesota?

The median age in Big Woods township is 17.8, 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, according to the latest American Community Survey data, the US Census Bureau did not report the median household income for householders in the Under 25 years age group in Big Woods township. This absence could be attributed to a smaller working population or fewer household heads within this age range, potentially resulting in less reliable or unavailable data for reporting.

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