Boy River Township, Minnesota Median Household Income By Age

Boy River 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 Boy River township population by age, the median age in Boy River township is 26.9 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 Boy River township, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $69,850.

In terms of income distribution across age cohorts, in Boy River township, the median household income stands at $69,850 for householders within the 25 to 44 years age group, followed by $68,983 for the 65 years and over age group. Notably, householders within the 45 to 64 years age group, had the lowest median household income at $61,173.

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 Boy River township.

FIGURE 1

Boy River Township, Minnesota median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Boy River 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 three age groups with available Census data in both 2012 and 2022, two groups encountered a decline in their median household income, while the remaining one experienced an increase during this period. Notably, household income for individuals within the 65 years and over age group demonstrated a remarkable increase of $12,304(21.71%), escalating from a median of $56,679 in 2012 to $68,983 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 $25,310(26.60%), declining from a median of $95,160 in 2012 to $69,850 in 2022.

Boy River Township, Minnesota household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Boy River 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, 13(56.52%) households with a householder aged between 25 and 44 years, 5(21.74%) households with a householder aged between 45 and 64 years, and 5(21.74%) households where the householder is over 65 years old.

In Boy River 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

Boy River Township, Minnesota household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Boy River 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 Boy River 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 Boy River 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 Boy River township, among households headed by individuals aged 25 to 44,worth noting that 46.15% match or surpass the state of Minnesota median income of $87,791. These 6 households, represent a notable portion of the total 13 households in Boy River township within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Boy River 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 5 households in this age group, none achieved an income higher than the Minnesota state median income range.
• Householder 65 years and over: In Boy River 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 Boy River Township, Minnesota?

In Boy River township, households led by individuals aged 25 to 44 years report the highest median household income of $69,850 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 Boy River Township, Minnesota?

In terms of income distribution across age cohorts, in Boy River township, the median household income stands at $69,850 for householders within the 25 to 44 years age group, followed by $68,983 for the 65 years and over age group. Notably, householders within the 45 to 64 years age group, had the lowest median household income at $61,173..

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

The median age in Boy River township is 26.9, which falls within the 25 to 44 years range among the four age groups defined by the US Census Bureau. This demographic suggests a dynamic mix of young professionals, often indicative of family formation and career advancement. Interestingly, within Boy River township, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $69,850.

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