Median Household Income by Age of Householder in Boyne Falls, MI (In 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Boyne Falls. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Boyne Falls.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | - |
| 25 to 44 years | $43,750 |
| 45 to 64 years | $51,250 |
| 65 years and over | $53,333 |
TABLE OF CONTENTS
Boyne Falls, 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 Boyne Falls population by age, the median age in Boyne Falls is 42.9 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 Boyne Falls, the age group of 25 to 44 years had the second lowest median household income, recorded at $43,750.
In terms of income distribution across age cohorts, in Boyne Falls, the median household income stands at $53,333 for householders within the 65 years and over age group, followed by $51,250 for the 45 to 64 years age group. Notably, householders within the 25 to 44 years age group, had the lowest median household income at $43,750.
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 village of Boyne Falls.
FIGURE 1
Boyne Falls, MI median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Boyne Falls, 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 2013 and 2023, 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 $18,026(51.06%), escalating from a median of $35,307 in 2013 to $53,333 in 2023. 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 $18,653(29.89%), declining from a median of $62,403 in 2013 to $43,750 in 2023.
Boyne Falls, MI household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Boyne Falls 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 3(1.83%) households where the householder is under 25 years old, 51(31.10%) households with a householder aged between 25 and 44 years, 64(39.02%) households with a householder aged between 45 and 64 years, and 46(28.05%) households where the householder is over 65 years old.
The age group of 65 years and over 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 village of Boyne Falls, showcasing varying income levels among different age demographics.
FIGURE 2
Boyne Falls, MI household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Boyne Falls: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Boyne Falls household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Boyne Falls: 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 | - | 3 | 6 | - |
| $10,000 - $14,999 | - | 2 | 2 | - |
| $15,000 - $19,999 | - | 2 | 2 | 3 |
| $20,000 - $24,999 | - | 6 | - | 3 |
| $25,000 - $29,999 | 3 | 2 | 2 | 7 |
| $30,000 - $34,999 | - | 7 | 6 | 1 |
| $35,000 - $39,999 | - | 2 | 5 | 3 |
| $40,000 - $44,999 | - | 3 | 8 | 4 |
| $45,000 - $49,999 | - | 3 | - | - |
| $50,000 - $59,999 | - | 3 | 6 | 5 |
| $60,000 - $74,999 | - | 4 | 5 | 1 |
| $75,000 - $99,999 | - | 7 | 7 | 18 |
| $100,000 - $124,999 | - | 4 | - | - |
| $125,000 - $149,999 | - | 1 | 4 | 1 |
| $150,000 - $199,999 | - | - | 2 | - |
| $200,000 or more | - | 2 | 9 | - |
To further explore the income distribution and gain insights into financial landscape of Boyne Falls 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 no households in Boyne Falls, where householders are under 25 years old, fall within or exceed the income bracket representing the median income of $71,149 for the state of Michigan. This indicates an income disparity among households headed by individuals under 25 years old when compared to the median income of the state.
- Householder 25 to 44 years: In Boyne Falls, among households headed by individuals aged 25 to 44,worth noting that 35.29% match or surpass the state of Michigan median income of $71,149. These 18 households, represent a notable portion of the total 51 households in Boyne Falls within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Boyne Falls, within the age group of 45 to 64 years, a noteworthy 42.19% of households meet or exceed the state of Michigan median income of $71,149. These 27 households, out of the total 64 households in this age cohort, signify a notable portion of mature demographic of Boyne Falls, showcasing commendable financial stability in comparison to the Michigan state median income benchmark.
- Householder 65 years and over: In Boyne Falls, among the over 65 years age group, a noteworthy 43.48% of households either match or surpass the state of Michigan median income of $71,149. These 20 households, constituting notable portion of the Boyne Falls village 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 Boyne Falls, MI?
In Boyne Falls, households led by individuals aged 65 years and over report the highest median household income of $53,333 according to the American Community Survey 2019-2023 5-Year Estimates by the US Census Bureau.
How does the median household income vary by age in Boyne Falls, MI?
In terms of income distribution across age cohorts, in Boyne Falls, the median household income stands at $53,333 for householders within the 65 years and over age group, followed by $51,250 for the 45 to 64 years age group. Notably, householders within the 25 to 44 years age group, had the lowest median household income at $43,750..
How does the median household income for households led by individuals of median age compare in Boyne Falls, MI?
The median age in Boyne Falls is 42.9, 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 Boyne Falls, the age group of 25 to 44 years had the second lowest median household income, recorded at $43,750.
References
- U.S. Census Bureau American Community Survey (ACS) 2019-2023 5-Year Estimates
- Consumer Price Index retroactive series using current methods (R-CPI-U-RS)
