Median Household Income by Age of Householder in Bridgewater Township, Michigan (In 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Bridgewater township. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Bridgewater township.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | - |
| 25 to 44 years | $119,167 |
| 45 to 64 years | $122,643 |
| 65 years and over | $72,500 |
TABLE OF CONTENTS
Bridgewater Township, Michigan 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 Bridgewater township population by age, the median age in Bridgewater township is 54.7 years.
Typically for a location with median age in this range, it tends to house more established professionals, possibly reflecting stable households and higher earning poptential. Interestingly, within Bridgewater township, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $122,643.
In terms of income distribution across age cohorts, in Bridgewater township, the median household income stands at $122,643 for householders within the 45 to 64 years age group, followed by $119,167 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 $72,500.
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 Bridgewater township.
FIGURE 1
Bridgewater Township, Michigan median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Bridgewater 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 2013 and 2023, none had a decline during this time period. Notably, household income for individuals within the 45 to 64 years age group demonstrated a remarkable increase of $18,091(17.30%), escalating from a median of $104,552 in 2013 to $122,643 in 2023. Conversely, the age group of 25 to 44 years years witnessed the smallest growth in household income across the same span. Their median income saw a small increase of $13,082(12.33%), increasing from a median of $106,085 in 2013 to $119,167 in 2023.
Bridgewater Township, Michigan household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Bridgewater 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, 132(21.02%) households with a householder aged between 25 and 44 years, 234(37.26%) households with a householder aged between 45 and 64 years, and 262(41.72%) 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 Bridgewater township, showcasing varying income levels among different age demographics.
FIGURE 2
Bridgewater Township, Michigan household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Bridgewater township: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Bridgewater township household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Bridgewater 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 | - | 9 | - | 12 |
| $10,000 - $14,999 | - | - | 3 | 6 |
| $15,000 - $19,999 | - | - | - | 6 |
| $20,000 - $24,999 | - | - | - | 9 |
| $25,000 - $29,999 | - | 3 | - | 17 |
| $30,000 - $34,999 | - | 3 | 6 | 6 |
| $35,000 - $39,999 | - | 6 | 3 | 7 |
| $40,000 - $44,999 | - | 7 | 6 | 3 |
| $45,000 - $49,999 | - | - | 3 | 12 |
| $50,000 - $59,999 | - | 11 | 6 | 24 |
| $60,000 - $74,999 | - | 13 | 15 | 31 |
| $75,000 - $99,999 | - | 10 | 38 | 29 |
| $100,000 - $124,999 | - | 10 | 70 | 54 |
| $125,000 - $149,999 | - | 18 | 16 | 24 |
| $150,000 - $199,999 | - | 28 | 29 | 22 |
| $200,000 or more | - | 14 | 39 | - |
To further explore the income distribution and gain insights into financial landscape of Bridgewater township 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: In Bridgewater 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 Bridgewater township, among households headed by individuals aged 25 to 44, an impressive 70.45% match or surpass the state of Michigan median income of $71,149. These 93 households, represent a significant portion of the total 132 households in Bridgewater township within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Bridgewater township, within the age group of 45 to 64 years, a remarkable 88.46% of households meet or exceed the state of Michigan median income of $71,149. These 207 households, out of the total 234 households in this age cohort, signify a substantial portion of mature demographic of Bridgewater township, showcasing commendable financial stability in comparison to the Michigan state median income benchmark.
- Householder 65 years and over: In Bridgewater township, among the over 65 years age group, an impressive 61.07% of households either match or surpass the state of Michigan median income of $71,149. These 160 households, constituting a significant portion of the Bridgewater township township 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 Bridgewater Township, Michigan?
In Bridgewater township, households led by individuals aged 45 to 64 years report the highest median household income of $122,643 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 Bridgewater Township, Michigan?
In terms of income distribution across age cohorts, in Bridgewater township, the median household income stands at $122,643 for householders within the 45 to 64 years age group, followed by $119,167 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 $72,500..
How does the median household income for households led by individuals of median age compare in Bridgewater Township, Michigan?
The median age in Bridgewater township is 54.7, which falls within the 45 to 64 years range among the four age groups defined by the US Census Bureau. This demographic tends to house more established professionals, possibly reflecting stable households and higher earning poptential. Interestingly, within Bridgewater township, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $122,643.
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)