Median Household Income by Age of Householder in Champion Township, Michigan (2022, in 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Champion township. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Champion township.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | - |
| 25 to 44 years | - |
| 45 to 64 years | $79,395 |
| 65 years and over | $105,102 |
TABLE OF CONTENTS
Champion 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 Champion township population by age, the median age in Champion township is 34.5 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, according to the latest American Community Survey data, the US Census Bureau did not report the median household income for householders in the 25 to 44 years age group in Champion 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, in Champion township, where there exist only two delineated age groups, the median household income is $105,102 for householders within the 65 years and over age group, compared to $79,395 for the 45 to 64 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 Champion township.
FIGURE 1
Champion Township, Michigan median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Champion 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 two age groups with available Census data in both 2012 and 2022, none had a decline during this time period. Notably, household income for individuals within the 65 years and over age group demonstrated a remarkable increase of $69,538(195.53%), escalating from a median of $35,564 in 2012 to $105,102 in 2022. Conversely, the age group of 45 to 64 years years witnessed the smallest growth in household income across the same span. Their median income saw a small increase of $27,717(53.63%), increasing from a median of $51,678 in 2012 to $79,395 in 2022.
Champion Township, Michigan household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Champion 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, 18(25.35%) households with a householder aged between 25 and 44 years, 24(33.80%) households with a householder aged between 45 and 64 years, and 29(40.85%) households where the householder is over 65 years old.
In Champion township, the age group of 65 years and over 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
Champion Township, Michigan household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Champion township: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Champion township household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Champion 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 | - | 4 | - | - |
| $10,000 - $14,999 | - | - | 4 | - |
| $15,000 - $19,999 | - | - | - | 2 |
| $20,000 - $24,999 | - | - | - | - |
| $25,000 - $29,999 | - | - | - | - |
| $30,000 - $34,999 | - | 6 | 5 | - |
| $35,000 - $39,999 | - | - | - | - |
| $40,000 - $44,999 | - | - | - | - |
| $45,000 - $49,999 | - | - | - | - |
| $50,000 - $59,999 | - | - | - | 7 |
| $60,000 - $74,999 | - | - | 1 | 2 |
| $75,000 - $99,999 | - | 5 | 4 | 2 |
| $100,000 - $124,999 | - | 2 | 1 | 16 |
| $125,000 - $149,999 | - | - | 6 | - |
| $150,000 - $199,999 | - | 1 | 3 | - |
| $200,000 or more | - | - | - | - |
To further explore the income distribution and gain insights into financial landscape of Champion 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 Champion 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 Champion township, among households headed by individuals aged 25 to 44,worth noting that 44.44% match or surpass the state of Michigan median income of $71,331. These 8 households, represent a notable portion of the total 18 households in Champion township within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Champion township, within the age group of 45 to 64 years, a remarkable 62.50% of households meet or exceed the state of Michigan median income of $71,331. These 15 households, out of the total 24 households in this age cohort, signify a substantial portion of mature demographic of Champion township, showcasing commendable financial stability in comparison to the Michigan state median income benchmark.
- Householder 65 years and over: In Champion township, among the over 65 years age group, an impressive 68.97% of households either match or surpass the state of Michigan median income of $71,331. These 20 households, constituting a significant portion of the Champion 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 Champion Township, Michigan?
In Champion township, households led by individuals aged 65 years and over report the highest median household income of $105,102 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 Champion Township, Michigan?
In terms of income distribution across age cohorts, in Champion township, where there exist only two delineated age groups, the median household income is $105,102 for householders within the 65 years and over age group, compared to $79,395 for the 45 to 64 years age group..
How does the median household income for households led by individuals of median age compare in Champion Township, Michigan?
The median age in Champion township is 34.5, 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, according to the latest American Community Survey data, the US Census Bureau did not report the median household income for householders in the 25 to 44 years age group in Champion 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.
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)