Median Household Income by Age of Householder in Cornish township, Aitkin County, Minnesota (2022, in 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Cornish township. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Cornish township.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | - |
| 25 to 44 years | - |
| 45 to 64 years | - |
| 65 years and over | $42,952 |
TABLE OF CONTENTS
Cornish township, Aitkin County, 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 Cornish township population by age, the median age in Cornish township is 67.6 years.
Typically for a location with median age in this range, it suggests a significant population of retirees or older individuals. Interestingly, within Cornish township, the age group of 65 years and over also exhibits the highest median household income, recorded at $42,952.
In terms of income distribution across age cohorts, Cornish township only reports a median household income of $42,952 among householders in the 65 years and over 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 Cornish township.
FIGURE 1
Cornish township, Aitkin County, Minnesota median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Cornish 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. Given the absence of data across all age groups in one of the surveyed years (either 2012 or 2022) from the US Census Bureau American Community Survey, conducting a temporal analysis for those age cohorts was unattainable.
Cornish township, Aitkin County, Minnesota household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Cornish 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 3(14.29%) households where the householder is under 25 years old, 1(4.76%) households with a householder aged between 25 and 44 years, 4(19.05%) households with a householder aged between 45 and 64 years, and 13(61.90%) households where the householder is over 65 years old.
In Cornish 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
Cornish township, Aitkin County, Minnesota household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Cornish township: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Cornish township household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Cornish 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 | - | - | - | - |
| $10,000 - $14,999 | - | - | 2 | - |
| $15,000 - $19,999 | - | - | - | - |
| $20,000 - $24,999 | - | - | - | - |
| $25,000 - $29,999 | - | - | - | - |
| $30,000 - $34,999 | - | - | - | 5 |
| $35,000 - $39,999 | - | - | - | 1 |
| $40,000 - $44,999 | - | - | - | 1 |
| $45,000 - $49,999 | - | - | - | 2 |
| $50,000 - $59,999 | - | - | - | - |
| $60,000 - $74,999 | - | - | - | 1 |
| $75,000 - $99,999 | 3 | 1 | - | - |
| $100,000 - $124,999 | - | - | - | 2 |
| $125,000 - $149,999 | - | - | 1 | - |
| $150,000 - $199,999 | - | - | 1 | 1 |
| $200,000 or more | - | - | - | - |
To further explore the income distribution and gain insights into financial landscape of Cornish 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: It is impressive that 100% of the households in Cornish township, where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $87,791 for the state of Minnesota. These 3 Cornish township households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
- Householder 25 to 44 years: In Cornish township, among households headed by individuals aged 25 to 44, an impressive 100% match or surpass the state of Minnesota median income of $87,791. These 1 households, represent a significant portion of the total 1 households in Cornish township within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Cornish township, within the age group of 45 to 64 years, a noteworthy 50% of households meet or exceed the state of Minnesota median income of $87,791. These 2 households, out of the total 4 households in this age cohort, signify a notable portion of mature demographic of Cornish township, showcasing commendable financial stability in comparison to the Minnesota state median income benchmark.
- Householder 65 years and over: In Cornish township, among the over 65 years age group, only 23.08% of households either match or surpass the state of Minnesota median income of $87,791. These 3 households, constituting low portion of the Cornish township township senior population, showcase commendable financial stability compared to the Minnesota state median income benchmark.
Things to know
Which age group reports the highest median household income in Cornish township, Aitkin County, Minnesota?
In Cornish township, households led by individuals aged 65 years and over report the highest median household income of $42,952 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 Cornish township, Aitkin County, Minnesota?
In terms of income distribution across age cohorts, Cornish township only reports a median household income of $42,952 among householders in the 65 years and over age group..
How does the median household income for households led by individuals of median age compare in Cornish township, Aitkin County, Minnesota?
The median age in Cornish township is 67.6, which falls within the 65 years and over range among the four age groups defined by the US Census Bureau. This demographic suggests a significant population of retirees or older individuals. Interestingly, within Cornish township, the age group of 65 years and over also exhibits the highest median household income, recorded at $42,952.
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)