Cottage Grove, WI Median Household Income By Age

Cottage Grove, WI 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 Cottage Grove population by age, the median age in Cottage Grove is 40.2 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 Cottage Grove, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $138,573.

In terms of income distribution across age cohorts, in Cottage Grove, the median household income stands at $138,573 for householders within the 25 to 44 years age group, followed by $134,061 for the 45 to 64 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $81,999.

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 Cottage Grove.

FIGURE 1

Cottage Grove, WI median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Cottage Grove, 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, 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 $37,879(85.85%), escalating from a median of $44,120 in 2012 to $81,999 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 $3,675(2.82%), increasing from a median of $130,386 in 2012 to $134,061 in 2022.

Cottage Grove, WI household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Cottage Grove 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 19(0.61%) households where the householder is under 25 years old, 1,124(35.92%) households with a householder aged between 25 and 44 years, 1,172(37.46%) households with a householder aged between 45 and 64 years, and 814(26.01%) households where the householder is over 65 years old.

The age group of 25 to 44 years 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 Cottage Grove, showcasing varying income levels among different age demographics.

FIGURE 2

Cottage Grove, WI household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Cottage Grove: 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 Cottage Grove when compared to the state of Wisconsin 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 Cottage Grove, where householders are under 25 years old, fall within or exceed the income bracket representing the median income of $75,447 for the state of Wisconsin. 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 Cottage Grove, among households headed by individuals aged 25 to 44, an impressive 75.44% match or surpass the state of Wisconsin median income of $75,447. These 848 households, represent a significant portion of the total 1,124 households in Cottage Grove within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Cottage Grove, within the age group of 45 to 64 years, a remarkable 77.65% of households meet or exceed the state of Wisconsin median income of $75,447. These 910 households, out of the total 1,172 households in this age cohort, signify a substantial portion of mature demographic of Cottage Grove, showcasing commendable financial stability in comparison to the Wisconsin state median income benchmark.
• Householder 65 years and over: In Cottage Grove, among the over 65 years age group, an impressive 52.58% of households either match or surpass the state of Wisconsin median income of $75,447. These 428 households, constituting a significant portion of the Cottage Grove village senior population, showcase commendable financial stability compared to the Wisconsin state median income benchmark.

Things to know

Which age group reports the highest median household income in Cottage Grove, WI?

In Cottage Grove, households led by individuals aged 25 to 44 years report the highest median household income of $138,573 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 Cottage Grove, WI?

In terms of income distribution across age cohorts, in Cottage Grove, the median household income stands at $138,573 for householders within the 25 to 44 years age group, followed by $134,061 for the 45 to 64 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $81,999..

How does the median household income for households led by individuals of median age compare in Cottage Grove, WI?

The median age in Cottage Grove is 40.2, 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 Cottage Grove, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $138,573.

References

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