Median Household Income by Age of Householder in Duncan Township, Michigan (2022, in 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Duncan township. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Duncan township.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | - |
| 25 to 44 years | - |
| 45 to 64 years | $47,724 |
| 65 years and over | $53,364 |
TABLE OF CONTENTS
Duncan 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 Duncan township population by age, the median age in Duncan township is 61 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 Duncan township, the age group of 45 to 64 years exhibited the second-highest median household income, recorded at $47,724.
In terms of income distribution across age cohorts, in Duncan township, where there exist only two delineated age groups, the median household income is $53,364 for householders within the 65 years and over age group, compared to $47,724 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 Duncan township.
FIGURE 1
Duncan Township, Michigan median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Duncan 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 45 to 64 years age group demonstrated a remarkable increase of $13,304(38.65%), escalating from a median of $34,420 in 2012 to $47,724 in 2022. Conversely, the age group of 65 years and over years witnessed the smallest growth in household income across the same span. Their median income saw a small increase of $6,131(12.98%), increasing from a median of $47,233 in 2012 to $53,364 in 2022.
Duncan Township, Michigan household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Duncan 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, 0 households with a householder aged between 25 and 44 years, 50(44.25%) households with a householder aged between 45 and 64 years, and 63(55.75%) households where the householder is over 65 years old.
In Duncan 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
Duncan Township, Michigan household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Duncan township: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Duncan township household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Duncan 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 | - | - | 17 | 5 |
| $10,000 - $14,999 | - | - | 2 | 3 |
| $15,000 - $19,999 | - | - | - | - |
| $20,000 - $24,999 | - | - | - | 1 |
| $25,000 - $29,999 | - | - | - | 7 |
| $30,000 - $34,999 | - | - | 2 | 4 |
| $35,000 - $39,999 | - | - | 1 | 3 |
| $40,000 - $44,999 | - | - | 2 | 5 |
| $45,000 - $49,999 | - | - | 4 | 1 |
| $50,000 - $59,999 | - | - | 6 | 7 |
| $60,000 - $74,999 | - | - | 9 | 14 |
| $75,000 - $99,999 | - | - | 4 | 10 |
| $100,000 - $124,999 | - | - | 2 | 2 |
| $125,000 - $149,999 | - | - | - | 1 |
| $150,000 - $199,999 | - | - | 1 | - |
| $200,000 or more | - | - | - | - |
To further explore the income distribution and gain insights into financial landscape of Duncan 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 Duncan 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 Duncan township there are no households where the head of the household is between 25 to 44 years old, making it impossible to compare the income with that of the state and the nation.
- Householder 45 to 64 years: In Duncan township, within the age group of 45 to 64 years, a noteworthy 32% of households meet or exceed the state of Michigan median income of $71,331. These 16 households, out of the total 50 households in this age cohort, signify a notable portion of mature demographic of Duncan township, showcasing commendable financial stability in comparison to the Michigan state median income benchmark.
- Householder 65 years and over: In Duncan township, among the over 65 years age group, a noteworthy 42.86% of households either match or surpass the state of Michigan median income of $71,331. These 27 households, constituting notable portion of the Duncan 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 Duncan Township, Michigan?
In Duncan township, households led by individuals aged 65 years and over report the highest median household income of $53,364 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 Duncan Township, Michigan?
In terms of income distribution across age cohorts, in Duncan township, where there exist only two delineated age groups, the median household income is $53,364 for householders within the 65 years and over age group, compared to $47,724 for the 45 to 64 years age group..
How does the median household income for households led by individuals of median age compare in Duncan Township, Michigan?
The median age in Duncan township is 61, 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 Duncan township, the age group of 45 to 64 years exhibited the second-highest median household income, recorded at $47,724.
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)