Elko New Market, MN Median Household Income By Age

Elko New Market, MN 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 Elko New Market population by age, the median age in Elko New Market is 33.3 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 Elko New Market, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $149,359.

In terms of income distribution across age cohorts, in Elko New Market, the median household income stands at $194,649 for householders within the 45 to 64 years age group, followed by $149,359 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 $70,252.

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 city of Elko New Market.

FIGURE 1

Elko New Market, MN median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Elko New Market, 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 45 to 64 years age group demonstrated a remarkable increase of $60,030(44.59%), escalating from a median of $134,619 in 2012 to $194,649 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 $11,906(20.41%), increasing from a median of $58,346 in 2012 to $70,252 in 2022.

Elko New Market, MN household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Elko New Market 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, 788(52.89%) households with a householder aged between 25 and 44 years, 623(41.81%) households with a householder aged between 45 and 64 years, and 79(5.30%) 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 25 to 44 years bracket. This distribution hints at economic disparities within the city of Elko New Market, showcasing varying income levels among different age demographics.

FIGURE 2

Elko New Market, MN household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Elko New Market: 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 Elko New Market 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: In Elko New Market, 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 Elko New Market, among households headed by individuals aged 25 to 44, an impressive 96.57% match or surpass the state of Minnesota median income of $87,791. These 761 households, represent a significant portion of the total 788 households in Elko New Market within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Elko New Market, within the age group of 45 to 64 years, a remarkable 90.53% of households meet or exceed the state of Minnesota median income of $87,791. These 564 households, out of the total 623 households in this age cohort, signify a substantial portion of mature demographic of Elko New Market, showcasing commendable financial stability in comparison to the Minnesota state median income benchmark.
• Householder 65 years and over: In Elko New Market, among the over 65 years age group, a noteworthy 49.37% of households either match or surpass the state of Minnesota median income of $87,791. These 39 households, constituting notable portion of the Elko New Market city 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 Elko New Market, MN?

In Elko New Market, households led by individuals aged 45 to 64 years report the highest median household income of $194,649 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 Elko New Market, MN?

In terms of income distribution across age cohorts, in Elko New Market, the median household income stands at $194,649 for householders within the 45 to 64 years age group, followed by $149,359 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 $70,252..

How does the median household income for households led by individuals of median age compare in Elko New Market, MN?

The median age in Elko New Market is 33.3, 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 Elko New Market, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $149,359.

References

Notes