Median Household Income by Age of Householder in Fine Lakes Township, Minnesota (2022, in 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Fine Lakes township. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Fine Lakes township.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | - |
| 25 to 44 years | - |
| 45 to 64 years | $77,118 |
| 65 years and over | - |
TABLE OF CONTENTS
Fine Lakes Township, 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 Fine Lakes township population by age, the median age in Fine Lakes township is 59.4 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 Fine Lakes township, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $77,118.
In terms of income distribution across age cohorts, Fine Lakes township only reports a median household income of $77,118 among householders in 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 Fine Lakes township.
FIGURE 1
Fine Lakes Township, Minnesota median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Fine Lakes 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. Notably, household income for individuals within the 45 to 64 years age group demonstrated the smallest decline of $27,905(26.57%), declining from a median of $105,023 in 2012 to $77,118 in 2022. Conversely, the age group of 45 to 64 years years witnessed the most significant decline in household income across the same span. Their median income saw a substantial drop of $27,905(26.57%), declining from a median of $105,023 in 2012 to $77,118 in 2022.
Fine Lakes Township, Minnesota household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Fine Lakes 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, 2(3.17%) households with a householder aged between 25 and 44 years, 29(46.03%) households with a householder aged between 45 and 64 years, and 32(50.79%) 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 65 years and over bracket. This distribution hints at economic disparities within the township of Fine Lakes township, showcasing varying income levels among different age demographics.
FIGURE 2
Fine Lakes Township, Minnesota household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Fine Lakes township: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Fine Lakes township household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Fine Lakes 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 | - | - | - | 1 |
| $15,000 - $19,999 | - | - | 1 | - |
| $20,000 - $24,999 | - | - | - | 1 |
| $25,000 - $29,999 | - | - | 1 | - |
| $30,000 - $34,999 | - | - | - | 1 |
| $35,000 - $39,999 | - | - | 1 | 1 |
| $40,000 - $44,999 | - | - | - | 1 |
| $45,000 - $49,999 | - | - | 6 | 5 |
| $50,000 - $59,999 | - | - | - | 5 |
| $60,000 - $74,999 | - | 2 | 7 | - |
| $75,000 - $99,999 | - | - | 4 | 4 |
| $100,000 - $124,999 | - | - | 1 | - |
| $125,000 - $149,999 | - | - | 3 | 13 |
| $150,000 - $199,999 | - | - | 4 | - |
| $200,000 or more | - | - | 1 | - |
To further explore the income distribution and gain insights into financial landscape of Fine Lakes 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: In Fine Lakes 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 Fine Lakes township, there are no households led by individuals aged 25 to 44, that meet or surpass the state of Minnesota median income of $87,791. Thus of the total 2 households in Fine Lakes township, where the householder is 25-44 years old, none had an income higher than the median state income.
- Householder 45 to 64 years: In Fine Lakes township, within the age group of 45 to 64 years, a noteworthy 44.83% of households meet or exceed the state of Minnesota median income of $87,791. These 13 households, out of the total 29 households in this age cohort, signify a notable portion of mature demographic of Fine Lakes township, showcasing commendable financial stability in comparison to the Minnesota state median income benchmark.
- Householder 65 years and over: In Fine Lakes township, among the over 65 years age group, an impressive 53.12% of households either match or surpass the state of Minnesota median income of $87,791. These 17 households, constituting a significant portion of the Fine Lakes 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 Fine Lakes Township, Minnesota?
In Fine Lakes township, households led by individuals aged 45 to 64 years report the highest median household income of $77,118 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 Fine Lakes Township, Minnesota?
In terms of income distribution across age cohorts, Fine Lakes township only reports a median household income of $77,118 among householders in the 45 to 64 years age group..
How does the median household income for households led by individuals of median age compare in Fine Lakes Township, Minnesota?
The median age in Fine Lakes township is 59.4, 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 Fine Lakes township, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $77,118.
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)