Georgetown Township, Minnesota Median Household Income By Age

Georgetown 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 Georgetown township population by age, the median age in Georgetown township is 37.5 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 Georgetown township, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $139,267.

In terms of income distribution across age cohorts, in Georgetown township, where there exist only two delineated age groups, the median household income is $139,267 for householders within the 25 to 44 years age group, compared to $114,754 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 Georgetown township.

FIGURE 1

Georgetown Township, Minnesota median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Georgetown 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 25 to 44 years age group demonstrated a remarkable increase of $10,905(8.50%), escalating from a median of $128,362 in 2012 to $139,267 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 $8,064(7.56%), increasing from a median of $106,690 in 2012 to $114,754 in 2022.

Georgetown Township, Minnesota household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Georgetown 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, 13(21.67%) households with a householder aged between 25 and 44 years, 33(55%) households with a householder aged between 45 and 64 years, and 14(23.33%) 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 township of Georgetown township, showcasing varying income levels among different age demographics.

FIGURE 2

Georgetown Township, Minnesota household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Georgetown township: 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 Georgetown 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 Georgetown 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 Georgetown township, among households headed by individuals aged 25 to 44, an impressive 84.62% match or surpass the state of Minnesota median income of $87,791. These 11 households, represent a significant portion of the total 13 households in Georgetown township within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Georgetown township, within the age group of 45 to 64 years, a remarkable 90.91% of households meet or exceed the state of Minnesota median income of $87,791. These 30 households, out of the total 33 households in this age cohort, signify a substantial portion of mature demographic of Georgetown township, showcasing commendable financial stability in comparison to the Minnesota state median income benchmark.
• Householder 65 years and over: In Georgetown township, among the over 65 years age group, a noteworthy 35.71% of households either match or surpass the state of Minnesota median income of $87,791. These 5 households, constituting notable portion of the Georgetown 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 Georgetown Township, Minnesota?

In Georgetown township, households led by individuals aged 25 to 44 years report the highest median household income of $139,267 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 Georgetown Township, Minnesota?

In terms of income distribution across age cohorts, in Georgetown township, where there exist only two delineated age groups, the median household income is $139,267 for householders within the 25 to 44 years age group, compared to $114,754 for the 45 to 64 years age group..

How does the median household income for households led by individuals of median age compare in Georgetown Township, Minnesota?

The median age in Georgetown township is 37.5, 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 Georgetown township, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $139,267.

References

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