Median Household Income by Age of Householder in Gore Township, Michigan (2021, in 2022 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Gore township. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Gore township.
Age Of The Head Of Household | Median Household Income |
---|---|
Under 25 years | - |
25 to 44 years | - |
45 to 64 years | $54,721 |
65 years and over | $77,015 |
TABLE OF CONTENTS
Gore 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 Gore township population by age, the median age in Gore township is 65 years.
Typically for a location with median age in this range, it suggests a significant population of retirees or older individuals. Interestingly, within Gore township, the age group of 65 years and over also exhibits the highest median household income, recorded at $77,015.
In terms of income distribution across age cohorts, in Gore township, where there exist only two delineated age groups, the median household income is $77,015 for householders within the 65 years and over age group, compared to $54,721 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 Gore township.
![Gore Township, Michigan median household income by age of householder The bar chart shows Gore Township, Michigan median household income by age of householder. All incomes have been adjusted for 2022 inflation using the Consumer Price Index retroactive series (R-CPI-U-RS).](https://i.neilsberg.com/ch/gore-township-mi-median-household-income-by-age.jpeg)
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 2011 and 2021, one groups encountered a decline in their median household income, while the remaining one experienced an increase during this period. Notably, household income for individuals within the 65 years and over age group demonstrated a remarkable increase of $24,167(45.73%), escalating from a median of $52,848 in 2011 to $77,015 in 2021. 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 $9,841(15.24%), declining from a median of $64,562 in 2011 to $54,721 in 2021.
Gore Township, Michigan household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Gore 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 2(3.17%) households where the householder is under 25 years old, 3(4.76%) households with a householder aged between 25 and 44 years, 29(46.03%) households with a householder aged between 45 and 64 years, and 29(46.03%) households where the householder is over 65 years old.
The age group of 65 years and over 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 Gore township, showcasing varying income levels among different age demographics.
![>Gore Township, Michigan household income distribution across age groups The bar chart displays the distribution of household income in Gore Township, Michigan across different age groups as categorized by the U.S. Census Bureau. It illustrates the number of households within each income bracket across age categories. This visualization offers valuable insights into income disparities and variations across age groups, facilitating data analysis and informed decision-making. It enables the identification of demographics with specific financial statuses within distinct age brackets.](https://i.neilsberg.com/ch/gore-township-mi-household-income-by-age-groups.jpeg)
Age-wise distribution of Gore township household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Gore 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 | - | 2 | - | 3 |
$10,000 - $14,999 | - | - | - | - |
$15,000 - $19,999 | - | - | 1 | 1 |
$20,000 - $24,999 | - | - | 6 | 1 |
$25,000 - $29,999 | - | - | 3 | - |
$30,000 - $34,999 | - | - | - | - |
$35,000 - $39,999 | - | - | - | 3 |
$40,000 - $44,999 | - | - | 4 | 2 |
$45,000 - $49,999 | - | 1 | - | 2 |
$50,000 - $59,999 | - | - | 3 | 2 |
$60,000 - $74,999 | - | - | 1 | 1 |
$75,000 - $99,999 | 2 | - | 4 | 10 |
$100,000 - $124,999 | - | - | 5 | 4 |
$125,000 - $149,999 | - | - | 2 | - |
$150,000 - $199,999 | - | - | - | - |
$200,000 or more | - | - | - | - |
To further explore the income distribution and gain insights into financial landscape of Gore 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: It is impressive that 100% of the households in Gore township, where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $66,986 for the state of Michigan. These 2 Gore township households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
- Householder 25 to 44 years: In Gore township, there are no households led by individuals aged 25 to 44, that meet or surpass the state of Michigan median income of $66,986. Thus of the total 3 households in Gore 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 Gore township, within the age group of 45 to 64 years, a noteworthy 41.38% of households meet or exceed the state of Michigan median income of $66,986. These 12 households, out of the total 29 households in this age cohort, signify a notable portion of mature demographic of Gore township, showcasing commendable financial stability in comparison to the Michigan state median income benchmark.
- Householder 65 years and over: In Gore township, among the over 65 years age group, an impressive 51.72% of households either match or surpass the state of Michigan median income of $66,986. These 15 households, constituting a significant portion of the Gore 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 Gore Township, Michigan?
In Gore township, households led by individuals aged 65 years and over report the highest median household income of $77,015 according to the American Community Survey 2017-2021 5-Year Estimates by the US Census Bureau.
How does the median household income vary by age in Gore Township, Michigan?
In terms of income distribution across age cohorts, in Gore township, where there exist only two delineated age groups, the median household income is $77,015 for householders within the 65 years and over age group, compared to $54,721 for the 45 to 64 years age group..
How does the median household income for households led by individuals of median age compare in Gore Township, Michigan?
The median age in Gore township is 65, which falls within the 65 years and over range among the four age groups defined by the US Census Bureau. This demographic suggests a significant population of retirees or older individuals. Interestingly, within Gore township, the age group of 65 years and over also exhibits the highest median household income, recorded at $77,015.
References
- U.S. Census Bureau American Community Survey (ACS) 2017-2021 5-Year Estimates
- Consumer Price Index retroactive series using current methods (R-CPI-U-RS)