Median Household Income by Age of Householder in Gorman Township, Minnesota (2022, in 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Gorman township. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Gorman township.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | - |
| 25 to 44 years | $72,888 |
| 45 to 64 years | $105,427 |
| 65 years and over | $61,824 |
TABLE OF CONTENTS
Gorman 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 Gorman township population by age, the median age in Gorman township is 57 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 Gorman township, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $105,427.
In terms of income distribution across age cohorts, in Gorman township, the median household income stands at $105,427 for householders within the 45 to 64 years age group, followed by $72,888 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 $61,824.
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 Gorman township.
FIGURE 1
Gorman Township, Minnesota median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Gorman 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 three age groups with available Census data in both 2012 and 2022, two 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 $13,480(27.88%), escalating from a median of $48,344 in 2012 to $61,824 in 2022. Conversely, the age group of 25 to 44 years years witnessed the most significant decline in household income across the same span. Their median income saw a substantial drop of $20,466(21.92%), declining from a median of $93,354 in 2012 to $72,888 in 2022.
Gorman Township, Minnesota household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Gorman 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(1.30%) households where the householder is under 25 years old, 30(19.48%) households with a householder aged between 25 and 44 years, 58(37.66%) households with a householder aged between 45 and 64 years, and 64(41.56%) 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 Gorman township, showcasing varying income levels among different age demographics.
FIGURE 2
Gorman Township, Minnesota household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Gorman township: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Gorman township household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Gorman 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 | - | - | 1 | 1 |
| $10,000 - $14,999 | - | - | - | 1 |
| $15,000 - $19,999 | - | - | 4 | 5 |
| $20,000 - $24,999 | - | - | 5 | 6 |
| $25,000 - $29,999 | - | 6 | 4 | 1 |
| $30,000 - $34,999 | - | - | - | 1 |
| $35,000 - $39,999 | - | 1 | - | 1 |
| $40,000 - $44,999 | - | 4 | 1 | 3 |
| $45,000 - $49,999 | - | - | - | 3 |
| $50,000 - $59,999 | 2 | 4 | 4 | 11 |
| $60,000 - $74,999 | - | - | 5 | 10 |
| $75,000 - $99,999 | - | 5 | 4 | 7 |
| $100,000 - $124,999 | - | - | 12 | 10 |
| $125,000 - $149,999 | - | 2 | 9 | - |
| $150,000 - $199,999 | - | 3 | 4 | 3 |
| $200,000 or more | - | 5 | 5 | 1 |
To further explore the income distribution and gain insights into financial landscape of Gorman 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: It is noteworthy that no households in Gorman township, where householders are under 25 years old, fall within or exceed the income bracket representing the median income of $87,791 for the state of Minnesota. This indicates an income disparity among households headed by individuals under 25 years old when compared to the median income of the state.
- Householder 25 to 44 years: In Gorman township, among households headed by individuals aged 25 to 44,worth noting that 50% match or surpass the state of Minnesota median income of $87,791. These 15 households, represent a notable portion of the total 30 households in Gorman township within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Gorman township, within the age group of 45 to 64 years, a remarkable 58.62% of households meet or exceed the state of Minnesota median income of $87,791. These 34 households, out of the total 58 households in this age cohort, signify a substantial portion of mature demographic of Gorman township, showcasing commendable financial stability in comparison to the Minnesota state median income benchmark.
- Householder 65 years and over: In Gorman township, among the over 65 years age group, a noteworthy 32.81% of households either match or surpass the state of Minnesota median income of $87,791. These 21 households, constituting notable portion of the Gorman 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 Gorman Township, Minnesota?
In Gorman township, households led by individuals aged 45 to 64 years report the highest median household income of $105,427 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 Gorman Township, Minnesota?
In terms of income distribution across age cohorts, in Gorman township, the median household income stands at $105,427 for householders within the 45 to 64 years age group, followed by $72,888 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 $61,824..
How does the median household income for households led by individuals of median age compare in Gorman Township, Minnesota?
The median age in Gorman township is 57, 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 Gorman township, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $105,427.
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)