Grand Beach, MI Median Household Income By Age

Grand Beach, MI 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 Grand Beach population by age, the median age in Grand Beach is 64.8 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 Grand Beach, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $126,252.

In terms of income distribution across age cohorts, in Grand Beach, where there exist only two delineated age groups, the median household income is $126,252 for householders within the 45 to 64 years age group, compared to $105,210 for the 65 years and over 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 village of Grand Beach.

FIGURE 1

Grand Beach, MI median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Grand Beach, 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 an increase in this time period. Notably, household income for individuals within the 65 years and over age group demonstrated the smallest decline of $13,150(11.11%), declining from a median of $118,360 in 2012 to $105,210 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 $22,114(14.91%), declining from a median of $148,366 in 2012 to $126,252 in 2022.

Grand Beach, MI household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Grand Beach 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, 8(3.83%) households with a householder aged between 25 and 44 years, 66(31.58%) households with a householder aged between 45 and 64 years, and 135(64.59%) 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 village of Grand Beach, showcasing varying income levels among different age demographics.

FIGURE 2

Grand Beach, MI household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Grand Beach: 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 Grand Beach 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: In Grand Beach, 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 Grand Beach, among households headed by individuals aged 25 to 44,worth noting that 37.50% match or surpass the state of Michigan median income of $71,331. These 3 households, represent a notable portion of the total 8 households in Grand Beach within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Grand Beach, within the age group of 45 to 64 years, a remarkable 56.06% of households meet or exceed the state of Michigan median income of $71,331. These 37 households, out of the total 66 households in this age cohort, signify a substantial portion of mature demographic of Grand Beach, showcasing commendable financial stability in comparison to the Michigan state median income benchmark.
• Householder 65 years and over: In Grand Beach, among the over 65 years age group, an impressive 60.74% of households either match or surpass the state of Michigan median income of $71,331. These 82 households, constituting a significant portion of the Grand Beach village 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 Grand Beach, MI?

In Grand Beach, households led by individuals aged 45 to 64 years report the highest median household income of $126,252 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 Grand Beach, MI?

In terms of income distribution across age cohorts, in Grand Beach, where there exist only two delineated age groups, the median household income is $126,252 for householders within the 45 to 64 years age group, compared to $105,210 for the 65 years and over age group..

How does the median household income for households led by individuals of median age compare in Grand Beach, MI?

The median age in Grand Beach is 64.8, 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 Grand Beach, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $126,252.

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