Grand Rapids, Wisconsin Median Household Income By Age

Grand Rapids, Wisconsin 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 Rapids town population by age, the median age in Grand Rapids town is 46.7 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 Rapids town, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $111,691.

In terms of income distribution across age cohorts, in Grand Rapids town, the median household income stands at $111,691 for householders within the 45 to 64 years age group, followed by $105,015 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 $65,078.

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 town of Grand Rapids town.

FIGURE 1

Grand Rapids, Wisconsin median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Grand Rapids town, 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, one groups encountered a decline in their median household income, while the remaining two experienced an increase during this period. Notably, household income for individuals within the 65 years and over age group demonstrated a remarkable increase of $17,067(35.55%), escalating from a median of $48,011 in 2012 to $65,078 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 $14,753(12.32%), declining from a median of $119,768 in 2012 to $105,015 in 2022.

Grand Rapids, Wisconsin household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Grand Rapids town 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 51(1.69%) households where the householder is under 25 years old, 733(24.31%) households with a householder aged between 25 and 44 years, 1,233(40.90%) households with a householder aged between 45 and 64 years, and 998(33.10%) households where the householder is over 65 years old.

In Grand Rapids town, the age group of 45 to 64 years stands out with both the highest median income and the maximum share of households. This alignment suggests a financially stable demographic, indicating an established community with stable careers and higher incomes.

FIGURE 2

Grand Rapids, Wisconsin household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Grand Rapids town: 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 Rapids town when compared to the state of Wisconsin 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 Grand Rapids town, where householders are under 25 years old, fall within or exceed the income bracket representing the median income of $75,447 for the state of Wisconsin. 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 Grand Rapids town, among households headed by individuals aged 25 to 44, an impressive 67.94% match or surpass the state of Wisconsin median income of $75,447. These 498 households, represent a significant portion of the total 733 households in Grand Rapids town within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Grand Rapids town, within the age group of 45 to 64 years, a remarkable 72.02% of households meet or exceed the state of Wisconsin median income of $75,447. These 888 households, out of the total 1,233 households in this age cohort, signify a substantial portion of mature demographic of Grand Rapids town, showcasing commendable financial stability in comparison to the Wisconsin state median income benchmark.
• Householder 65 years and over: In Grand Rapids town, among the over 65 years age group, a noteworthy 41.98% of households either match or surpass the state of Wisconsin median income of $75,447. These 419 households, constituting notable portion of the Grand Rapids town town senior population, showcase commendable financial stability compared to the Wisconsin state median income benchmark.

Things to know

Which age group reports the highest median household income in Grand Rapids, Wisconsin?

In Grand Rapids town, households led by individuals aged 45 to 64 years report the highest median household income of $111,691 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 Rapids, Wisconsin?

In terms of income distribution across age cohorts, in Grand Rapids town, the median household income stands at $111,691 for householders within the 45 to 64 years age group, followed by $105,015 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 $65,078..

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

The median age in Grand Rapids town is 46.7, 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 Rapids town, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $111,691.

References

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