Granite Falls Township, Minnesota Median Household Income By Age

Granite Falls 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 Granite Falls township population by age, the median age in Granite Falls township is 36.1 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 Granite Falls township, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $65,891.

In terms of income distribution across age cohorts, in Granite Falls township, the median household income stands at $124,299 for householders within the 45 to 64 years age group, followed by $65,891 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 $58,570.

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 Granite Falls township.

FIGURE 1

Granite Falls Township, Minnesota median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Granite Falls 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 45 to 64 years age group demonstrated a remarkable increase of $55,117(79.67%), escalating from a median of $69,182 in 2012 to $124,299 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 $45,086(40.63%), declining from a median of $110,977 in 2012 to $65,891 in 2022.

Granite Falls Township, Minnesota household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Granite Falls 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(2.74%) households where the householder is under 25 years old, 21(28.77%) households with a householder aged between 25 and 44 years, 20(27.40%) households with a householder aged between 45 and 64 years, and 30(41.10%) 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 Granite Falls township, showcasing varying income levels among different age demographics.

FIGURE 2

Granite Falls Township, Minnesota household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Granite Falls 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 Granite Falls 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 Granite Falls 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 Granite Falls township, among households headed by individuals aged 25 to 44,noteworthy that only 19.05% match or surpass the state of Minnesota median income of $87,791. These 4 households, represent a low portion of the total 21 households in Granite Falls township within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Granite Falls township, within the age group of 45 to 64 years, a remarkable 75% of households meet or exceed the state of Minnesota median income of $87,791. These 15 households, out of the total 20 households in this age cohort, signify a substantial portion of mature demographic of Granite Falls township, showcasing commendable financial stability in comparison to the Minnesota state median income benchmark.
• Householder 65 years and over: In Granite Falls township, among the over 65 years age group, a noteworthy 26.67% of households either match or surpass the state of Minnesota median income of $87,791. These 8 households, constituting notable portion of the Granite Falls 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 Granite Falls Township, Minnesota?

In Granite Falls township, households led by individuals aged 45 to 64 years report the highest median household income of $124,299 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 Granite Falls Township, Minnesota?

In terms of income distribution across age cohorts, in Granite Falls township, the median household income stands at $124,299 for householders within the 45 to 64 years age group, followed by $65,891 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 $58,570..

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

The median age in Granite Falls township is 36.1, 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 Granite Falls township, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $65,891.

References

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