Median Household Income by Age of Householder in Grass Lake Township, Minnesota (In 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Grass Lake township. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Grass Lake township.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | - |
| 25 to 44 years | $98,125 |
| 45 to 64 years | $99,375 |
| 65 years and over | - |
TABLE OF CONTENTS
Grass Lake 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 Grass Lake township population by age, the median age in Grass Lake township is 47.6 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 Grass Lake township, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $99,375.
In terms of income distribution across age cohorts, in Grass Lake township, where there exist only two delineated age groups, the median household income is $99,375 for householders within the 45 to 64 years age group, compared to $98,125 for the 25 to 44 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 Grass Lake township.
FIGURE 1
Grass Lake Township, Minnesota median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Grass Lake 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 two age groups with available Census data in both 2013 and 2023, none had a decline during this time period. Notably, household income for individuals within the 45 to 64 years age group demonstrated a remarkable increase of $37,546(60.73%), escalating from a median of $61,829 in 2013 to $99,375 in 2023. Conversely, the age group of 25 to 44 years years witnessed the smallest growth in household income across the same span. Their median income saw a small increase of $20,122(25.80%), increasing from a median of $78,003 in 2013 to $98,125 in 2023.
Grass Lake Township, Minnesota household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Grass Lake 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 4(1.06%) households where the householder is under 25 years old, 114(30.16%) households with a householder aged between 25 and 44 years, 129(34.13%) households with a householder aged between 45 and 64 years, and 131(34.66%) 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 Grass Lake township, showcasing varying income levels among different age demographics.
FIGURE 2
Grass Lake Township, Minnesota household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Grass Lake township: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Grass Lake township household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Grass Lake 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 | 18 |
| $10,000 - $14,999 | - | - | 3 | 10 |
| $15,000 - $19,999 | - | - | 3 | - |
| $20,000 - $24,999 | - | - | - | 11 |
| $25,000 - $29,999 | - | - | 2 | 8 |
| $30,000 - $34,999 | 4 | 8 | - | 26 |
| $35,000 - $39,999 | - | 10 | 4 | - |
| $40,000 - $44,999 | - | - | 4 | - |
| $45,000 - $49,999 | - | - | 13 | - |
| $50,000 - $59,999 | - | 7 | 8 | 20 |
| $60,000 - $74,999 | - | 23 | 14 | 15 |
| $75,000 - $99,999 | - | 12 | 12 | 9 |
| $100,000 - $124,999 | - | 14 | 22 | 3 |
| $125,000 - $149,999 | - | 19 | 11 | 11 |
| $150,000 - $199,999 | - | 15 | 19 | - |
| $200,000 or more | - | 6 | 12 | - |
To further explore the income distribution and gain insights into financial landscape of Grass Lake 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 Grass Lake township, where householders are under 25 years old, fall within or exceed the income bracket representing the median income of $87,556 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 Grass Lake township, among households headed by individuals aged 25 to 44, an impressive 57.89% match or surpass the state of Minnesota median income of $87,556. These 66 households, represent a significant portion of the total 114 households in Grass Lake township within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Grass Lake township, within the age group of 45 to 64 years, a remarkable 58.91% of households meet or exceed the state of Minnesota median income of $87,556. These 76 households, out of the total 129 households in this age cohort, signify a substantial portion of mature demographic of Grass Lake township, showcasing commendable financial stability in comparison to the Minnesota state median income benchmark.
- Householder 65 years and over: In Grass Lake township, among the over 65 years age group, only 17.56% of households either match or surpass the state of Minnesota median income of $87,556. These 23 households, constituting low portion of the Grass Lake 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 Grass Lake Township, Minnesota?
In Grass Lake township, households led by individuals aged 45 to 64 years report the highest median household income of $99,375 according to the American Community Survey 2019-2023 5-Year Estimates by the US Census Bureau.
How does the median household income vary by age in Grass Lake Township, Minnesota?
In terms of income distribution across age cohorts, in Grass Lake township, where there exist only two delineated age groups, the median household income is $99,375 for householders within the 45 to 64 years age group, compared to $98,125 for the 25 to 44 years age group..
How does the median household income for households led by individuals of median age compare in Grass Lake Township, Minnesota?
The median age in Grass Lake township is 47.6, 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 Grass Lake township, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $99,375.
References
- U.S. Census Bureau American Community Survey (ACS) 2019-2023 5-Year Estimates
- Consumer Price Index retroactive series using current methods (R-CPI-U-RS)
