Median Household Income by Age of Householder in Ira Township, Michigan (In 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Ira township. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Ira township.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | - |
| 25 to 44 years | $82,692 |
| 45 to 64 years | $89,340 |
| 65 years and over | $62,292 |
TABLE OF CONTENTS
Ira Township, Michigan 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 Ira township population by age, the median age in Ira township is 45.1 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 Ira township, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $89,340.
In terms of income distribution across age cohorts, in Ira township, the median household income stands at $89,340 for householders within the 45 to 64 years age group, followed by $82,692 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 $62,292.
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 Ira township.
FIGURE 1
Ira Township, Michigan median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Ira 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 2013 and 2023, 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 $18,046(40.79%), escalating from a median of $44,246 in 2013 to $62,292 in 2023. 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 $2,998(3.25%), declining from a median of $92,338 in 2013 to $89,340 in 2023.
Ira Township, Michigan household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Ira 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 31(1.46%) households where the householder is under 25 years old, 548(25.89%) households with a householder aged between 25 and 44 years, 1,019(48.13%) households with a householder aged between 45 and 64 years, and 519(24.52%) households where the householder is over 65 years old.
In Ira township, 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
Ira Township, Michigan household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Ira township: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Ira township household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Ira 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 | - | 72 | 31 | 9 |
| $10,000 - $14,999 | - | - | 49 | - |
| $15,000 - $19,999 | - | - | 10 | 36 |
| $20,000 - $24,999 | - | 41 | - | 20 |
| $25,000 - $29,999 | 31 | - | 10 | 17 |
| $30,000 - $34,999 | - | 51 | 50 | 81 |
| $35,000 - $39,999 | - | 33 | 78 | 14 |
| $40,000 - $44,999 | - | 6 | 26 | 36 |
| $45,000 - $49,999 | - | 32 | 18 | - |
| $50,000 - $59,999 | - | 12 | 49 | 19 |
| $60,000 - $74,999 | - | 15 | 105 | 82 |
| $75,000 - $99,999 | - | 52 | 124 | 71 |
| $100,000 - $124,999 | - | 149 | 83 | 38 |
| $125,000 - $149,999 | - | 50 | 82 | 40 |
| $150,000 - $199,999 | - | 24 | 161 | 15 |
| $200,000 or more | - | 11 | 143 | 41 |
To further explore the income distribution and gain insights into financial landscape of Ira township 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: It is noteworthy that no households in Ira township, where householders are under 25 years old, fall within or exceed the income bracket representing the median income of $71,149 for the state of Michigan. 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 Ira township, among households headed by individuals aged 25 to 44, an impressive 54.93% match or surpass the state of Michigan median income of $71,149. These 301 households, represent a significant portion of the total 548 households in Ira township within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Ira township, within the age group of 45 to 64 years, a remarkable 68.50% of households meet or exceed the state of Michigan median income of $71,149. These 698 households, out of the total 1,019 households in this age cohort, signify a substantial portion of mature demographic of Ira township, showcasing commendable financial stability in comparison to the Michigan state median income benchmark.
- Householder 65 years and over: In Ira township, among the over 65 years age group, an impressive 55.30% of households either match or surpass the state of Michigan median income of $71,149. These 287 households, constituting a significant portion of the Ira township township 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 Ira Township, Michigan?
In Ira township, households led by individuals aged 45 to 64 years report the highest median household income of $89,340 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 Ira Township, Michigan?
In terms of income distribution across age cohorts, in Ira township, the median household income stands at $89,340 for householders within the 45 to 64 years age group, followed by $82,692 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 $62,292..
How does the median household income for households led by individuals of median age compare in Ira Township, Michigan?
The median age in Ira township is 45.1, 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 Ira township, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $89,340.
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)
