Iron Junction, MN Median Household Income By Age

Iron Junction, MN 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 Iron Junction population by age, the median age in Iron Junction is 42.4 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, according to the latest American Community Survey data, the US Census Bureau did not report the median household income for householders in the 25 to 44 years age group in Iron Junction. This absence could be attributed to a smaller working population or fewer household heads within this age range, potentially resulting in less reliable or unavailable data for reporting.

In terms of income distribution across age cohorts, Iron Junction only reports a median household income of $35,142 among householders in 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 city of Iron Junction.

FIGURE 1

Iron Junction, MN median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Iron Junction, 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. Notably, household income for individuals within the 65 years and over age group demonstrated a remarkable increase of $5,969(20.46%), escalating from a median of $29,173 in 2012 to $35,142 in 2022. Conversely, the age group of 65 years and over years witnessed the smallest growth in household income across the same span. Their median income saw a small increase of $5,969(20.46%), increasing from a median of $29,173 in 2012 to $35,142 in 2022.

Iron Junction, MN household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Iron Junction 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 9(21.95%) households where the householder is under 25 years old, 6(14.63%) households with a householder aged between 25 and 44 years, 15(36.59%) households with a householder aged between 45 and 64 years, and 11(26.83%) households where the householder is over 65 years old.

The age group of 65 years and over exhibits the highest median household income, while the largest number of households falls within the 45 to 64 years bracket. This distribution hints at economic disparities within the city of Iron Junction, showcasing varying income levels among different age demographics.

FIGURE 2

Iron Junction, MN household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Iron Junction: 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 Iron Junction 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 worth noting that 33.33% of the households in Iron Junction, where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $87,791 for the state of Minnesota. These 3 Iron Junction households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
• Householder 25 to 44 years: In Iron Junction, among households headed by individuals aged 25 to 44,noteworthy that only 16.67% match or surpass the state of Minnesota median income of $87,791. These 1 households, represent a low portion of the total 6 households in Iron Junction within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Iron Junction, within the age group of 45 to 64 years, only 33.33% of households meet or exceed the state of Minnesota median income of $87,791. These 5 households, out of the total 15 households in this age cohort, signify a low portion of mature demographic of Iron Junction, showcasing commendable financial stability in comparison to the Minnesota state median income benchmark.
• Householder 65 years and over: In Iron Junction, among the over 65 years age group, a noteworthy 36.36% of households either match or surpass the state of Minnesota median income of $87,791. These 4 households, constituting notable portion of the Iron Junction city 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 Iron Junction, MN?

In Iron Junction, households led by individuals aged 65 years and over report the highest median household income of $35,142 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 Iron Junction, MN?

In terms of income distribution across age cohorts, Iron Junction only reports a median household income of $35,142 among householders in the 65 years and over age group..

How does the median household income for households led by individuals of median age compare in Iron Junction, MN?

The median age in Iron Junction is 42.4, 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, according to the latest American Community Survey data, the US Census Bureau did not report the median household income for householders in the 25 to 44 years age group in Iron Junction. This absence could be attributed to a smaller working population or fewer household heads within this age range, potentially resulting in less reliable or unavailable data for reporting.

References

Notes