Median Household Income by Age of Householder in Kimball Township, Minnesota (2022, in 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Kimball township. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Kimball township.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | - |
| 25 to 44 years | - |
| 45 to 64 years | - |
| 65 years and over | $74,515 |
TABLE OF CONTENTS
Kimball 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 Kimball township population by age, the median age in Kimball township is 50.8 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, according to the latest American Community Survey data, the US Census Bureau did not report the median household income for householders in the 45 to 64 years age group in Kimball township. 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, Kimball township only reports a median household income of $74,515 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 township of Kimball township.
FIGURE 1
Kimball Township, Minnesota median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Kimball 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. Notably, household income for individuals within the 65 years and over age group demonstrated the smallest decline of $14,672(16.45%), declining from a median of $89,187 in 2012 to $74,515 in 2022. Conversely, the age group of 65 years and over years witnessed the most significant decline in household income across the same span. Their median income saw a substantial drop of $14,672(16.45%), declining from a median of $89,187 in 2012 to $74,515 in 2022.
Kimball Township, Minnesota household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Kimball 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 1(2.70%) households where the householder is under 25 years old, 5(13.51%) households with a householder aged between 25 and 44 years, 16(43.24%) households with a householder aged between 45 and 64 years, and 15(40.54%) 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 township of Kimball township, showcasing varying income levels among different age demographics.
FIGURE 2
Kimball Township, Minnesota household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Kimball township: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Kimball township household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Kimball 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 | - | - | - | - |
| $10,000 - $14,999 | - | - | 6 | 1 |
| $15,000 - $19,999 | - | - | - | 2 |
| $20,000 - $24,999 | - | - | - | - |
| $25,000 - $29,999 | - | - | - | 1 |
| $30,000 - $34,999 | - | - | - | - |
| $35,000 - $39,999 | - | - | - | 1 |
| $40,000 - $44,999 | - | - | - | - |
| $45,000 - $49,999 | - | - | - | - |
| $50,000 - $59,999 | 1 | - | 1 | - |
| $60,000 - $74,999 | - | 4 | 1 | 6 |
| $75,000 - $99,999 | - | - | 4 | 1 |
| $100,000 - $124,999 | - | - | 3 | 2 |
| $125,000 - $149,999 | - | 1 | - | 1 |
| $150,000 - $199,999 | - | - | - | - |
| $200,000 or more | - | - | 1 | - |
To further explore the income distribution and gain insights into financial landscape of Kimball 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 Kimball 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 Kimball township, among households headed by individuals aged 25 to 44,noteworthy that only 20% match or surpass the state of Minnesota median income of $87,791. These 1 households, represent a low portion of the total 5 households in Kimball township within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Kimball township, within the age group of 45 to 64 years, only 50% of households meet or exceed the state of Minnesota median income of $87,791. These 8 households, out of the total 16 households in this age cohort, signify a low portion of mature demographic of Kimball township, showcasing commendable financial stability in comparison to the Minnesota state median income benchmark.
- Householder 65 years and over: In Kimball 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 4 households, constituting notable portion of the Kimball 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 Kimball Township, Minnesota?
In Kimball township, households led by individuals aged 65 years and over report the highest median household income of $74,515 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 Kimball Township, Minnesota?
In terms of income distribution across age cohorts, Kimball township only reports a median household income of $74,515 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 Kimball Township, Minnesota?
The median age in Kimball township is 50.8, 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, according to the latest American Community Survey data, the US Census Bureau did not report the median household income for householders in the 45 to 64 years age group in Kimball township. 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
- U.S. Census Bureau American Community Survey (ACS) 2018-2022 5-Year Estimates
- Consumer Price Index retroactive series using current methods (R-CPI-U-RS)