Median Household Income by Age of Householder in Lake Linden, MI (In 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Lake Linden. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Lake Linden.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | - |
| 25 to 44 years | $43,000 |
| 45 to 64 years | $61,250 |
| 65 years and over | $36,172 |
TABLE OF CONTENTS
Lake Linden, MI 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 Lake Linden population by age, the median age in Lake Linden is 37.9 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 Lake Linden, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $43,000.
In terms of income distribution across age cohorts, in Lake Linden, the median household income stands at $61,250 for householders within the 45 to 64 years age group, followed by $43,000 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 $36,172.
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 village of Lake Linden.
FIGURE 1
Lake Linden, MI median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Lake Linden, 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, 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 $4,102(7.18%), escalating from a median of $57,148 in 2013 to $61,250 in 2023. 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 $9,848(18.63%), declining from a median of $52,848 in 2013 to $43,000 in 2023.
Lake Linden, MI household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Lake Linden 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 34(6.24%) households where the householder is under 25 years old, 160(29.36%) households with a householder aged between 25 and 44 years, 152(27.89%) households with a householder aged between 45 and 64 years, and 199(36.51%) 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 village of Lake Linden, showcasing varying income levels among different age demographics.
FIGURE 2
Lake Linden, MI household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Lake Linden: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Lake Linden household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Lake Linden: 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 | - | - | 5 | 48 |
| $10,000 - $14,999 | - | 13 | 3 | 12 |
| $15,000 - $19,999 | - | 8 | 21 | 12 |
| $20,000 - $24,999 | 9 | 5 | 10 | 13 |
| $25,000 - $29,999 | - | 24 | 16 | 4 |
| $30,000 - $34,999 | - | 14 | 7 | 3 |
| $35,000 - $39,999 | - | - | 2 | 16 |
| $40,000 - $44,999 | 5 | 28 | - | 10 |
| $45,000 - $49,999 | - | 16 | 6 | 22 |
| $50,000 - $59,999 | 5 | 33 | 4 | 19 |
| $60,000 - $74,999 | - | - | 30 | 8 |
| $75,000 - $99,999 | 15 | 15 | 20 | 20 |
| $100,000 - $124,999 | - | - | 7 | 6 |
| $125,000 - $149,999 | - | 4 | 7 | 6 |
| $150,000 - $199,999 | - | - | 14 | - |
| $200,000 or more | - | - | - | - |
To further explore the income distribution and gain insights into financial landscape of Lake Linden 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 worth noting that 44.12% of the households in Lake Linden, where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $71,149 for the state of Michigan. These 15 Lake Linden households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
- Householder 25 to 44 years: In Lake Linden, among households headed by individuals aged 25 to 44,noteworthy that only 11.88% match or surpass the state of Michigan median income of $71,149. These 19 households, represent a low portion of the total 160 households in Lake Linden within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Lake Linden, within the age group of 45 to 64 years, a remarkable 51.32% of households meet or exceed the state of Michigan median income of $71,149. These 78 households, out of the total 152 households in this age cohort, signify a substantial portion of mature demographic of Lake Linden, showcasing commendable financial stability in comparison to the Michigan state median income benchmark.
- Householder 65 years and over: In Lake Linden, among the over 65 years age group, only 20.10% of households either match or surpass the state of Michigan median income of $71,149. These 40 households, constituting low portion of the Lake Linden village 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 Lake Linden, MI?
In Lake Linden, households led by individuals aged 45 to 64 years report the highest median household income of $61,250 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 Lake Linden, MI?
In terms of income distribution across age cohorts, in Lake Linden, the median household income stands at $61,250 for householders within the 45 to 64 years age group, followed by $43,000 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 $36,172..
How does the median household income for households led by individuals of median age compare in Lake Linden, MI?
The median age in Lake Linden is 37.9, 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 Lake Linden, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $43,000.
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)