Median Household Income by Age of Householder in Libby Township, Minnesota (2022, in 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Libby township. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Libby 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 | $35,576 |
TABLE OF CONTENTS
Libby 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 Libby township population by age, the median age in Libby township is 75.8 years.
Typically for a location with median age in this range, it suggests a significant population of retirees or older individuals. Interestingly, within Libby township, the age group of 65 years and over also exhibits the highest median household income, recorded at $35,576.
In terms of income distribution across age cohorts, Libby township only reports a median household income of $35,576 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 Libby township.
FIGURE 1
Libby Township, Minnesota median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Libby 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 a remarkable increase of $568(1.62%), escalating from a median of $35,008 in 2012 to $35,576 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 $568(1.62%), increasing from a median of $35,008 in 2012 to $35,576 in 2022.
Libby Township, Minnesota household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Libby 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 0 households where the householder is under 25 years old, 2(7.14%) households with a householder aged between 25 and 44 years, 8(28.57%) households with a householder aged between 45 and 64 years, and 18(64.29%) households where the householder is over 65 years old.
In Libby township, the age group of 65 years and over 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
Libby Township, Minnesota household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Libby township: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Libby township household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Libby 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 | - | - |
| $10,000 - $14,999 | - | - | - | 1 |
| $15,000 - $19,999 | - | - | - | - |
| $20,000 - $24,999 | - | - | - | - |
| $25,000 - $29,999 | - | - | - | 4 |
| $30,000 - $34,999 | - | - | 5 | 5 |
| $35,000 - $39,999 | - | - | - | 1 |
| $40,000 - $44,999 | - | - | - | - |
| $45,000 - $49,999 | - | - | - | - |
| $50,000 - $59,999 | - | - | - | 1 |
| $60,000 - $74,999 | - | - | - | 5 |
| $75,000 - $99,999 | - | - | 1 | 1 |
| $100,000 - $124,999 | - | - | - | - |
| $125,000 - $149,999 | - | - | 1 | - |
| $150,000 - $199,999 | - | - | 1 | - |
| $200,000 or more | - | - | - | - |
To further explore the income distribution and gain insights into financial landscape of Libby 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: In Libby township, the comparison with the median income of the state and the nation remains inapplicable as there are no households headed by individuals under 25 years old.
- Householder 25 to 44 years: In Libby township, there are no households led by individuals aged 25 to 44, that meet or surpass the state of Minnesota median income of $87,791. Thus of the total 2 households in Libby township, where the householder is 25-44 years old, none had an income higher than the median state income.
- Householder 45 to 64 years: In Libby township, within the age group of 45 to 64 years, a noteworthy 37.50% of households meet or exceed the state of Minnesota median income of $87,791. These 3 households, out of the total 8 households in this age cohort, signify a notable portion of mature demographic of Libby township, showcasing commendable financial stability in comparison to the Minnesota state median income benchmark.
- Householder 65 years and over: In Libby township, among the over 65 years age group, only 5.56% of households either match or surpass the state of Minnesota median income of $87,791. These 1 households, constituting low portion of the Libby 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 Libby Township, Minnesota?
In Libby township, households led by individuals aged 65 years and over report the highest median household income of $35,576 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 Libby Township, Minnesota?
In terms of income distribution across age cohorts, Libby township only reports a median household income of $35,576 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 Libby Township, Minnesota?
The median age in Libby township is 75.8, which falls within the 65 years and over range among the four age groups defined by the US Census Bureau. This demographic suggests a significant population of retirees or older individuals. Interestingly, within Libby township, the age group of 65 years and over also exhibits the highest median household income, recorded at $35,576.
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)