Median Household Income by Age of Householder in Little Rock Township, Minnesota (2022, in 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Little Rock township. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Little Rock township.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | - |
| 25 to 44 years | $63,777 |
| 45 to 64 years | $120,395 |
| 65 years and over | - |
TABLE OF CONTENTS
Little Rock 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 Little Rock township population by age, the median age in Little Rock township is 34.6 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 Little Rock township, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $63,777.
In terms of income distribution across age cohorts, in Little Rock township, where there exist only two delineated age groups, the median household income is $120,395 for householders within the 45 to 64 years age group, compared to $63,777 for the 25 to 44 years 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 Little Rock township.
FIGURE 1
Little Rock Township, Minnesota median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Little Rock 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 two age groups with available Census data in both 2012 and 2022, none had a decline during this time period. Notably, household income for individuals within the 45 to 64 years age group demonstrated a remarkable increase of $17,039(16.49%), escalating from a median of $103,356 in 2012 to $120,395 in 2022. Conversely, the age group of 25 to 44 years years witnessed the smallest growth in household income across the same span. Their median income saw a small increase of $14,137(28.48%), increasing from a median of $49,640 in 2012 to $63,777 in 2022.
Little Rock Township, Minnesota household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Little Rock 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(2.17%) households where the householder is under 25 years old, 19(41.30%) households with a householder aged between 25 and 44 years, 16(34.78%) households with a householder aged between 45 and 64 years, and 10(21.74%) 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 25 to 44 years bracket. This distribution hints at economic disparities within the township of Little Rock township, showcasing varying income levels among different age demographics.
FIGURE 2
Little Rock Township, Minnesota household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Little Rock township: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Little Rock township household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Little Rock 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 | - | - | 1 | - |
| $15,000 - $19,999 | - | 1 | - | - |
| $20,000 - $24,999 | - | 2 | 1 | - |
| $25,000 - $29,999 | - | 1 | 1 | 2 |
| $30,000 - $34,999 | - | - | - | - |
| $35,000 - $39,999 | 1 | - | - | 3 |
| $40,000 - $44,999 | - | 1 | - | - |
| $45,000 - $49,999 | - | 2 | 1 | - |
| $50,000 - $59,999 | - | 2 | 1 | 1 |
| $60,000 - $74,999 | - | 1 | - | - |
| $75,000 - $99,999 | - | 4 | 2 | 4 |
| $100,000 - $124,999 | - | - | 6 | - |
| $125,000 - $149,999 | - | 3 | 2 | - |
| $150,000 - $199,999 | - | 2 | 1 | - |
| $200,000 or more | - | - | - | - |
To further explore the income distribution and gain insights into financial landscape of Little Rock 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 Little Rock 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 Little Rock township, among households headed by individuals aged 25 to 44,worth noting that 47.37% match or surpass the state of Minnesota median income of $87,791. These 9 households, represent a notable portion of the total 19 households in Little Rock township within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Little Rock township, within the age group of 45 to 64 years, a remarkable 68.75% of households meet or exceed the state of Minnesota median income of $87,791. These 11 households, out of the total 16 households in this age cohort, signify a substantial portion of mature demographic of Little Rock township, showcasing commendable financial stability in comparison to the Minnesota state median income benchmark.
- Householder 65 years and over: In Little Rock township, among the over 65 years age group, a noteworthy 40% of households either match or surpass the state of Minnesota median income of $87,791. These 4 households, constituting notable portion of the Little Rock 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 Little Rock Township, Minnesota?
In Little Rock township, households led by individuals aged 45 to 64 years report the highest median household income of $120,395 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 Little Rock Township, Minnesota?
In terms of income distribution across age cohorts, in Little Rock township, where there exist only two delineated age groups, the median household income is $120,395 for householders within the 45 to 64 years age group, compared to $63,777 for the 25 to 44 years age group..
How does the median household income for households led by individuals of median age compare in Little Rock Township, Minnesota?
The median age in Little Rock township is 34.6, 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 Little Rock township, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $63,777.
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)