Median Household Income by Age of Householder in Long Lost Lake Township, Minnesota (2022, in 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Long Lost Lake township. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Long Lost Lake 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 | $82,649 |
TABLE OF CONTENTS
Long Lost Lake 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 Long Lost Lake township population by age, the median age in Long Lost Lake township is 70.2 years.
Typically for a location with median age in this range, it suggests a significant population of retirees or older individuals. Interestingly, within Long Lost Lake township, the age group of 65 years and over also exhibits the highest median household income, recorded at $82,649.
In terms of income distribution across age cohorts, Long Lost Lake township only reports a median household income of $82,649 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 Long Lost Lake township.
FIGURE 1
Long Lost Lake Township, Minnesota median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Long Lost Lake 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 $11,816(12.51%), declining from a median of $94,465 in 2012 to $82,649 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 $11,816(12.51%), declining from a median of $94,465 in 2012 to $82,649 in 2022.
Long Lost Lake Township, Minnesota household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Long Lost Lake 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, 0 households with a householder aged between 25 and 44 years, 5(19.23%) households with a householder aged between 45 and 64 years, and 21(80.77%) households where the householder is over 65 years old.
In Long Lost Lake 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
Long Lost Lake Township, Minnesota household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Long Lost Lake township: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Long Lost Lake township household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Long Lost Lake 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 | - | - | - | 1 |
| $10,000 - $14,999 | - | - | - | - |
| $15,000 - $19,999 | - | - | - | 2 |
| $20,000 - $24,999 | - | - | - | 1 |
| $25,000 - $29,999 | - | - | - | - |
| $30,000 - $34,999 | - | - | - | - |
| $35,000 - $39,999 | - | - | - | 1 |
| $40,000 - $44,999 | - | - | 4 | 1 |
| $45,000 - $49,999 | - | - | - | - |
| $50,000 - $59,999 | - | - | - | 1 |
| $60,000 - $74,999 | - | - | - | 1 |
| $75,000 - $99,999 | - | - | - | 5 |
| $100,000 - $124,999 | - | - | - | 3 |
| $125,000 - $149,999 | - | - | 1 | - |
| $150,000 - $199,999 | - | - | - | 5 |
| $200,000 or more | - | - | - | - |
To further explore the income distribution and gain insights into financial landscape of Long Lost Lake 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 Long Lost Lake 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 Long Lost Lake township there are no households where the head of the household is between 25 to 44 years old, making it impossible to compare the income with that of the state and the nation.
- Householder 45 to 64 years: In Long Lost Lake township, within the age group of 45 to 64 years, a noteworthy 20% of households meet or exceed the state of Minnesota median income of $87,791. These 1 households, out of the total 5 households in this age cohort, signify a notable portion of mature demographic of Long Lost Lake township, showcasing commendable financial stability in comparison to the Minnesota state median income benchmark.
- Householder 65 years and over: In Long Lost Lake township, among the over 65 years age group, an impressive 61.90% of households either match or surpass the state of Minnesota median income of $87,791. These 13 households, constituting a significant portion of the Long Lost Lake 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 Long Lost Lake Township, Minnesota?
In Long Lost Lake township, households led by individuals aged 65 years and over report the highest median household income of $82,649 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 Long Lost Lake Township, Minnesota?
In terms of income distribution across age cohorts, Long Lost Lake township only reports a median household income of $82,649 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 Long Lost Lake Township, Minnesota?
The median age in Long Lost Lake township is 70.2, 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 Long Lost Lake township, the age group of 65 years and over also exhibits the highest median household income, recorded at $82,649.
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)