Mackinac Island, MI Median Household Income By Age

Mackinac Island, 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 Mackinac Island population by age, the median age in Mackinac Island is 39.1 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 Mackinac Island, the age group of 25 to 44 years had the second lowest median household income, recorded at $79,395.

In terms of income distribution across age cohorts, in Mackinac Island, the median household income stands at $101,912 for householders within the 45 to 64 years age group, followed by $100,457 for the 65 years and over age group. Notably, householders within the 25 to 44 years age group, had the lowest median household income at $79,395.

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 city of Mackinac Island.

FIGURE 1

Mackinac Island, MI median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Mackinac Island, 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 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 $46,185(82.88%), escalating from a median of $55,727 in 2012 to $101,912 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 $22,522(28.90%), increasing from a median of $77,935 in 2012 to $100,457 in 2022.

Mackinac Island, MI household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Mackinac Island 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 69(20.06%) households where the householder is under 25 years old, 109(31.69%) households with a householder aged between 25 and 44 years, 87(25.29%) households with a householder aged between 45 and 64 years, and 79(22.97%) 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 city of Mackinac Island, showcasing varying income levels among different age demographics.

FIGURE 2

Mackinac Island, MI household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Mackinac Island: under 25 years, 25-44 years, 45-64 years, and over 65 years

To further explore the income distribution and gain insights into financial landscape of Mackinac Island 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 26.09% of the households in Mackinac Island, where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $71,331 for the state of Michigan. These 18 Mackinac Island households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
• Householder 25 to 44 years: In Mackinac Island, among households headed by individuals aged 25 to 44, an impressive 92.66% match or surpass the state of Michigan median income of $71,331. These 101 households, represent a significant portion of the total 109 households in Mackinac Island within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Mackinac Island, within the age group of 45 to 64 years, a remarkable 83.91% of households meet or exceed the state of Michigan median income of $71,331. These 73 households, out of the total 87 households in this age cohort, signify a substantial portion of mature demographic of Mackinac Island, showcasing commendable financial stability in comparison to the Michigan state median income benchmark.
• Householder 65 years and over: In Mackinac Island, among the over 65 years age group, an impressive 74.68% of households either match or surpass the state of Michigan median income of $71,331. These 59 households, constituting a significant portion of the Mackinac Island city 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 Mackinac Island, MI?

In Mackinac Island, households led by individuals aged 45 to 64 years report the highest median household income of $101,912 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 Mackinac Island, MI?

In terms of income distribution across age cohorts, in Mackinac Island, the median household income stands at $101,912 for householders within the 45 to 64 years age group, followed by $100,457 for the 65 years and over age group. Notably, householders within the 25 to 44 years age group, had the lowest median household income at $79,395..

How does the median household income for households led by individuals of median age compare in Mackinac Island, MI?

The median age in Mackinac Island is 39.1, 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 Mackinac Island, the age group of 25 to 44 years had the second lowest median household income, recorded at $79,395.

References

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