Maple Lake, MN Median Household Income By Age

Maple Lake, MN 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 Maple Lake population by age, the median age in Maple Lake is 31.8 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 Maple Lake, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $93,452.

In terms of income distribution across age cohorts, in Maple Lake, the median household income stands at $93,452 for householders within the 25 to 44 years age group, followed by $80,046 for the 45 to 64 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $28,429.

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 Maple Lake.

FIGURE 1

Maple Lake, MN median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Maple Lake, 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 an increase in this time period. Notably, household income for individuals within the 65 years and over age group demonstrated the smallest decline of $1,578(5.26%), declining from a median of $30,007 in 2012 to $28,429 in 2022. Conversely, the age group of 45 to 64 years years witnessed the most significant decline in household income across the same span. Their median income saw a substantial drop of $6,640(7.66%), declining from a median of $86,686 in 2012 to $80,046 in 2022.

Maple Lake, MN household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Maple Lake 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 51(5.96%) households where the householder is under 25 years old, 374(43.74%) households with a householder aged between 25 and 44 years, 287(33.57%) households with a householder aged between 45 and 64 years, and 143(16.73%) households where the householder is over 65 years old.

In Maple Lake, the age group of 25 to 44 years 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

Maple Lake, MN household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Maple Lake: 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 Maple Lake 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 only 23.53% of the households in Maple Lake, where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $87,791 for the state of Minnesota. These 12 Maple Lake households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
• Householder 25 to 44 years: In Maple Lake, among households headed by individuals aged 25 to 44, an impressive 56.95% match or surpass the state of Minnesota median income of $87,791. These 213 households, represent a significant portion of the total 374 households in Maple Lake within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Maple Lake, within the age group of 45 to 64 years, a remarkable 51.57% of households meet or exceed the state of Minnesota median income of $87,791. These 148 households, out of the total 287 households in this age cohort, signify a substantial portion of mature demographic of Maple Lake, showcasing commendable financial stability in comparison to the Minnesota state median income benchmark.
• Householder 65 years and over: In Maple Lake, among the over 65 years age group, only 9.79% of households either match or surpass the state of Minnesota median income of $87,791. These 14 households, constituting low portion of the Maple Lake city 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 Maple Lake, MN?

In Maple Lake, households led by individuals aged 25 to 44 years report the highest median household income of $93,452 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 Maple Lake, MN?

In terms of income distribution across age cohorts, in Maple Lake, the median household income stands at $93,452 for householders within the 25 to 44 years age group, followed by $80,046 for the 45 to 64 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $28,429..

How does the median household income for households led by individuals of median age compare in Maple Lake, MN?

The median age in Maple Lake is 31.8, 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 Maple Lake, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $93,452.

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