Median Household Income by Age of Householder in Minnie Township, Minnesota (2022, in 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Minnie township. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Minnie township.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | - |
| 25 to 44 years | - |
| 45 to 64 years | $78,961 |
| 65 years and over | $41,650 |
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Minnie 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 Minnie township population by age, the median age in Minnie township is 65.3 years.
Typically for a location with median age in this range, it suggests a significant population of retirees or older individuals. Interestingly, within Minnie township, the age group of 65 years and over exhibited the second-highest median household income, recorded at $41,650.
In terms of income distribution across age cohorts, in Minnie township, where there exist only two delineated age groups, the median household income is $78,961 for householders within the 45 to 64 years age group, compared to $41,650 for 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 Minnie township.
FIGURE 1
Minnie Township, Minnesota median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Minnie 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, one groups encountered a decline in their median household income, while the remaining one experienced an increase during this period. Notably, household income for individuals within the 45 to 64 years age group demonstrated a remarkable increase of $53,955(215.77%), escalating from a median of $25,006 in 2012 to $78,961 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 $21,697(34.25%), declining from a median of $63,347 in 2012 to $41,650 in 2022.
Minnie Township, Minnesota household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Minnie 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, 8(44.44%) households with a householder aged between 45 and 64 years, and 10(55.56%) 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 65 years and over bracket. This distribution hints at economic disparities within the township of Minnie township, showcasing varying income levels among different age demographics.
FIGURE 2
Minnie Township, Minnesota household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Minnie township: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Minnie township household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Minnie 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 | - | - | - | - |
| $15,000 - $19,999 | - | - | - | 1 |
| $20,000 - $24,999 | - | - | - | - |
| $25,000 - $29,999 | - | - | - | - |
| $30,000 - $34,999 | - | - | - | - |
| $35,000 - $39,999 | - | - | - | 4 |
| $40,000 - $44,999 | - | - | - | 1 |
| $45,000 - $49,999 | - | - | - | - |
| $50,000 - $59,999 | - | - | - | 2 |
| $60,000 - $74,999 | - | - | 2 | 2 |
| $75,000 - $99,999 | - | - | 6 | - |
| $100,000 - $124,999 | - | - | - | - |
| $125,000 - $149,999 | - | - | - | - |
| $150,000 - $199,999 | - | - | - | - |
| $200,000 or more | - | - | - | - |
To further explore the income distribution and gain insights into financial landscape of Minnie 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 Minnie 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 Minnie 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 Minnie township, within the age group of 45 to 64 years, a remarkable 75% of households meet or exceed the state of Minnesota median income of $87,791. These 6 households, out of the total 8 households in this age cohort, signify a substantial portion of mature demographic of Minnie township, showcasing commendable financial stability in comparison to the Minnesota state median income benchmark.
- Householder 65 years and over: In Minnie township, within the over 65 years age cohort, there are no households that meet or exceed the state of Minnesota median income of $87,791. Therefore, among the total number of households in this senior demographic, none have an income higher than the Minnesota state median income range.
Things to know
Which age group reports the highest median household income in Minnie Township, Minnesota?
In Minnie township, households led by individuals aged 45 to 64 years report the highest median household income of $78,961 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 Minnie Township, Minnesota?
In terms of income distribution across age cohorts, in Minnie township, where there exist only two delineated age groups, the median household income is $78,961 for householders within the 45 to 64 years age group, compared to $41,650 for the 65 years and over age group..
How does the median household income for households led by individuals of median age compare in Minnie Township, Minnesota?
The median age in Minnie township is 65.3, 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 Minnie township, the age group of 65 years and over exhibited the second-highest median household income, recorded at $41,650.
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)