Median Household Income by Age of Householder in Muir, MI (2022, in 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Muir. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Muir.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | - |
| 25 to 44 years | $54,666 |
| 45 to 64 years | - |
| 65 years and over | $52,843 |
TABLE OF CONTENTS
Muir, 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 Muir population by age, the median age in Muir is 33 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 Muir, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $54,666.
In terms of income distribution across age cohorts, in Muir, where there exist only two delineated age groups, the median household income is $54,666 for householders within the 25 to 44 years age group, compared to $52,843 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 village of Muir.
FIGURE 1
Muir, MI median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Muir, 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 an increase in this time period. Notably, household income for individuals within the 65 years and over age group demonstrated the smallest decline of $502(0.94%), declining from a median of $53,345 in 2012 to $52,843 in 2022. Conversely, the age group of 25 to 44 years years witnessed the most significant decline in household income across the same span. Their median income saw a substantial drop of $12,516(18.63%), declining from a median of $67,182 in 2012 to $54,666 in 2022.
Muir, MI household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Muir 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 16(6.58%) households where the householder is under 25 years old, 100(41.15%) households with a householder aged between 25 and 44 years, 92(37.86%) households with a householder aged between 45 and 64 years, and 35(14.40%) households where the householder is over 65 years old.
In Muir, 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
Muir, MI household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Muir: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Muir household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Muir: 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 | - | 6 | - | - |
| $10,000 - $14,999 | - | 8 | 13 | - |
| $15,000 - $19,999 | - | - | 15 | 1 |
| $20,000 - $24,999 | - | - | 15 | 2 |
| $25,000 - $29,999 | 7 | 8 | 1 | 4 |
| $30,000 - $34,999 | - | 15 | 1 | 2 |
| $35,000 - $39,999 | - | 3 | 2 | 3 |
| $40,000 - $44,999 | - | - | - | 2 |
| $45,000 - $49,999 | 9 | 7 | - | 2 |
| $50,000 - $59,999 | - | 11 | 14 | 9 |
| $60,000 - $74,999 | - | 18 | 8 | 3 |
| $75,000 - $99,999 | - | - | 10 | 3 |
| $100,000 - $124,999 | - | 6 | 13 | 4 |
| $125,000 - $149,999 | - | 2 | - | - |
| $150,000 - $199,999 | - | 11 | - | - |
| $200,000 or more | - | 5 | - | - |
To further explore the income distribution and gain insights into financial landscape of Muir 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 noteworthy that no households in Muir, where householders are under 25 years old, fall within or exceed the income bracket representing the median income of $71,331 for the state of Michigan. 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 Muir, among households headed by individuals aged 25 to 44,worth noting that 42% match or surpass the state of Michigan median income of $71,331. These 42 households, represent a notable portion of the total 100 households in Muir within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Muir, within the age group of 45 to 64 years, a noteworthy 33.70% of households meet or exceed the state of Michigan median income of $71,331. These 31 households, out of the total 92 households in this age cohort, signify a notable portion of mature demographic of Muir, showcasing commendable financial stability in comparison to the Michigan state median income benchmark.
- Householder 65 years and over: In Muir, among the over 65 years age group, a noteworthy 28.57% of households either match or surpass the state of Michigan median income of $71,331. These 10 households, constituting notable portion of the Muir village 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 Muir, MI?
In Muir, households led by individuals aged 25 to 44 years report the highest median household income of $54,666 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 Muir, MI?
In terms of income distribution across age cohorts, in Muir, where there exist only two delineated age groups, the median household income is $54,666 for householders within the 25 to 44 years age group, compared to $52,843 for the 65 years and over age group..
How does the median household income for households led by individuals of median age compare in Muir, MI?
The median age in Muir is 33, 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 Muir, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $54,666.
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)