Median Household Income by Age of Householder in New Auburn Township, Minnesota (In 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in New Auburn township. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in New Auburn township.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | - |
| 25 to 44 years | $105,000 |
| 45 to 64 years | $105,938 |
| 65 years and over | $77,917 |
TABLE OF CONTENTS
New Auburn 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 New Auburn township population by age, the median age in New Auburn township is 48.4 years.
Typically for a location with median age in this range, it tends to house more established professionals, possibly reflecting stable households and higher earning poptential. Interestingly, within New Auburn township, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $105,938.
In terms of income distribution across age cohorts, in New Auburn township, the median household income stands at $105,938 for householders within the 45 to 64 years age group, followed by $105,000 for the 25 to 44 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $77,917.
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 New Auburn township.
FIGURE 1
New Auburn Township, Minnesota median household income by age of householder
It offers a clear illustration of the differences in median household incomes in New Auburn 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 three age groups with available Census data in both 2013 and 2023, one groups encountered a decline in their median household income, while the remaining two experienced an increase during this period. Notably, household income for individuals within the 65 years and over age group demonstrated a remarkable increase of $30,294(63.61%), escalating from a median of $47,623 in 2013 to $77,917 in 2023. 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 $3,932(3.61%), declining from a median of $108,932 in 2013 to $105,000 in 2023.
New Auburn Township, Minnesota household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the New Auburn 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 8(5%) households where the householder is under 25 years old, 30(18.75%) households with a householder aged between 25 and 44 years, 71(44.38%) households with a householder aged between 45 and 64 years, and 51(31.87%) households where the householder is over 65 years old.
In New Auburn township, the age group of 45 to 64 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
New Auburn Township, Minnesota household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in New Auburn township: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of New Auburn township household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in New Auburn 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 | - | - | - | 2 |
| $10,000 - $14,999 | - | - | 2 | 1 |
| $15,000 - $19,999 | 8 | - | - | 1 |
| $20,000 - $24,999 | - | - | - | 4 |
| $25,000 - $29,999 | - | - | - | 1 |
| $30,000 - $34,999 | - | - | - | 2 |
| $35,000 - $39,999 | - | 5 | - | - |
| $40,000 - $44,999 | - | - | - | 2 |
| $45,000 - $49,999 | - | - | 3 | - |
| $50,000 - $59,999 | - | 1 | 2 | 5 |
| $60,000 - $74,999 | - | - | 17 | 6 |
| $75,000 - $99,999 | - | 5 | 9 | 18 |
| $100,000 - $124,999 | - | 6 | 9 | - |
| $125,000 - $149,999 | - | 2 | 11 | 4 |
| $150,000 - $199,999 | - | 3 | 15 | 4 |
| $200,000 or more | - | 8 | 3 | 1 |
To further explore the income distribution and gain insights into financial landscape of New Auburn 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: It is noteworthy that no households in New Auburn township, where householders are under 25 years old, fall within or exceed the income bracket representing the median income of $87,556 for the state of Minnesota. 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 New Auburn township, among households headed by individuals aged 25 to 44, an impressive 80% match or surpass the state of Minnesota median income of $87,556. These 24 households, represent a significant portion of the total 30 households in New Auburn township within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In New Auburn township, within the age group of 45 to 64 years, a remarkable 66.20% of households meet or exceed the state of Minnesota median income of $87,556. These 47 households, out of the total 71 households in this age cohort, signify a substantial portion of mature demographic of New Auburn township, showcasing commendable financial stability in comparison to the Minnesota state median income benchmark.
- Householder 65 years and over: In New Auburn township, among the over 65 years age group, an impressive 52.94% of households either match or surpass the state of Minnesota median income of $87,556. These 27 households, constituting a significant portion of the New Auburn 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 New Auburn Township, Minnesota?
In New Auburn township, households led by individuals aged 45 to 64 years report the highest median household income of $105,938 according to the American Community Survey 2019-2023 5-Year Estimates by the US Census Bureau.
How does the median household income vary by age in New Auburn Township, Minnesota?
In terms of income distribution across age cohorts, in New Auburn township, the median household income stands at $105,938 for householders within the 45 to 64 years age group, followed by $105,000 for the 25 to 44 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $77,917..
How does the median household income for households led by individuals of median age compare in New Auburn Township, Minnesota?
The median age in New Auburn township is 48.4, which falls within the 45 to 64 years range among the four age groups defined by the US Census Bureau. This demographic tends to house more established professionals, possibly reflecting stable households and higher earning poptential. Interestingly, within New Auburn township, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $105,938.
References
- U.S. Census Bureau American Community Survey (ACS) 2019-2023 5-Year Estimates
- Consumer Price Index retroactive series using current methods (R-CPI-U-RS)