Median Household Income by Age of Householder in Oakland charter Township, Michigan (2022, in 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Oakland charter township. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Oakland charter township.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | - |
| 25 to 44 years | $184,526 |
| 45 to 64 years | $194,868 |
| 65 years and over | $110,145 |
TABLE OF CONTENTS
Oakland charter Township, Michigan 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 Oakland charter township population by age, the median age in Oakland charter township is 43.1 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 Oakland charter township, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $184,526.
In terms of income distribution across age cohorts, in Oakland charter township, the median household income stands at $194,868 for householders within the 45 to 64 years age group, followed by $184,526 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 $110,145.
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 Oakland charter township.
FIGURE 1
Oakland charter Township, Michigan median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Oakland charter 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 2012 and 2022, none had a decline during this time period. Notably, household income for individuals within the 25 to 44 years age group demonstrated a remarkable increase of $33,048(21.82%), escalating from a median of $151,478 in 2012 to $184,526 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 $24,146(28.08%), increasing from a median of $85,999 in 2012 to $110,145 in 2022.
Oakland charter Township, Michigan household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Oakland charter 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 75(1.09%) households where the householder is under 25 years old, 1,656(24.02%) households with a householder aged between 25 and 44 years, 3,469(50.31%) households with a householder aged between 45 and 64 years, and 1,695(24.58%) households where the householder is over 65 years old.
In Oakland charter 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
Oakland charter Township, Michigan household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Oakland charter township: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Oakland charter township household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Oakland charter 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 | 29 | - | 74 | 17 |
| $10,000 - $14,999 | - | - | - | 27 |
| $15,000 - $19,999 | - | 22 | - | 29 |
| $20,000 - $24,999 | - | - | 26 | 63 |
| $25,000 - $29,999 | - | - | 20 | 19 |
| $30,000 - $34,999 | - | - | 47 | 30 |
| $35,000 - $39,999 | - | - | 73 | 39 |
| $40,000 - $44,999 | 46 | 12 | 10 | 55 |
| $45,000 - $49,999 | - | - | 24 | 72 |
| $50,000 - $59,999 | - | - | 39 | 69 |
| $60,000 - $74,999 | - | 52 | 65 | 126 |
| $75,000 - $99,999 | - | 166 | 257 | 235 |
| $100,000 - $124,999 | - | 98 | 240 | 268 |
| $125,000 - $149,999 | - | 199 | 311 | 166 |
| $150,000 - $199,999 | - | 419 | 659 | 180 |
| $200,000 or more | - | 688 | 1,624 | 300 |
To further explore the income distribution and gain insights into financial landscape of Oakland charter township 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 Oakland charter township, 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 Oakland charter township, among households headed by individuals aged 25 to 44, an impressive 97.95% match or surpass the state of Michigan median income of $71,331. These 1,622 households, represent a significant portion of the total 1,656 households in Oakland charter township within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Oakland charter township, within the age group of 45 to 64 years, a remarkable 90.98% of households meet or exceed the state of Michigan median income of $71,331. These 3,156 households, out of the total 3,469 households in this age cohort, signify a substantial portion of mature demographic of Oakland charter township, showcasing commendable financial stability in comparison to the Michigan state median income benchmark.
- Householder 65 years and over: In Oakland charter township, among the over 65 years age group, an impressive 75.22% of households either match or surpass the state of Michigan median income of $71,331. These 1,275 households, constituting a significant portion of the Oakland charter township township 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 Oakland charter Township, Michigan?
In Oakland charter township, households led by individuals aged 45 to 64 years report the highest median household income of $194,868 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 Oakland charter Township, Michigan?
In terms of income distribution across age cohorts, in Oakland charter township, the median household income stands at $194,868 for householders within the 45 to 64 years age group, followed by $184,526 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 $110,145..
How does the median household income for households led by individuals of median age compare in Oakland charter Township, Michigan?
The median age in Oakland charter township is 43.1, 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 Oakland charter township, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $184,526.
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)