Median Household Income by Age of Householder in Parchment, MI (2022, in 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Parchment. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Parchment.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | $53,531 |
| 25 to 44 years | $74,070 |
| 45 to 64 years | $53,364 |
| 65 years and over | $61,173 |
TABLE OF CONTENTS
Parchment, 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 Parchment population by age, the median age in Parchment is 31 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 Parchment, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $74,070.
In terms of income distribution across age cohorts, in Parchment, householders within the 25 to 44 years age group have the highest median household income at $74,070, followed by those in the 65 years and over age group with an income of $61,173. Meanwhile householders within the under 25 years age group report the second lowest median household income of $53,531. Notably, householders within the 45 to 64 years age group, had the lowest median household income at $53,364.
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 Parchment.
FIGURE 1
Parchment, MI median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Parchment, 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 four age groups with available Census data in both 2012 and 2022, one groups encountered a decline in their median household income, while the remaining three experienced an increase during this period. Notably, household income for individuals within the Under 25 years age group demonstrated a remarkable increase of $36,385(212.21%), escalating from a median of $17,146 in 2012 to $53,531 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 $7,760(12.70%), declining from a median of $61,124 in 2012 to $53,364 in 2022.
Parchment, MI household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Parchment 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 59(6.71%) households where the householder is under 25 years old, 458(52.10%) households with a householder aged between 25 and 44 years, 234(26.62%) households with a householder aged between 45 and 64 years, and 128(14.56%) households where the householder is over 65 years old.
In Parchment, 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
Parchment, MI household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Parchment: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Parchment household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Parchment: 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 | 3 | 10 | 18 | 7 |
| $10,000 - $14,999 | - | 3 | 14 | - |
| $15,000 - $19,999 | - | 7 | 22 | 10 |
| $20,000 - $24,999 | - | 6 | 17 | 4 |
| $25,000 - $29,999 | - | 10 | - | 2 |
| $30,000 - $34,999 | - | 80 | 4 | 19 |
| $35,000 - $39,999 | - | 15 | 10 | 12 |
| $40,000 - $44,999 | - | 13 | 12 | 5 |
| $45,000 - $49,999 | - | 41 | 17 | 3 |
| $50,000 - $59,999 | 47 | 18 | 6 | 2 |
| $60,000 - $74,999 | - | 42 | 42 | 14 |
| $75,000 - $99,999 | - | 88 | 11 | 13 |
| $100,000 - $124,999 | 6 | 53 | 20 | 12 |
| $125,000 - $149,999 | - | 20 | 13 | 10 |
| $150,000 - $199,999 | - | 47 | 21 | 9 |
| $200,000 or more | 3 | 5 | 7 | 6 |
To further explore the income distribution and gain insights into financial landscape of Parchment 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 only 15.25% of the households in Parchment, where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $71,331 for the state of Michigan. These 9 Parchment households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
- Householder 25 to 44 years: In Parchment, among households headed by individuals aged 25 to 44, an impressive 55.68% match or surpass the state of Michigan median income of $71,331. These 255 households, represent a significant portion of the total 458 households in Parchment within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Parchment, within the age group of 45 to 64 years, a noteworthy 48.72% of households meet or exceed the state of Michigan median income of $71,331. These 114 households, out of the total 234 households in this age cohort, signify a notable portion of mature demographic of Parchment, showcasing commendable financial stability in comparison to the Michigan state median income benchmark.
- Householder 65 years and over: In Parchment, among the over 65 years age group, a noteworthy 50% of households either match or surpass the state of Michigan median income of $71,331. These 64 households, constituting notable portion of the Parchment city 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 Parchment, MI?
In Parchment, households led by individuals aged 25 to 44 years report the highest median household income of $74,070 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 Parchment, MI?
In terms of income distribution across age cohorts, in Parchment, householders within the 25 to 44 years age group have the highest median household income at $74,070, followed by those in the 65 years and over age group with an income of $61,173. Meanwhile householders within the under 25 years age group report the second lowest median household income of $53,531. Notably, householders within the 45 to 64 years age group, had the lowest median household income at $53,364..
How does the median household income for households led by individuals of median age compare in Parchment, MI?
The median age in Parchment is 31, 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 Parchment, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $74,070.
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)