Pelican Rapids, MN Median Household Income By Age

Pelican Rapids, MN 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 Pelican Rapids population by age, the median age in Pelican Rapids is 36.3 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 Pelican Rapids, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $88,868.

In terms of income distribution across age cohorts, in Pelican Rapids, the median household income stands at $88,868 for householders within the 25 to 44 years age group, followed by $61,824 for the 45 to 64 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $17,499.

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 Pelican Rapids.

FIGURE 1

Pelican Rapids, MN median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Pelican Rapids, 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, two 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 25 to 44 years age group demonstrated a remarkable increase of $45,406(104.47%), escalating from a median of $43,462 in 2012 to $88,868 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 $31,669(33.87%), declining from a median of $93,493 in 2012 to $61,824 in 2022.

Pelican Rapids, MN household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Pelican Rapids 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 45(4.78%) households where the householder is under 25 years old, 361(38.36%) households with a householder aged between 25 and 44 years, 295(31.35%) households with a householder aged between 45 and 64 years, and 240(25.50%) households where the householder is over 65 years old.

In Pelican Rapids, 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

Pelican Rapids, MN household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Pelican Rapids: under 25 years, 25-44 years, 45-64 years, and over 65 years

To further explore the income distribution and gain insights into financial landscape of Pelican Rapids 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 Pelican Rapids, where householders are under 25 years old, fall within or exceed the income bracket representing the median income of $87,791 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 Pelican Rapids, among households headed by individuals aged 25 to 44, an impressive 55.96% match or surpass the state of Minnesota median income of $87,791. These 202 households, represent a significant portion of the total 361 households in Pelican Rapids within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Pelican Rapids, within the age group of 45 to 64 years, a noteworthy 38.64% of households meet or exceed the state of Minnesota median income of $87,791. These 114 households, out of the total 295 households in this age cohort, signify a notable portion of mature demographic of Pelican Rapids, showcasing commendable financial stability in comparison to the Minnesota state median income benchmark.
• Householder 65 years and over: In Pelican Rapids, among the over 65 years age group, only 7.50% of households either match or surpass the state of Minnesota median income of $87,791. These 18 households, constituting low portion of the Pelican Rapids city 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 Pelican Rapids, MN?

In Pelican Rapids, households led by individuals aged 25 to 44 years report the highest median household income of $88,868 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 Pelican Rapids, MN?

In terms of income distribution across age cohorts, in Pelican Rapids, the median household income stands at $88,868 for householders within the 25 to 44 years age group, followed by $61,824 for the 45 to 64 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $17,499..

How does the median household income for households led by individuals of median age compare in Pelican Rapids, MN?

The median age in Pelican Rapids is 36.3, 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 Pelican Rapids, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $88,868.

References

Notes