Median Household Income by Age of Householder in Prior Lake, MN (2022, in 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Prior Lake. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Prior Lake.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | $148,704 |
| 25 to 44 years | $146,697 |
| 45 to 64 years | $156,850 |
| 65 years and over | $69,304 |
TABLE OF CONTENTS
Prior Lake, 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 Prior Lake population by age, the median age in Prior Lake is 39.4 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 Prior Lake, the age group of 25 to 44 years had the second lowest median household income, recorded at $146,697.
In terms of income distribution across age cohorts, in Prior Lake, householders within the 45 to 64 years age group have the highest median household income at $156,850, followed by those in the under 25 years age group with an income of $148,704. Meanwhile householders within the 25 to 44 years age group report the second lowest median household income of $146,697. Notably, householders within the 65 years and over age group, had the lowest median household income at $69,304.
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 Prior Lake.
FIGURE 1
Prior Lake, MN median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Prior Lake, 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 $98,370(195.43%), escalating from a median of $50,334 in 2012 to $148,704 in 2022. Conversely, the age group of 65 years and over years witnessed the most significant decline in household income across the same span. Their median income saw a substantial drop of $4,955(6.67%), declining from a median of $74,259 in 2012 to $69,304 in 2022.
Prior Lake, MN household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Prior Lake 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 158(1.58%) households where the householder is under 25 years old, 3,290(32.83%) households with a householder aged between 25 and 44 years, 4,215(42.06%) households with a householder aged between 45 and 64 years, and 2,358(23.53%) households where the householder is over 65 years old.
In Prior Lake, 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
Prior Lake, MN household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Prior Lake: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Prior Lake household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Prior Lake: 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 | 4 | 1 | 45 | 131 |
| $10,000 - $14,999 | 5 | 12 | 119 | - |
| $15,000 - $19,999 | - | 15 | 9 | 59 |
| $20,000 - $24,999 | - | - | 34 | 44 |
| $25,000 - $29,999 | - | 17 | 67 | 174 |
| $30,000 - $34,999 | - | 13 | 40 | 68 |
| $35,000 - $39,999 | 2 | 19 | 34 | 137 |
| $40,000 - $44,999 | - | 31 | 69 | 61 |
| $45,000 - $49,999 | - | 52 | 59 | 178 |
| $50,000 - $59,999 | 2 | 292 | 83 | 222 |
| $60,000 - $74,999 | 27 | 210 | 306 | 215 |
| $75,000 - $99,999 | 31 | 327 | 392 | 350 |
| $100,000 - $124,999 | - | 325 | 372 | 172 |
| $125,000 - $149,999 | 64 | 470 | 464 | 144 |
| $150,000 - $199,999 | 2 | 586 | 611 | 153 |
| $200,000 or more | 21 | 920 | 1,511 | 250 |
To further explore the income distribution and gain insights into financial landscape of Prior Lake 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 impressive that 74.68% of the households in Prior Lake, where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $87,791 for the state of Minnesota. These 118 Prior Lake households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
- Householder 25 to 44 years: In Prior Lake, among households headed by individuals aged 25 to 44, an impressive 79.88% match or surpass the state of Minnesota median income of $87,791. These 2,628 households, represent a significant portion of the total 3,290 households in Prior Lake within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Prior Lake, within the age group of 45 to 64 years, a remarkable 79.48% of households meet or exceed the state of Minnesota median income of $87,791. These 3,350 households, out of the total 4,215 households in this age cohort, signify a substantial portion of mature demographic of Prior Lake, showcasing commendable financial stability in comparison to the Minnesota state median income benchmark.
- Householder 65 years and over: In Prior Lake, among the over 65 years age group, a noteworthy 45.34% of households either match or surpass the state of Minnesota median income of $87,791. These 1,069 households, constituting notable portion of the Prior Lake 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 Prior Lake, MN?
In Prior Lake, households led by individuals aged 45 to 64 years report the highest median household income of $156,850 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 Prior Lake, MN?
In terms of income distribution across age cohorts, in Prior Lake, householders within the 45 to 64 years age group have the highest median household income at $156,850, followed by those in the under 25 years age group with an income of $148,704. Meanwhile householders within the 25 to 44 years age group report the second lowest median household income of $146,697. Notably, householders within the 65 years and over age group, had the lowest median household income at $69,304..
How does the median household income for households led by individuals of median age compare in Prior Lake, MN?
The median age in Prior Lake is 39.4, 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 Prior Lake, the age group of 25 to 44 years had the second lowest median household income, recorded at $146,697.
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)