Median Household Income by Age of Householder in Red Wing, MN (2022, in 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Red Wing. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Red Wing.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | - |
| 25 to 44 years | $80,344 |
| 45 to 64 years | $77,493 |
| 65 years and over | $53,517 |
TABLE OF CONTENTS
Red Wing, 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 Red Wing population by age, the median age in Red Wing is 42.4 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 Red Wing, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $80,344.
In terms of income distribution across age cohorts, in Red Wing, the median household income stands at $80,344 for householders within the 25 to 44 years age group, followed by $77,493 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 $53,517.
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 Red Wing.
FIGURE 1
Red Wing, MN median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Red Wing, 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, 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 $10,921(25.64%), escalating from a median of $42,596 in 2012 to $53,517 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 $17,880(18.75%), declining from a median of $95,373 in 2012 to $77,493 in 2022.
Red Wing, MN household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Red Wing 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 361(4.92%) households where the householder is under 25 years old, 2,136(29.08%) households with a householder aged between 25 and 44 years, 2,462(33.52%) households with a householder aged between 45 and 64 years, and 2,385(32.48%) households where the householder is over 65 years old.
The age group of 25 to 44 years exhibits the highest median household income, while the largest number of households falls within the 45 to 64 years bracket. This distribution hints at economic disparities within the city of Red Wing, showcasing varying income levels among different age demographics.
FIGURE 2
Red Wing, MN household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Red Wing: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Red Wing household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Red Wing: 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 | 66 | 40 | 107 | 137 |
| $10,000 - $14,999 | 58 | 133 | 121 | 113 |
| $15,000 - $19,999 | 84 | 116 | 42 | 203 |
| $20,000 - $24,999 | - | 132 | 8 | 58 |
| $25,000 - $29,999 | 1 | 12 | 103 | 172 |
| $30,000 - $34,999 | - | 28 | 43 | 196 |
| $35,000 - $39,999 | - | 88 | 121 | 108 |
| $40,000 - $44,999 | 20 | 31 | 128 | 134 |
| $45,000 - $49,999 | - | 126 | 66 | 62 |
| $50,000 - $59,999 | 45 | 193 | 134 | 201 |
| $60,000 - $74,999 | 46 | 118 | 382 | 313 |
| $75,000 - $99,999 | 14 | 324 | 352 | 301 |
| $100,000 - $124,999 | 27 | 314 | 315 | 142 |
| $125,000 - $149,999 | - | 167 | 113 | 106 |
| $150,000 - $199,999 | - | 149 | 223 | 100 |
| $200,000 or more | - | 165 | 204 | 39 |
To further explore the income distribution and gain insights into financial landscape of Red Wing 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 only 11.36% of the households in Red Wing, 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 41 Red Wing households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
- Householder 25 to 44 years: In Red Wing, among households headed by individuals aged 25 to 44, an impressive 52.39% match or surpass the state of Minnesota median income of $87,791. These 1,119 households, represent a significant portion of the total 2,136 households in Red Wing within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Red Wing, within the age group of 45 to 64 years, a noteworthy 49.03% of households meet or exceed the state of Minnesota median income of $87,791. These 1,207 households, out of the total 2,462 households in this age cohort, signify a notable portion of mature demographic of Red Wing, showcasing commendable financial stability in comparison to the Minnesota state median income benchmark.
- Householder 65 years and over: In Red Wing, among the over 65 years age group, a noteworthy 28.85% of households either match or surpass the state of Minnesota median income of $87,791. These 688 households, constituting notable portion of the Red Wing 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 Red Wing, MN?
In Red Wing, households led by individuals aged 25 to 44 years report the highest median household income of $80,344 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 Red Wing, MN?
In terms of income distribution across age cohorts, in Red Wing, the median household income stands at $80,344 for householders within the 25 to 44 years age group, followed by $77,493 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 $53,517..
How does the median household income for households led by individuals of median age compare in Red Wing, MN?
The median age in Red Wing is 42.4, 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 Red Wing, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $80,344.
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)