Median Household Income by Age of Householder in Richville, MN (2022, in 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Richville. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Richville.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | - |
| 25 to 44 years | $46,856 |
| 45 to 64 years | $61,173 |
| 65 years and over | - |
TABLE OF CONTENTS
Richville, 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 Richville population by age, the median age in Richville is 46.5 years.
Typically for a location with median age in this range, it tends to house more established professionals, possibly reflecting stable households and higher earning poptential. Interestingly, within Richville, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $61,173.
In terms of income distribution across age cohorts, in Richville, where there exist only two delineated age groups, the median household income is $61,173 for householders within the 45 to 64 years age group, compared to $46,856 for the 25 to 44 years age group.
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 Richville.
FIGURE 1
Richville, MN median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Richville, 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 two age groups with available Census data in both 2012 and 2022, none had an increase in this time period. Notably, household income for individuals within the 25 to 44 years age group demonstrated the smallest decline of $29,412(38.56%), declining from a median of $76,268 in 2012 to $46,856 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 $32,737(34.86%), declining from a median of $93,910 in 2012 to $61,173 in 2022.
Richville, MN household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Richville 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 3(12%) households where the householder is under 25 years old, 4(16%) households with a householder aged between 25 and 44 years, 12(48%) households with a householder aged between 45 and 64 years, and 6(24%) households where the householder is over 65 years old.
In Richville, 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
Richville, MN household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Richville: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Richville household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Richville: 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 | - | 1 | 1 | - |
| $10,000 - $14,999 | - | - | 4 | 6 |
| $15,000 - $19,999 | - | - | - | - |
| $20,000 - $24,999 | - | - | - | - |
| $25,000 - $29,999 | - | - | - | - |
| $30,000 - $34,999 | - | 1 | - | - |
| $35,000 - $39,999 | - | - | - | - |
| $40,000 - $44,999 | - | - | - | - |
| $45,000 - $49,999 | - | - | - | - |
| $50,000 - $59,999 | 1 | 1 | 1 | - |
| $60,000 - $74,999 | - | - | 2 | - |
| $75,000 - $99,999 | 2 | 1 | 3 | - |
| $100,000 - $124,999 | - | - | 1 | - |
| $125,000 - $149,999 | - | - | - | - |
| $150,000 - $199,999 | - | - | - | - |
| $200,000 or more | - | - | - | - |
To further explore the income distribution and gain insights into financial landscape of Richville 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 66.67% of the households in Richville, 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 2 Richville households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
- Householder 25 to 44 years: In Richville, among households headed by individuals aged 25 to 44,noteworthy that only 25% match or surpass the state of Minnesota median income of $87,791. These 1 households, represent a low portion of the total 4 households in Richville within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Richville, within the age group of 45 to 64 years, only 33.33% of households meet or exceed the state of Minnesota median income of $87,791. These 4 households, out of the total 12 households in this age cohort, signify a low portion of mature demographic of Richville, showcasing commendable financial stability in comparison to the Minnesota state median income benchmark.
- Householder 65 years and over: In Richville, within the over 65 years age cohort, there are no households that meet or exceed the state of Minnesota median income of $87,791. Therefore, among the total number of households in this senior demographic, none have an income higher than the Minnesota state median income range.
Things to know
Which age group reports the highest median household income in Richville, MN?
In Richville, households led by individuals aged 45 to 64 years report the highest median household income of $61,173 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 Richville, MN?
In terms of income distribution across age cohorts, in Richville, where there exist only two delineated age groups, the median household income is $61,173 for householders within the 45 to 64 years age group, compared to $46,856 for the 25 to 44 years age group..
How does the median household income for households led by individuals of median age compare in Richville, MN?
The median age in Richville is 46.5, which falls within the 45 to 64 years range among the four age groups defined by the US Census Bureau. This demographic tends to house more established professionals, possibly reflecting stable households and higher earning poptential. Interestingly, within Richville, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $61,173.
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)