Median Household Income by Age of Householder in Rockwell Township, Minnesota (In 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Rockwell township. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Rockwell township.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | - |
| 25 to 44 years | $68,333 |
| 45 to 64 years | - |
| 65 years and over | - |
TABLE OF CONTENTS
Rockwell Township, Minnesota 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 Rockwell township population by age, the median age in Rockwell township is 39.5 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 Rockwell township, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $68,333.
In terms of income distribution across age cohorts, Rockwell township only reports a median household income of $68,333 among householders in 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 township of Rockwell township.
FIGURE 1
Rockwell Township, Minnesota median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Rockwell township, 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. Given the absence of data across all age groups in one of the surveyed years (either 2013 or 2023) from the US Census Bureau American Community Survey, conducting a temporal analysis for those age cohorts was unattainable.
Rockwell Township, Minnesota household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Rockwell township 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 0 households where the householder is under 25 years old, 14(42.42%) households with a householder aged between 25 and 44 years, 2(6.06%) households with a householder aged between 45 and 64 years, and 17(51.52%) 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 65 years and over bracket. This distribution hints at economic disparities within the township of Rockwell township, showcasing varying income levels among different age demographics.
FIGURE 2
Rockwell Township, Minnesota household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Rockwell township: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Rockwell township household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Rockwell township: 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 |
| $10,000 - $14,999 | - | - | - | - |
| $15,000 - $19,999 | - | - | - | 3 |
| $20,000 - $24,999 | - | - | - | - |
| $25,000 - $29,999 | - | 3 | - | 2 |
| $30,000 - $34,999 | - | - | - | 3 |
| $35,000 - $39,999 | - | - | - | 1 |
| $40,000 - $44,999 | - | - | 2 | - |
| $45,000 - $49,999 | - | 3 | - | - |
| $50,000 - $59,999 | - | - | - | 1 |
| $60,000 - $74,999 | - | 3 | - | - |
| $75,000 - $99,999 | - | 5 | - | 5 |
| $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 Rockwell township 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: In Rockwell township, the comparison with the median income of the state and the nation remains inapplicable as there are no households headed by individuals under 25 years old.
- Householder 25 to 44 years: In Rockwell township, among households headed by individuals aged 25 to 44,worth noting that 35.71% match or surpass the state of Minnesota median income of $87,556. These 5 households, represent a notable portion of the total 14 households in Rockwell township within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Rockwell township, among households led by individuals aged 45 to 64 years, there are no households that meet or surpass the state of Minnesota median income of $87,556. Hence, of the total 2 households in this age group, none achieved an income higher than the Minnesota state median income range.
- Householder 65 years and over: In Rockwell township, among the over 65 years age group, a noteworthy 35.29% of households either match or surpass the state of Minnesota median income of $87,556. These 6 households, constituting notable portion of the Rockwell township township 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 Rockwell Township, Minnesota?
In Rockwell township, households led by individuals aged 25 to 44 years report the highest median household income of $68,333 according to the American Community Survey 2019-2023 5-Year Estimates by the US Census Bureau.
How does the median household income vary by age in Rockwell Township, Minnesota?
In terms of income distribution across age cohorts, Rockwell township only reports a median household income of $68,333 among householders in the 25 to 44 years age group..
How does the median household income for households led by individuals of median age compare in Rockwell Township, Minnesota?
The median age in Rockwell township is 39.5, 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 Rockwell township, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $68,333.
References
- U.S. Census Bureau American Community Survey (ACS) 2019-2023 5-Year Estimates
- Consumer Price Index retroactive series using current methods (R-CPI-U-RS)
