Median Household Income by Age of Householder in Royal Township, Minnesota (2021, in 2022 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Royal township. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Royal township.
Age Of The Head Of Household | Median Household Income |
---|---|
Under 25 years | - |
25 to 44 years | - |
45 to 64 years | $127,683 |
65 years and over | $58,775 |
TABLE OF CONTENTS
Royal 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 Royal township population by age, the median age in Royal township is 32.1 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, according to the latest American Community Survey data, the US Census Bureau did not report the median household income for householders in the 25 to 44 years age group in Royal township. This absence could be attributed to a smaller working population or fewer household heads within this age range, potentially resulting in less reliable or unavailable data for reporting.
In terms of income distribution across age cohorts, in Royal township, where there exist only two delineated age groups, the median household income is $127,683 for householders within the 45 to 64 years age group, compared to $58,775 for the 65 years and over 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 Royal township.
![Royal Township, Minnesota median household income by age of householder The bar chart shows Royal Township, Minnesota median household income by age of householder. All incomes have been adjusted for 2022 inflation using the Consumer Price Index retroactive series (R-CPI-U-RS).](https://i.neilsberg.com/ch/royal-township-mn-median-household-income-by-age.jpeg)
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 2011 and 2021, none had a decline during this time period. Notably, household income for individuals within the 45 to 64 years age group demonstrated a remarkable increase of $30,160(30.93%), escalating from a median of $97,523 in 2011 to $127,683 in 2021. Conversely, the age group of 65 years and over years witnessed the smallest growth in household income across the same span. Their median income saw a small increase of $14,099(31.56%), increasing from a median of $44,676 in 2011 to $58,775 in 2021.
Royal Township, Minnesota household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Royal 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, 25(53.19%) households with a householder aged between 25 and 44 years, 9(19.15%) households with a householder aged between 45 and 64 years, and 13(27.66%) households where the householder is over 65 years old.
The age group of 45 to 64 years exhibits the highest median household income, while the largest number of households falls within the 25 to 44 years bracket. This distribution hints at economic disparities within the township of Royal township, showcasing varying income levels among different age demographics.
![>Royal Township, Minnesota household income distribution across age groups The bar chart displays the distribution of household income in Royal Township, Minnesota across different age groups as categorized by the U.S. Census Bureau. It illustrates the number of households within each income bracket across age categories. This visualization offers valuable insights into income disparities and variations across age groups, facilitating data analysis and informed decision-making. It enables the identification of demographics with specific financial statuses within distinct age brackets.](https://i.neilsberg.com/ch/royal-township-mn-household-income-by-age-groups.jpeg)
Age-wise distribution of Royal township household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Royal 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 | - | - | - | 1 |
$15,000 - $19,999 | - | - | - | - |
$20,000 - $24,999 | - | - | - | 3 |
$25,000 - $29,999 | - | - | - | - |
$30,000 - $34,999 | - | - | - | - |
$35,000 - $39,999 | - | - | - | - |
$40,000 - $44,999 | - | - | - | - |
$45,000 - $49,999 | - | - | - | - |
$50,000 - $59,999 | - | 9 | - | 2 |
$60,000 - $74,999 | - | 6 | - | - |
$75,000 - $99,999 | - | 2 | - | 4 |
$100,000 - $124,999 | - | - | 8 | - |
$125,000 - $149,999 | - | 5 | - | - |
$150,000 - $199,999 | - | 3 | 1 | 2 |
$200,000 or more | - | - | - | - |
To further explore the income distribution and gain insights into financial landscape of Royal 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 Royal 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 Royal township, among households headed by individuals aged 25 to 44,worth noting that 40% match or surpass the state of Minnesota median income of $82,338. These 10 households, represent a notable portion of the total 25 households in Royal township within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Royal township, within the age group of 45 to 64 years, a remarkable 100% of households meet or exceed the state of Minnesota median income of $82,338. These 9 households, out of the total 9 households in this age cohort, signify a substantial portion of mature demographic of Royal township, showcasing commendable financial stability in comparison to the Minnesota state median income benchmark.
- Householder 65 years and over: In Royal township, among the over 65 years age group, a noteworthy 46.15% of households either match or surpass the state of Minnesota median income of $82,338. These 6 households, constituting notable portion of the Royal 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 Royal Township, Minnesota?
In Royal township, households led by individuals aged 45 to 64 years report the highest median household income of $127,683 according to the American Community Survey 2017-2021 5-Year Estimates by the US Census Bureau.
How does the median household income vary by age in Royal Township, Minnesota?
In terms of income distribution across age cohorts, in Royal township, where there exist only two delineated age groups, the median household income is $127,683 for householders within the 45 to 64 years age group, compared to $58,775 for the 65 years and over age group..
How does the median household income for households led by individuals of median age compare in Royal Township, Minnesota?
The median age in Royal township is 32.1, 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, according to the latest American Community Survey data, the US Census Bureau did not report the median household income for householders in the 25 to 44 years age group in Royal township. This absence could be attributed to a smaller working population or fewer household heads within this age range, potentially resulting in less reliable or unavailable data for reporting.
References
- U.S. Census Bureau American Community Survey (ACS) 2017-2021 5-Year Estimates
- Consumer Price Index retroactive series using current methods (R-CPI-U-RS)