Median Household Income by Age of Householder in Salem township, Olmsted County, Minnesota (2022, in 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Salem township. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Salem township.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | - |
| 25 to 44 years | $142,057 |
| 45 to 64 years | $151,416 |
| 65 years and over | $64,688 |
TABLE OF CONTENTS
Salem township, Olmsted County, 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 Salem township population by age, the median age in Salem township is 51.3 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 Salem township, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $151,416.
In terms of income distribution across age cohorts, in Salem township, the median household income stands at $151,416 for householders within the 45 to 64 years age group, followed by $142,057 for the 25 to 44 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $64,688.
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 Salem township.
FIGURE 1
Salem township, Olmsted County, Minnesota median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Salem 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. Among the three age groups with available Census data in both 2012 and 2022, 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 $49,727(48.90%), escalating from a median of $101,689 in 2012 to $151,416 in 2022. 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 $599(0.93%), increasing from a median of $64,089 in 2012 to $64,688 in 2022.
Salem township, Olmsted County, Minnesota household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Salem 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 11(2.46%) households where the householder is under 25 years old, 88(19.64%) households with a householder aged between 25 and 44 years, 157(35.04%) households with a householder aged between 45 and 64 years, and 192(42.86%) 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 65 years and over bracket. This distribution hints at economic disparities within the township of Salem township, showcasing varying income levels among different age demographics.
FIGURE 2
Salem township, Olmsted County, Minnesota household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Salem township: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Salem township household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Salem 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 | - | - | 5 | 2 |
| $10,000 - $14,999 | - | - | - | - |
| $15,000 - $19,999 | - | - | - | - |
| $20,000 - $24,999 | - | - | 4 | 11 |
| $25,000 - $29,999 | - | - | - | - |
| $30,000 - $34,999 | - | 10 | - | 12 |
| $35,000 - $39,999 | - | - | - | 2 |
| $40,000 - $44,999 | - | - | 3 | 9 |
| $45,000 - $49,999 | 7 | - | - | - |
| $50,000 - $59,999 | - | 5 | 18 | 9 |
| $60,000 - $74,999 | - | - | - | 70 |
| $75,000 - $99,999 | 4 | 18 | 30 | 30 |
| $100,000 - $124,999 | - | 7 | 14 | 6 |
| $125,000 - $149,999 | - | 9 | 10 | 9 |
| $150,000 - $199,999 | - | 26 | 19 | 28 |
| $200,000 or more | - | 13 | 54 | 4 |
To further explore the income distribution and gain insights into financial landscape of Salem 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: It is worth noting that 36.36% of the households in Salem township, 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 4 Salem township households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
- Householder 25 to 44 years: In Salem township, among households headed by individuals aged 25 to 44, an impressive 82.95% match or surpass the state of Minnesota median income of $87,791. These 73 households, represent a significant portion of the total 88 households in Salem township within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Salem township, within the age group of 45 to 64 years, a remarkable 80.89% of households meet or exceed the state of Minnesota median income of $87,791. These 127 households, out of the total 157 households in this age cohort, signify a substantial portion of mature demographic of Salem township, showcasing commendable financial stability in comparison to the Minnesota state median income benchmark.
- Householder 65 years and over: In Salem township, among the over 65 years age group, a noteworthy 40.10% of households either match or surpass the state of Minnesota median income of $87,791. These 77 households, constituting notable portion of the Salem 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 Salem township, Olmsted County, Minnesota?
In Salem township, households led by individuals aged 45 to 64 years report the highest median household income of $151,416 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 Salem township, Olmsted County, Minnesota?
In terms of income distribution across age cohorts, in Salem township, the median household income stands at $151,416 for householders within the 45 to 64 years age group, followed by $142,057 for the 25 to 44 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $64,688..
How does the median household income for households led by individuals of median age compare in Salem township, Olmsted County, Minnesota?
The median age in Salem township is 51.3, 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 Salem township, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $151,416.
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)