Median Household Income by Age of Householder in Smoky Hollow Township, Minnesota (2021, in 2022 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Smoky Hollow township. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Smoky Hollow township.
Age Of The Head Of Household | Median Household Income |
---|---|
Under 25 years | - |
25 to 44 years | - |
45 to 64 years | $51,884 |
65 years and over | $31,076 |
TABLE OF CONTENTS
Smoky Hollow 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 Smoky Hollow township population by age, the median age in Smoky Hollow township is 38.8 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 Smoky Hollow 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 Smoky Hollow township, where there exist only two delineated age groups, the median household income is $51,884 for householders within the 45 to 64 years age group, compared to $31,076 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 Smoky Hollow township.
![Smoky Hollow Township, Minnesota median household income by age of householder The bar chart shows Smoky Hollow 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/smoky-hollow-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 an increase in this time period. Notably, household income for individuals within the 65 years and over age group demonstrated the smallest decline of $2,431(7.26%), declining from a median of $33,507 in 2011 to $31,076 in 2021. 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 $20,578(28.40%), declining from a median of $72,462 in 2011 to $51,884 in 2021.
Smoky Hollow Township, Minnesota household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Smoky Hollow 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, 0 households with a householder aged between 25 and 44 years, 26(68.42%) households with a householder aged between 45 and 64 years, and 12(31.58%) households where the householder is over 65 years old.
In Smoky Hollow township, 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.
![>Smoky Hollow Township, Minnesota household income distribution across age groups The bar chart displays the distribution of household income in Smoky Hollow 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/smoky-hollow-township-mn-household-income-by-age-groups.jpeg)
Age-wise distribution of Smoky Hollow township household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Smoky Hollow 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 | - | - | - | 2 |
$15,000 - $19,999 | - | - | 5 | 2 |
$20,000 - $24,999 | - | - | 4 | - |
$25,000 - $29,999 | - | - | - | 2 |
$30,000 - $34,999 | - | - | 2 | - |
$35,000 - $39,999 | - | - | - | - |
$40,000 - $44,999 | - | - | - | - |
$45,000 - $49,999 | - | - | 10 | 1 |
$50,000 - $59,999 | - | - | - | - |
$60,000 - $74,999 | - | - | 4 | - |
$75,000 - $99,999 | - | - | - | - |
$100,000 - $124,999 | - | - | - | - |
$125,000 - $149,999 | - | - | - | 4 |
$150,000 - $199,999 | - | - | - | - |
$200,000 or more | - | - | 1 | - |
To further explore the income distribution and gain insights into financial landscape of Smoky Hollow 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 Smoky Hollow 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 Smoky Hollow township there are no households where the head of the household is between 25 to 44 years old, making it impossible to compare the income with that of the state and the nation.
- Householder 45 to 64 years: In Smoky Hollow township, within the age group of 45 to 64 years, only 3.85% of households meet or exceed the state of Minnesota median income of $82,338. These 1 households, out of the total 26 households in this age cohort, signify a low portion of mature demographic of Smoky Hollow township, showcasing commendable financial stability in comparison to the Minnesota state median income benchmark.
- Householder 65 years and over: In Smoky Hollow township, among the over 65 years age group, a noteworthy 33.33% of households either match or surpass the state of Minnesota median income of $82,338. These 4 households, constituting notable portion of the Smoky Hollow 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 Smoky Hollow Township, Minnesota?
In Smoky Hollow township, households led by individuals aged 45 to 64 years report the highest median household income of $51,884 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 Smoky Hollow Township, Minnesota?
In terms of income distribution across age cohorts, in Smoky Hollow township, where there exist only two delineated age groups, the median household income is $51,884 for householders within the 45 to 64 years age group, compared to $31,076 for the 65 years and over age group..
How does the median household income for households led by individuals of median age compare in Smoky Hollow Township, Minnesota?
The median age in Smoky Hollow township is 38.8, 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 Smoky Hollow 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)