South Haven, MI Median Household Income By Age

South Haven, MI 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 South Haven population by age, the median age in South Haven is 61 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 South Haven, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $87,986.

In terms of income distribution across age cohorts, in South Haven, the median household income stands at $87,986 for householders within the 45 to 64 years age group, followed by $73,198 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 $63,185.

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 South Haven.

FIGURE 1

South Haven, MI median household income by age of householder

It offers a clear illustration of the differences in median household incomes in South Haven, 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 25 to 44 years age group demonstrated a remarkable increase of $26,892(58.07%), escalating from a median of $46,306 in 2012 to $73,198 in 2022. Conversely, the age group of 45 to 64 years years witnessed the smallest growth in household income across the same span. Their median income saw a small increase of $11,562(15.13%), increasing from a median of $76,424 in 2012 to $87,986 in 2022.

South Haven, MI household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the South Haven 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 111(5.71%) households where the householder is under 25 years old, 332(17.09%) households with a householder aged between 25 and 44 years, 578(29.75%) households with a householder aged between 45 and 64 years, and 922(47.45%) 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 city of South Haven, showcasing varying income levels among different age demographics.

FIGURE 2

South Haven, MI household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in South Haven: under 25 years, 25-44 years, 45-64 years, and over 65 years

To further explore the income distribution and gain insights into financial landscape of South Haven when compared to the state of Michigan 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 noteworthy that no households in South Haven, where householders are under 25 years old, fall within or exceed the income bracket representing the median income of $71,331 for the state of Michigan. This indicates an income disparity among households headed by individuals under 25 years old when compared to the median income of the state.
• Householder 25 to 44 years: In South Haven, among households headed by individuals aged 25 to 44, an impressive 67.47% match or surpass the state of Michigan median income of $71,331. These 224 households, represent a significant portion of the total 332 households in South Haven within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In South Haven, within the age group of 45 to 64 years, a remarkable 58.82% of households meet or exceed the state of Michigan median income of $71,331. These 340 households, out of the total 578 households in this age cohort, signify a substantial portion of mature demographic of South Haven, showcasing commendable financial stability in comparison to the Michigan state median income benchmark.
• Householder 65 years and over: In South Haven, among the over 65 years age group, an impressive 50.33% of households either match or surpass the state of Michigan median income of $71,331. These 464 households, constituting a significant portion of the South Haven city senior population, showcase commendable financial stability compared to the Michigan state median income benchmark.

Things to know

Which age group reports the highest median household income in South Haven, MI?

In South Haven, households led by individuals aged 45 to 64 years report the highest median household income of $87,986 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 South Haven, MI?

In terms of income distribution across age cohorts, in South Haven, the median household income stands at $87,986 for householders within the 45 to 64 years age group, followed by $73,198 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 $63,185..

How does the median household income for households led by individuals of median age compare in South Haven, MI?

The median age in South Haven is 61, 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 South Haven, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $87,986.

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