Median Household Income by Age of Householder in Spencer Township, Michigan (2022, in 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Spencer township. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Spencer township.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | $111,934 |
| 25 to 44 years | $75,028 |
| 45 to 64 years | $77,953 |
| 65 years and over | $46,956 |
TABLE OF CONTENTS
Spencer Township, Michigan 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 Spencer township population by age, the median age in Spencer township is 44.5 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 Spencer township, the age group of 45 to 64 years exhibited the second-highest median household income, recorded at $77,953.
In terms of income distribution across age cohorts, in Spencer township, householders within the under 25 years age group have the highest median household income at $111,934, followed by those in the 45 to 64 years age group with an income of $77,953. Meanwhile householders within the 25 to 44 years age group report the second lowest median household income of $75,028. Notably, householders within the 65 years and over age group, had the lowest median household income at $46,956.
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 Spencer township.
FIGURE 1
Spencer Township, Michigan median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Spencer 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, two groups encountered a decline in their median household income, while the remaining one experienced an increase during this period. Notably, household income for individuals within the 45 to 64 years age group demonstrated a remarkable increase of $11,405(17.14%), escalating from a median of $66,548 in 2012 to $77,953 in 2022. Conversely, the age group of 65 years and over years witnessed the most significant decline in household income across the same span. Their median income saw a substantial drop of $4,722(9.14%), declining from a median of $51,678 in 2012 to $46,956 in 2022.
Spencer Township, Michigan household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Spencer 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 62(3.98%) households where the householder is under 25 years old, 339(21.77%) households with a householder aged between 25 and 44 years, 620(39.82%) households with a householder aged between 45 and 64 years, and 536(34.43%) households where the householder is over 65 years old.
The age group of under 25 years exhibits the highest median household income, while the largest number of households falls within the 45 to 64 years bracket. This distribution hints at economic disparities within the township of Spencer township, showcasing varying income levels among different age demographics.
FIGURE 2
Spencer Township, Michigan household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Spencer township: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Spencer township household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Spencer 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 | - | - | 44 | - |
| $10,000 - $14,999 | - | - | 6 | 36 |
| $15,000 - $19,999 | - | 27 | 3 | 11 |
| $20,000 - $24,999 | - | 7 | 13 | 9 |
| $25,000 - $29,999 | - | - | - | 57 |
| $30,000 - $34,999 | - | - | 45 | 53 |
| $35,000 - $39,999 | - | - | 17 | 57 |
| $40,000 - $44,999 | - | 46 | - | 42 |
| $45,000 - $49,999 | - | 14 | 23 | 87 |
| $50,000 - $59,999 | 6 | 33 | 58 | 27 |
| $60,000 - $74,999 | - | 48 | 103 | 32 |
| $75,000 - $99,999 | 5 | 39 | 113 | 13 |
| $100,000 - $124,999 | 45 | 63 | 47 | 61 |
| $125,000 - $149,999 | 6 | 13 | 70 | 32 |
| $150,000 - $199,999 | - | 49 | 78 | 19 |
| $200,000 or more | - | - | - | - |
To further explore the income distribution and gain insights into financial landscape of Spencer township 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 impressive that 90.32% of the households in Spencer township, where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $71,331 for the state of Michigan. These 56 Spencer township households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
- Householder 25 to 44 years: In Spencer township, among households headed by individuals aged 25 to 44, an impressive 62.54% match or surpass the state of Michigan median income of $71,331. These 212 households, represent a significant portion of the total 339 households in Spencer township within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Spencer township, within the age group of 45 to 64 years, a remarkable 66.29% of households meet or exceed the state of Michigan median income of $71,331. These 411 households, out of the total 620 households in this age cohort, signify a substantial portion of mature demographic of Spencer township, showcasing commendable financial stability in comparison to the Michigan state median income benchmark.
- Householder 65 years and over: In Spencer township, among the over 65 years age group, a noteworthy 29.29% of households either match or surpass the state of Michigan median income of $71,331. These 157 households, constituting notable portion of the Spencer township township 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 Spencer Township, Michigan?
In Spencer township, households led by individuals aged under 25 years report the highest median household income of $111,934 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 Spencer Township, Michigan?
In terms of income distribution across age cohorts, in Spencer township, householders within the under 25 years age group have the highest median household income at $111,934, followed by those in the 45 to 64 years age group with an income of $77,953. Meanwhile householders within the 25 to 44 years age group report the second lowest median household income of $75,028. Notably, householders within the 65 years and over age group, had the lowest median household income at $46,956..
How does the median household income for households led by individuals of median age compare in Spencer Township, Michigan?
The median age in Spencer township is 44.5, 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 Spencer township, the age group of 45 to 64 years exhibited the second-highest median household income, recorded at $77,953.
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)