Median Household Income by Age of Householder in Split Rock Township, Minnesota (2021, in 2022 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Split Rock township. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Split Rock township.
Age Of The Head Of Household | Median Household Income |
---|---|
Under 25 years | - |
25 to 44 years | $81,068 |
45 to 64 years | - |
65 years and over | - |
TABLE OF CONTENTS
Split Rock 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 Split Rock township population by age, the median age in Split Rock township is 53.3 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, according to the latest American Community Survey data, the US Census Bureau did not report the median household income for householders in the 45 to 64 years age group in Split Rock 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, Split Rock township only reports a median household income of $81,068 among householders in the 25 to 44 years 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 Split Rock township.
![Split Rock Township, Minnesota median household income by age of householder The bar chart shows Split Rock 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/split-rock-township-mn-median-household-income-by-age.jpeg)
Analysis of income trends over the past decade highlights notable shifts across various age groups. Notably, household income for individuals within the 25 to 44 years age group demonstrated a remarkable increase of $21,682(36.51%), escalating from a median of $59,386 in 2011 to $81,068 in 2021. Conversely, the age group of 25 to 44 years years witnessed the smallest growth in household income across the same span. Their median income saw a small increase of $21,682(36.51%), increasing from a median of $59,386 in 2011 to $81,068 in 2021.
Split Rock Township, Minnesota household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Split Rock 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 6(7.59%) households where the householder is under 25 years old, 10(12.66%) households with a householder aged between 25 and 44 years, 38(48.10%) households with a householder aged between 45 and 64 years, and 25(31.65%) households where the householder is over 65 years old.
The age group of 25 to 44 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 Split Rock township, showcasing varying income levels among different age demographics.
![>Split Rock Township, Minnesota household income distribution across age groups The bar chart displays the distribution of household income in Split Rock 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/split-rock-township-mn-household-income-by-age-groups.jpeg)
Age-wise distribution of Split Rock township household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Split Rock 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 | - | 3 | 4 | 4 |
$10,000 - $14,999 | - | - | 3 | 1 |
$15,000 - $19,999 | - | - | 11 | 3 |
$20,000 - $24,999 | - | - | - | 1 |
$25,000 - $29,999 | - | - | 2 | 3 |
$30,000 - $34,999 | - | - | - | - |
$35,000 - $39,999 | - | - | - | 1 |
$40,000 - $44,999 | - | - | - | - |
$45,000 - $49,999 | - | - | - | - |
$50,000 - $59,999 | 5 | - | 1 | 1 |
$60,000 - $74,999 | 1 | 2 | 10 | 3 |
$75,000 - $99,999 | - | 3 | - | 3 |
$100,000 - $124,999 | - | - | 1 | 4 |
$125,000 - $149,999 | - | 1 | 2 | 1 |
$150,000 - $199,999 | - | 1 | 4 | - |
$200,000 or more | - | - | - | - |
To further explore the income distribution and gain insights into financial landscape of Split Rock 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 noteworthy that no households in Split Rock township, where householders are under 25 years old, fall within or exceed the income bracket representing the median income of $82,338 for the state of Minnesota. 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 Split Rock township, among households headed by individuals aged 25 to 44,worth noting that 50% match or surpass the state of Minnesota median income of $82,338. These 5 households, represent a notable portion of the total 10 households in Split Rock township within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Split Rock township, within the age group of 45 to 64 years, a noteworthy 18.42% of households meet or exceed the state of Minnesota median income of $82,338. These 7 households, out of the total 38 households in this age cohort, signify a notable portion of mature demographic of Split Rock township, showcasing commendable financial stability in comparison to the Minnesota state median income benchmark.
- Householder 65 years and over: In Split Rock township, among the over 65 years age group, a noteworthy 32% of households either match or surpass the state of Minnesota median income of $82,338. These 8 households, constituting notable portion of the Split Rock 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 Split Rock Township, Minnesota?
In Split Rock township, households led by individuals aged 25 to 44 years report the highest median household income of $81,068 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 Split Rock Township, Minnesota?
In terms of income distribution across age cohorts, Split Rock township only reports a median household income of $81,068 among householders in the 25 to 44 years age group..
How does the median household income for households led by individuals of median age compare in Split Rock Township, Minnesota?
The median age in Split Rock township is 53.3, 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, according to the latest American Community Survey data, the US Census Bureau did not report the median household income for householders in the 45 to 64 years age group in Split Rock 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)