Suttons Bay, MI Median Household Income By Age

Suttons Bay, 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 Suttons Bay population by age, the median age in Suttons Bay is 69.3 years.

Typically for a location with median age in this range, it suggests a significant population of retirees or older individuals. Interestingly, within Suttons Bay, the age group of 65 years and over also exhibits the highest median household income, recorded at $122,950.

In terms of income distribution across age cohorts, in Suttons Bay, where there exist only two delineated age groups, the median household income is $122,950 for householders within the 65 years and over age group, compared to $99,439 for the 45 to 64 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 village of Suttons Bay.

FIGURE 1

Suttons Bay, MI median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Suttons Bay, 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 two 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 65 years and over age group demonstrated a remarkable increase of $57,936(89.11%), escalating from a median of $65,014 in 2012 to $122,950 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 $4,418(4.65%), increasing from a median of $95,021 in 2012 to $99,439 in 2022.

Suttons Bay, MI household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Suttons Bay 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 4(1.30%) households where the householder is under 25 years old, 15(4.87%) households with a householder aged between 25 and 44 years, 50(16.23%) households with a householder aged between 45 and 64 years, and 239(77.60%) households where the householder is over 65 years old.

In Suttons Bay, the age group of 65 years and over 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.

FIGURE 2

Suttons Bay, MI household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Suttons Bay: 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 Suttons Bay 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 Suttons Bay, 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 Suttons Bay, among households headed by individuals aged 25 to 44,worth noting that 46.67% match or surpass the state of Michigan median income of $71,331. These 7 households, represent a notable portion of the total 15 households in Suttons Bay within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Suttons Bay, within the age group of 45 to 64 years, a remarkable 58% of households meet or exceed the state of Michigan median income of $71,331. These 29 households, out of the total 50 households in this age cohort, signify a substantial portion of mature demographic of Suttons Bay, showcasing commendable financial stability in comparison to the Michigan state median income benchmark.
• Householder 65 years and over: In Suttons Bay, among the over 65 years age group, an impressive 72.80% of households either match or surpass the state of Michigan median income of $71,331. These 174 households, constituting a significant portion of the Suttons Bay village 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 Suttons Bay, MI?

In Suttons Bay, households led by individuals aged 65 years and over report the highest median household income of $122,950 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 Suttons Bay, MI?

In terms of income distribution across age cohorts, in Suttons Bay, where there exist only two delineated age groups, the median household income is $122,950 for householders within the 65 years and over age group, compared to $99,439 for the 45 to 64 years age group..

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

The median age in Suttons Bay is 69.3, which falls within the 65 years and over range among the four age groups defined by the US Census Bureau. This demographic suggests a significant population of retirees or older individuals. Interestingly, within Suttons Bay, the age group of 65 years and over also exhibits the highest median household income, recorded at $122,950.

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