Tallmadge charter Township, Michigan Median Household Income By Age

Tallmadge charter 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 Tallmadge charter township population by age, the median age in Tallmadge charter township is 39.8 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, within Tallmadge charter township, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $111,678.

In terms of income distribution across age cohorts, in Tallmadge charter township, the median household income stands at $122,217 for householders within the 45 to 64 years age group, followed by $111,678 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 $57,485.

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 Tallmadge charter township.

FIGURE 1

Tallmadge charter Township, Michigan median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Tallmadge charter 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, one groups encountered a decline in their median household income, while the remaining two experienced an increase during this period. Notably, household income for individuals within the 25 to 44 years age group demonstrated a remarkable increase of $23,888(27.21%), escalating from a median of $87,790 in 2012 to $111,678 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 $1,631(2.76%), declining from a median of $59,116 in 2012 to $57,485 in 2022.

Tallmadge charter Township, Michigan household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Tallmadge charter 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 27(0.82%) households where the householder is under 25 years old, 1,083(32.75%) households with a householder aged between 25 and 44 years, 1,306(39.49%) households with a householder aged between 45 and 64 years, and 891(26.94%) households where the householder is over 65 years old.

In Tallmadge charter 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.

FIGURE 2

Tallmadge charter Township, Michigan household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Tallmadge charter township: 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 Tallmadge charter 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 100% of the households in Tallmadge charter 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 27 Tallmadge charter township households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
• Householder 25 to 44 years: In Tallmadge charter township, among households headed by individuals aged 25 to 44, an impressive 79.50% match or surpass the state of Michigan median income of $71,331. These 861 households, represent a significant portion of the total 1,083 households in Tallmadge charter township within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Tallmadge charter township, within the age group of 45 to 64 years, a remarkable 84% of households meet or exceed the state of Michigan median income of $71,331. These 1,097 households, out of the total 1,306 households in this age cohort, signify a substantial portion of mature demographic of Tallmadge charter township, showcasing commendable financial stability in comparison to the Michigan state median income benchmark.
• Householder 65 years and over: In Tallmadge charter township, among the over 65 years age group, a noteworthy 44.67% of households either match or surpass the state of Michigan median income of $71,331. These 398 households, constituting notable portion of the Tallmadge charter 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 Tallmadge charter Township, Michigan?

In Tallmadge charter township, households led by individuals aged 45 to 64 years report the highest median household income of $122,217 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 Tallmadge charter Township, Michigan?

In terms of income distribution across age cohorts, in Tallmadge charter township, the median household income stands at $122,217 for householders within the 45 to 64 years age group, followed by $111,678 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 $57,485..

How does the median household income for households led by individuals of median age compare in Tallmadge charter Township, Michigan?

The median age in Tallmadge charter township is 39.8, 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, within Tallmadge charter township, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $111,678.

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