Ten Mile Lake Township, Minnesota Median Household Income By Age

Ten Mile Lake 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 Ten Mile Lake township population by age, the median age in Ten Mile Lake township is 58.3 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 Ten Mile Lake 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, in Ten Mile Lake township, where there exist only two delineated age groups, the median household income is $123,359 for householders within the 65 years and over age group, compared to $89,808 for 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 Ten Mile Lake township.

FIGURE 1

Ten Mile Lake Township, Minnesota median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Ten Mile Lake 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 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 $61,679(100%), escalating from a median of $61,680 in 2012 to $123,359 in 2022. 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 $3,956(4.61%), increasing from a median of $85,852 in 2012 to $89,808 in 2022.

Ten Mile Lake Township, Minnesota household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Ten Mile Lake 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 0 households where the householder is under 25 years old, 10(17.86%) households with a householder aged between 25 and 44 years, 14(25%) households with a householder aged between 45 and 64 years, and 32(57.14%) households where the householder is over 65 years old.

In Ten Mile Lake township, 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

Ten Mile Lake Township, Minnesota household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Ten Mile Lake 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 Ten Mile Lake 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: In Ten Mile Lake township, the comparison with the median income of the state and the nation remains inapplicable as there are no households headed by individuals under 25 years old.
• Householder 25 to 44 years: In Ten Mile Lake township, among households headed by individuals aged 25 to 44, an impressive 70% match or surpass the state of Minnesota median income of $87,791. These 7 households, represent a significant portion of the total 10 households in Ten Mile Lake township within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Ten Mile Lake township, within the age group of 45 to 64 years, a remarkable 85.71% of households meet or exceed the state of Minnesota median income of $87,791. These 12 households, out of the total 14 households in this age cohort, signify a substantial portion of mature demographic of Ten Mile Lake township, showcasing commendable financial stability in comparison to the Minnesota state median income benchmark.
• Householder 65 years and over: In Ten Mile Lake township, among the over 65 years age group, an impressive 81.25% of households either match or surpass the state of Minnesota median income of $87,791. These 26 households, constituting a significant portion of the Ten Mile Lake 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 Ten Mile Lake Township, Minnesota?

In Ten Mile Lake township, households led by individuals aged 65 years and over report the highest median household income of $123,359 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 Ten Mile Lake Township, Minnesota?

In terms of income distribution across age cohorts, in Ten Mile Lake township, where there exist only two delineated age groups, the median household income is $123,359 for householders within the 65 years and over age group, compared to $89,808 for the 25 to 44 years age group..

How does the median household income for households led by individuals of median age compare in Ten Mile Lake Township, Minnesota?

The median age in Ten Mile Lake township is 58.3, 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 Ten Mile Lake 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.

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