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The total population of Banks township is estimated to be 1,387 with 729 males (52.56%) and 658 females (47.44%). There are 71 less females than males in Banks township.
The median household income in Banks township was $70,464 in 2021, which marked an an increase of 2,785(4.12%) from $67,679 in 2020. This income is 94.45% of the U.S. median household income of $74,606 (all incomes in 2022 inflation-adjusted dollars).
Per the latest American Community Survey by the Census Bureau, Banks township sees its highest median household income among householders in the age group of 45 to 64 years old, at $84,157. Overall, the median household income for the township of Banks township stands at $70,464.
In Banks township, the median income for all workers aged 15 years and older, regardless of work hours, was $41,855 for males and $26,140 for females. However, when specifically considering full-time, year-round workers within the same age group, the median income was $57,116 for males and $41,435 for females.
In Banks township, population is primarily represented by White households, reporting a median income of $68,064.
In 2022, the population of Banks township was 1,639, a 1.36% increase year-by-year from 2021. Previously, in 2021, Banks township's population was 1,617, an increase of 1.83% compared to a population of 1,588 in 2020.
The median age in Banks Township, Michigan is 50.7, as per 2021 ACS 5-Year Estimates. Of the total population, 11.43% were under the age of 15, 18.52% aged 15 to 29, 46.12% aged 30 to 64, 20.32% aged 65 to 84, and 3.61% were 85 years of age and older.
Racial distribution of Banks township population: 93.72% are White, 1.07% are Black or African American, 1.14% are American Indian and Alaska Native, 0.13% are Asian and 3.94% are multiracial.