Age of householder
Per the latest American Community Survey by the Census Bureau, Buchanan township sees its highest median household income among householders in the age group of 45 to 64 years old, at $73,062. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Buchanan township, the median household income stands at $73,062 for householders within the 45 to 64 years age group, followed by $68,034 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 $62,525.
- Notably, household income for individuals within the 65 years and over age group demonstrated a remarkable increase of $21,867(53.78%), escalating from a median of $40,658 in 2011 to $62,525 in 2021.
- 0 households where the householder is under 25 years old.
- 238(17.22%) households with a householder aged between 25 and 44 years.
- 612(44.28%) households with a householder aged between 45 and 64 years.
- 532(38.49%) households where the householder is over 65 years old.
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Gender
In Buchanan township, the population consists of 1,632 males (47.58%) and 1,798 females (52.42%). Here are the primary highlights from the gender-based income distribution analysis:
- In Buchanan township, the median income for all workers aged 15 years and older, regardless of work hours, was $34,806 for males and $27,063 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $56,108 for males and $44,187 for females.
- In Buchanan township, the median income for all workers aged 15 years and older, regardless of work hours, was $34,806 for males and $27,063 for females.
- In Buchanan township, among full-time, year-round workers aged 15 years and older, males earned a median income of $56,108, while females earned $44,187, leading to a 21% gender pay gap among full-time workers. This illustrates that women earn 79 cents for each dollar earned by men in full-time roles. This analysis indicates a widening gender pay gap, showing a substantial income disparity where women, despite working full-time, face a more significant wage discrepancy compared to men in the same roles.
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Race
In Buchanan township, the population is predominantly White, constituting 91.49% of the total residents. Here are the key highlights from the analysis of income distribution by race:
- The median household income for White households is $63,423.
- In Buchanan township, White is both the largest group and the one with the highest median household income, which stands at $63,423.
- In Buchanan township, the median household income for the households where the householder is White decreased by $14,599(18.71%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $78,022 in 2011 and $63,423 in 2021.
- In Buchanan township, the median household income for Black or African American households was $25,062 in 2011(2022 inflation-adjusted dollars). However there is no reported data for 2021, indicating a lack of information for this specific year.
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Year by year
Buchanan Township, Michigan median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Buchanan township decreased by $12,979 (16.90%), as per the American Community Survey estimates.
- Between 2010 and 2021, median household income, adjusted for 2022 inflation, experienced growth year by year for 3 years and declined for 8 years.
- The most significant year-by-year growth occured from 2012 to 2013, when the median household income increased by 6,552 (from $71,831 to $78,383). Similarly the most substantial year-by-year decline occured from 2016 to 2017, when the median household income decreased by 5,612 (from $74,579 to $68,967).
- It then further increased to $136,742 for 5-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.3763, it is evident that income distribution in Buchanan Township, Michigan exihibits characterstics of moderate equality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $74,839. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $39,183.
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