Age of householder
Per the latest American Community Survey by the Census Bureau, Cherry Valley township sees its highest median household income among householders in the age group of 45 to 64 years old, at $63,504. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Cherry Valley township, the median household income stands at $63,504 for householders within the 45 to 64 years age group, followed by $54,046 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 $40,289.
- Notably, household income for individuals within the 45 to 64 years age group demonstrated a remarkable increase of $11,201(21.42%), escalating from a median of $52,303 in 2011 to $63,504 in 2021.
- 3(1.66%) households where the householder is under 25 years old.
- 12(6.63%) households with a householder aged between 25 and 44 years.
- 58(32.04%) households with a householder aged between 45 and 64 years.
- 108(59.67%) households where the householder is over 65 years old.
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Gender
In Cherry Valley township, the population consists of 228 males (51.24%) and 217 females (48.76%). Here are the primary highlights from the gender-based income distribution analysis:
- In Cherry Valley township, the median income for all workers aged 15 years and older, regardless of work hours, was $34,522 for males and $20,943 for females.
- However, when specifically considering full-time, year-round workers within the same age group, while the Census reported a median income of $36,631 for males, while data for females was unavailable due to an insufficient number of sample observations.
- In Cherry Valley township, the median income for all workers aged 15 years and older, regardless of work hours, was $34,522 for males and $20,943 for females.
- In Cherry Valley township, for full-time, year-round workers aged 15 years and older, while the Census reported a median income of $36,631 for males, while data for females was unavailable due to an insufficient number of sample observations.
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Race
In Cherry Valley township, the population is predominantly White, constituting 90.34% 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 $43,068.
- In Cherry Valley township, despite the White population being the most populous, it is worth noting that Black or African American households actually reports the highest median household income, with a median income of $49,541. This reveals that, while Whites may be the most numerous in Cherry Valley township, Black or African American households experience greater economic prosperity in terms of median household income.
- In Cherry Valley township, the median household income for the households where the householder is White decreased by $5,421(11.18%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $48,489 in 2011 and $43,068 in 2021.
- In Cherry Valley township, there was no reported median household income for Black or African American households in 2011. However, in 2021, the median household income increased to $49,541(2022 inflation-adjusted dollars), marking a significant change.
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Year by year
Cherry Valley Township, Michigan median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Cherry Valley township decreased by $3,551 (7.22%), as per the American Community Survey estimates.
- Between 2010 and 2021, median household income, adjusted for 2022 inflation, experienced growth year by year for 5 years and declined for 6 years.
- The most significant year-by-year growth occured from 2019 to 2020, when the median household income increased by 6,933 (from $47,364 to $54,297). Similarly the most substantial year-by-year decline occured from 2020 to 2021, when the median household income decreased by 8,695 (from $54,297 to $45,602).
- It then further increased to $49,992 for 4-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.3457, it is evident that income distribution in Cherry Valley Township, Michigan exihibits characterstics of moderate equality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $62,644. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $38,706.
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