Age of householder
Per the latest American Community Survey by the Census Bureau, Watertown charter township sees its highest median household income among householders in the age group of 45 to 64 years old, at $129,034. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Watertown charter township, the median household income stands at $129,034 for householders within the 45 to 64 years age group, followed by $107,893 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 $71,315.
- Notably, household income for individuals within the 65 years and over age group demonstrated a remarkable increase of $15,062(26.78%), escalating from a median of $56,253 in 2011 to $71,315 in 2021.
- 8(0.37%) households where the householder is under 25 years old.
- 742(34.13%) households with a householder aged between 25 and 44 years.
- 813(37.40%) households with a householder aged between 45 and 64 years.
- 611(28.10%) households where the householder is over 65 years old.
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Gender
In Watertown charter township, the population consists of 2,841 males (51.50%) and 2,676 females (48.50%). Here are the primary highlights from the gender-based income distribution analysis:
- In Watertown charter township, the median income for all workers aged 15 years and older, regardless of work hours, was $50,665 for males and $34,539 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $65,646 for males and $71,273 for females.
- In Watertown charter township, the median income for all workers aged 15 years and older, regardless of work hours, was $50,665 for males and $34,539 for females.
- In Watertown charter township, among full-time, year-round workers aged 15 years and older, males earned a median income of $65,646, while females earned $71,273
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Race
In Watertown charter township, the population is predominantly White, constituting 90.39% 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 $95,966.
- In Watertown charter township, despite the White population being the most populous, it is worth noting that Two or More Races households actually reports the highest median household income, with a median income of $106,713. This reveals that, while Whites may be the most numerous in Watertown charter township, Two or More Races households experience greater economic prosperity in terms of median household income.
- In Watertown charter township, the median household income for the households where the householder is White increased by $1,575(1.67%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $94,391 in 2011 and $95,966 in 2021.
- In Watertown charter township, the median household income for Black or African American households was $58,569 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
Watertown charter Township, Michigan median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Watertown charter township decreased by $1,458 (1.36%), 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 2012 to 2013, when the median household income increased by 13,987 (from $82,263 to $96,250). Similarly the most substantial year-by-year decline occured from 2010 to 2011, when the median household income decreased by 13,509 (from $107,219 to $93,710).
- It then further increased to $147,450 for 6-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.4154, it is evident that income distribution in Watertown charter Township, Michigan exihibits characterstics of moderate inequality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $112,734. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $55,777.
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