Median Household Income by Age of Householder in Tower, MN (2022, in 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Tower. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Tower.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | $27,549 |
| 25 to 44 years | $48,592 |
| 45 to 64 years | $101,956 |
| 65 years and over | $43,386 |
TABLE OF CONTENTS
Tower, MN 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 Tower population by age, the median age in Tower is 50.2 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, within Tower, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $101,956.
In terms of income distribution across age cohorts, in Tower, householders within the 45 to 64 years age group have the highest median household income at $101,956, followed by those in the 25 to 44 years age group with an income of $48,592. Meanwhile householders within the 65 years and over age group report the second lowest median household income of $43,386. Notably, householders within the under 25 years age group, had the lowest median household income at $27,549.
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 city of Tower.
FIGURE 1
Tower, MN median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Tower, 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 four age groups with available Census data in both 2012 and 2022, two groups encountered a decline in their median household income, while the remaining two experienced an increase during this period. Notably, household income for individuals within the 45 to 64 years age group demonstrated a remarkable increase of $34,441(51.01%), escalating from a median of $67,515 in 2012 to $101,956 in 2022. Conversely, the age group of Under 25 years years witnessed the most significant decline in household income across the same span. Their median income saw a substantial drop of $1,505(5.18%), declining from a median of $29,054 in 2012 to $27,549 in 2022.
Tower, MN household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Tower 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 11(5.73%) households where the householder is under 25 years old, 36(18.75%) households with a householder aged between 25 and 44 years, 65(33.85%) households with a householder aged between 45 and 64 years, and 80(41.67%) households where the householder is over 65 years old.
The age group of 45 to 64 years exhibits the highest median household income, while the largest number of households falls within the 65 years and over bracket. This distribution hints at economic disparities within the city of Tower, showcasing varying income levels among different age demographics.
FIGURE 2
Tower, MN household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Tower: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Tower household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Tower: Under 25 years, 25-44 years, 45-64 years, and over 65 years. This table highlights the variation in household income, offering valuable insights into economic trends and disparities within different age categories.
| Household Income Age of Householder | Under 25 years | 25 to 44 years | 45 to 64 years | 65 years and over |
|---|---|---|---|---|
| Less than $10,000 | - | 5 | 3 | 2 |
| $10,000 - $14,999 | - | - | - | 2 |
| $15,000 - $19,999 | - | 3 | 7 | 12 |
| $20,000 - $24,999 | 2 | - | - | - |
| $25,000 - $29,999 | 6 | 6 | 3 | 7 |
| $30,000 - $34,999 | 3 | - | 2 | 3 |
| $35,000 - $39,999 | - | - | 2 | 10 |
| $40,000 - $44,999 | - | 2 | - | 6 |
| $45,000 - $49,999 | - | 7 | - | - |
| $50,000 - $59,999 | - | - | - | 10 |
| $60,000 - $74,999 | - | - | 5 | 15 |
| $75,000 - $99,999 | - | 9 | 13 | 9 |
| $100,000 - $124,999 | - | 4 | 13 | 2 |
| $125,000 - $149,999 | - | - | 3 | 2 |
| $150,000 - $199,999 | - | - | 3 | - |
| $200,000 or more | - | - | 11 | - |
To further explore the income distribution and gain insights into financial landscape of Tower 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: It is noteworthy that no households in Tower, where householders are under 25 years old, fall within or exceed the income bracket representing the median income of $87,791 for the state of Minnesota. This indicates an income disparity among households headed by individuals under 25 years old when compared to the median income of the state.
- Householder 25 to 44 years: In Tower, among households headed by individuals aged 25 to 44,worth noting that 36.11% match or surpass the state of Minnesota median income of $87,791. These 13 households, represent a notable portion of the total 36 households in Tower within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Tower, within the age group of 45 to 64 years, a remarkable 66.15% of households meet or exceed the state of Minnesota median income of $87,791. These 43 households, out of the total 65 households in this age cohort, signify a substantial portion of mature demographic of Tower, showcasing commendable financial stability in comparison to the Minnesota state median income benchmark.
- Householder 65 years and over: In Tower, among the over 65 years age group, only 16.25% of households either match or surpass the state of Minnesota median income of $87,791. These 13 households, constituting low portion of the Tower city 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 Tower, MN?
In Tower, households led by individuals aged 45 to 64 years report the highest median household income of $101,956 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 Tower, MN?
In terms of income distribution across age cohorts, in Tower, householders within the 45 to 64 years age group have the highest median household income at $101,956, followed by those in the 25 to 44 years age group with an income of $48,592. Meanwhile householders within the 65 years and over age group report the second lowest median household income of $43,386. Notably, householders within the under 25 years age group, had the lowest median household income at $27,549..
How does the median household income for households led by individuals of median age compare in Tower, MN?
The median age in Tower is 50.2, 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, within Tower, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $101,956.
References
- U.S. Census Bureau American Community Survey (ACS) 2018-2022 5-Year Estimates
- Consumer Price Index retroactive series using current methods (R-CPI-U-RS)