Median Household Income by Age of Householder in Trout Lake Township, Michigan (2022, in 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Trout Lake township. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Trout Lake township.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | - |
| 25 to 44 years | - |
| 45 to 64 years | - |
| 65 years and over | $68,723 |
TABLE OF CONTENTS
Trout Lake Township, Michigan 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 Trout Lake township population by age, the median age in Trout Lake township is 64.8 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, according to the latest American Community Survey data, the US Census Bureau did not report the median household income for householders in the 45 to 64 years age group in Trout Lake township. This absence could be attributed to a smaller working population or fewer household heads within this age range, potentially resulting in less reliable or unavailable data for reporting.
In terms of income distribution across age cohorts, Trout Lake township only reports a median household income of $68,723 among householders in the 65 years and over age group.
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 township of Trout Lake township.
FIGURE 1
Trout Lake Township, Michigan median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Trout Lake township, 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. Notably, household income for individuals within the 65 years and over age group demonstrated a remarkable increase of $18,378(36.50%), escalating from a median of $50,345 in 2012 to $68,723 in 2022. Conversely, the age group of 65 years and over years witnessed the smallest growth in household income across the same span. Their median income saw a small increase of $18,378(36.50%), increasing from a median of $50,345 in 2012 to $68,723 in 2022.
Trout Lake Township, Michigan household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Trout Lake township 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 0 households where the householder is under 25 years old, 3(3.75%) households with a householder aged between 25 and 44 years, 41(51.25%) households with a householder aged between 45 and 64 years, and 36(45%) households where the householder is over 65 years old.
The age group of 65 years and over exhibits the highest median household income, while the largest number of households falls within the 45 to 64 years bracket. This distribution hints at economic disparities within the township of Trout Lake township, showcasing varying income levels among different age demographics.
FIGURE 2
Trout Lake Township, Michigan household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Trout Lake township: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Trout Lake township household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Trout Lake township: 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 | - | - | 13 | - |
| $10,000 - $14,999 | - | - | - | - |
| $15,000 - $19,999 | - | - | - | - |
| $20,000 - $24,999 | - | - | 5 | 2 |
| $25,000 - $29,999 | - | - | - | - |
| $30,000 - $34,999 | - | - | - | 9 |
| $35,000 - $39,999 | - | - | 4 | 4 |
| $40,000 - $44,999 | - | - | - | 1 |
| $45,000 - $49,999 | - | - | - | - |
| $50,000 - $59,999 | - | - | 4 | - |
| $60,000 - $74,999 | - | - | 9 | 18 |
| $75,000 - $99,999 | - | - | 2 | - |
| $100,000 - $124,999 | - | - | 4 | - |
| $125,000 - $149,999 | - | 3 | - | - |
| $150,000 - $199,999 | - | - | - | - |
| $200,000 or more | - | - | - | 2 |
To further explore the income distribution and gain insights into financial landscape of Trout Lake township when compared to the state of Michigan 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: In Trout Lake township, the comparison with the median income of the state and the nation remains inapplicable as there are no households headed by individuals under 25 years old.
- Householder 25 to 44 years: In Trout Lake township, among households headed by individuals aged 25 to 44, an impressive 100% match or surpass the state of Michigan median income of $71,331. These 3 households, represent a significant portion of the total 3 households in Trout Lake township within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Trout Lake township, within the age group of 45 to 64 years, a noteworthy 36.59% of households meet or exceed the state of Michigan median income of $71,331. These 15 households, out of the total 41 households in this age cohort, signify a notable portion of mature demographic of Trout Lake township, showcasing commendable financial stability in comparison to the Michigan state median income benchmark.
- Householder 65 years and over: In Trout Lake township, among the over 65 years age group, an impressive 55.56% of households either match or surpass the state of Michigan median income of $71,331. These 20 households, constituting a significant portion of the Trout Lake township township senior population, showcase commendable financial stability compared to the Michigan state median income benchmark.
Things to know
Which age group reports the highest median household income in Trout Lake Township, Michigan?
In Trout Lake township, households led by individuals aged 65 years and over report the highest median household income of $68,723 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 Trout Lake Township, Michigan?
In terms of income distribution across age cohorts, Trout Lake township only reports a median household income of $68,723 among householders in the 65 years and over age group..
How does the median household income for households led by individuals of median age compare in Trout Lake Township, Michigan?
The median age in Trout Lake township is 64.8, 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, according to the latest American Community Survey data, the US Census Bureau did not report the median household income for householders in the 45 to 64 years age group in Trout Lake township. This absence could be attributed to a smaller working population or fewer household heads within this age range, potentially resulting in less reliable or unavailable data for reporting.
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)