Unionville, MI Median Household Income By Age

Unionville, MI 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 Unionville population by age, the median age in Unionville is 45 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 Unionville, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $89,808.

In terms of income distribution across age cohorts, in Unionville, the median household income stands at $89,808 for householders within the 45 to 64 years age group, followed by $74,740 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 $59,872.

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 village of Unionville.

FIGURE 1

Unionville, MI median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Unionville, 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 three age groups with available Census data in both 2012 and 2022, none had a decline during this time period. Notably, household income for individuals within the 65 years and over age group demonstrated a remarkable increase of $17,085(39.93%), escalating from a median of $42,787 in 2012 to $59,872 in 2022. Conversely, the age group of 45 to 64 years years witnessed the smallest growth in household income across the same span. Their median income saw a small increase of $12,916(16.80%), increasing from a median of $76,892 in 2012 to $89,808 in 2022.

Unionville, MI household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Unionville 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 13(4.94%) households where the householder is under 25 years old, 67(25.48%) households with a householder aged between 25 and 44 years, 117(44.49%) households with a householder aged between 45 and 64 years, and 66(25.10%) households where the householder is over 65 years old.

In Unionville, the age group of 45 to 64 years stands out with both the highest median income and the maximum share of households. This alignment suggests a financially stable demographic, indicating an established community with stable careers and higher incomes.

FIGURE 2

Unionville, MI household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Unionville: under 25 years, 25-44 years, 45-64 years, and over 65 years

To further explore the income distribution and gain insights into financial landscape of Unionville 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: It is worth noting that 46.15% of the households in Unionville, where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $71,331 for the state of Michigan. These 6 Unionville households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
• Householder 25 to 44 years: In Unionville, among households headed by individuals aged 25 to 44, an impressive 82.09% match or surpass the state of Michigan median income of $71,331. These 55 households, represent a significant portion of the total 67 households in Unionville within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Unionville, within the age group of 45 to 64 years, a remarkable 70.09% of households meet or exceed the state of Michigan median income of $71,331. These 82 households, out of the total 117 households in this age cohort, signify a substantial portion of mature demographic of Unionville, showcasing commendable financial stability in comparison to the Michigan state median income benchmark.
• Householder 65 years and over: In Unionville, among the over 65 years age group, a noteworthy 46.97% of households either match or surpass the state of Michigan median income of $71,331. These 31 households, constituting notable portion of the Unionville village 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 Unionville, MI?

In Unionville, households led by individuals aged 45 to 64 years report the highest median household income of $89,808 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 Unionville, MI?

In terms of income distribution across age cohorts, in Unionville, the median household income stands at $89,808 for householders within the 45 to 64 years age group, followed by $74,740 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 $59,872..

How does the median household income for households led by individuals of median age compare in Unionville, MI?

The median age in Unionville is 45, 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 Unionville, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $89,808.

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