Vernon Center Township, Minnesota Median Household Income By Age

Vernon Center Township, Minnesota 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 Vernon Center township population by age, the median age in Vernon Center township is 48.6 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 Vernon Center township, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $198,488.

In terms of income distribution across age cohorts, in Vernon Center township, where there exist only two delineated age groups, the median household income is $198,488 for householders within the 45 to 64 years age group, compared to $97,617 for 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 Vernon Center township.

FIGURE 1

Vernon Center Township, Minnesota median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Vernon Center 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. Among the two 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 45 to 64 years age group demonstrated a remarkable increase of $116,803(142.99%), escalating from a median of $81,685 in 2012 to $198,488 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 $10,514(12.07%), increasing from a median of $87,103 in 2012 to $97,617 in 2022.

Vernon Center Township, Minnesota household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Vernon Center 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, 25(26.60%) households with a householder aged between 25 and 44 years, 44(46.81%) households with a householder aged between 45 and 64 years, and 25(26.60%) households where the householder is over 65 years old.

In Vernon Center township, 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

Vernon Center Township, Minnesota household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Vernon Center township: 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 Vernon Center township 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: In Vernon Center 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 Vernon Center township, among households headed by individuals aged 25 to 44,worth noting that 48% match or surpass the state of Minnesota median income of $87,791. These 12 households, represent a notable portion of the total 25 households in Vernon Center township within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Vernon Center township, within the age group of 45 to 64 years, a remarkable 84.09% of households meet or exceed the state of Minnesota median income of $87,791. These 37 households, out of the total 44 households in this age cohort, signify a substantial portion of mature demographic of Vernon Center township, showcasing commendable financial stability in comparison to the Minnesota state median income benchmark.
• Householder 65 years and over: In Vernon Center township, among the over 65 years age group, an impressive 60% of households either match or surpass the state of Minnesota median income of $87,791. These 15 households, constituting a significant portion of the Vernon Center township township 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 Vernon Center Township, Minnesota?

In Vernon Center township, households led by individuals aged 45 to 64 years report the highest median household income of $198,488 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 Vernon Center Township, Minnesota?

In terms of income distribution across age cohorts, in Vernon Center township, where there exist only two delineated age groups, the median household income is $198,488 for householders within the 45 to 64 years age group, compared to $97,617 for the 65 years and over age group..

How does the median household income for households led by individuals of median age compare in Vernon Center Township, Minnesota?

The median age in Vernon Center township is 48.6, 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 Vernon Center township, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $198,488.

References

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