Median Household Income by Age of Householder in Wheatland township, Hillsdale County, Michigan (2022, in 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Wheatland township. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Wheatland township.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | - |
| 25 to 44 years | - |
| 45 to 64 years | $81,709 |
| 65 years and over | $53,658 |
TABLE OF CONTENTS
Wheatland township, Hillsdale County, 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 Wheatland township population by age, the median age in Wheatland township is 52.4 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 Wheatland township, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $81,709.
In terms of income distribution across age cohorts, in Wheatland township, where there exist only two delineated age groups, the median household income is $81,709 for householders within the 45 to 64 years age group, compared to $53,658 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 Wheatland township.
FIGURE 1
Wheatland township, Hillsdale County, Michigan median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Wheatland 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, one groups encountered a decline in their median household income, while the remaining one experienced an increase during this period. Notably, household income for individuals within the 65 years and over age group demonstrated a remarkable increase of $3,171(6.28%), escalating from a median of $50,487 in 2012 to $53,658 in 2022. Conversely, the age group of 45 to 64 years years witnessed the most significant decline in household income across the same span. Their median income saw a substantial drop of $3,957(4.62%), declining from a median of $85,666 in 2012 to $81,709 in 2022.
Wheatland township, Hillsdale County, Michigan household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Wheatland 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 9(1.78%) households where the householder is under 25 years old, 101(19.92%) households with a householder aged between 25 and 44 years, 209(41.22%) households with a householder aged between 45 and 64 years, and 188(37.08%) households where the householder is over 65 years old.
In Wheatland 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
Wheatland township, Hillsdale County, Michigan household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Wheatland township: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Wheatland township household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Wheatland 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 | - | 5 | 3 | 14 |
| $10,000 - $14,999 | - | - | 19 | 7 |
| $15,000 - $19,999 | - | - | 5 | 10 |
| $20,000 - $24,999 | - | - | - | 7 |
| $25,000 - $29,999 | - | 4 | 6 | 14 |
| $30,000 - $34,999 | - | 14 | 15 | 8 |
| $35,000 - $39,999 | - | - | 4 | 9 |
| $40,000 - $44,999 | - | 2 | - | - |
| $45,000 - $49,999 | - | 4 | 14 | 6 |
| $50,000 - $59,999 | - | 17 | 11 | 31 |
| $60,000 - $74,999 | 2 | - | 20 | 20 |
| $75,000 - $99,999 | 7 | 7 | 28 | 56 |
| $100,000 - $124,999 | - | 3 | 40 | 3 |
| $125,000 - $149,999 | - | 2 | 9 | - |
| $150,000 - $199,999 | - | 28 | 18 | - |
| $200,000 or more | - | 15 | 17 | 3 |
To further explore the income distribution and gain insights into financial landscape of Wheatland 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: It is impressive that 100% of the households in Wheatland township, 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 9 Wheatland township households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
- Householder 25 to 44 years: In Wheatland township, among households headed by individuals aged 25 to 44, an impressive 54.46% match or surpass the state of Michigan median income of $71,331. These 55 households, represent a significant portion of the total 101 households in Wheatland township within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Wheatland township, within the age group of 45 to 64 years, a remarkable 63.16% of households meet or exceed the state of Michigan median income of $71,331. These 132 households, out of the total 209 households in this age cohort, signify a substantial portion of mature demographic of Wheatland township, showcasing commendable financial stability in comparison to the Michigan state median income benchmark.
- Householder 65 years and over: In Wheatland township, among the over 65 years age group, a noteworthy 43.62% of households either match or surpass the state of Michigan median income of $71,331. These 82 households, constituting notable portion of the Wheatland 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 Wheatland township, Hillsdale County, Michigan?
In Wheatland township, households led by individuals aged 45 to 64 years report the highest median household income of $81,709 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 Wheatland township, Hillsdale County, Michigan?
In terms of income distribution across age cohorts, in Wheatland township, where there exist only two delineated age groups, the median household income is $81,709 for householders within the 45 to 64 years age group, compared to $53,658 for the 65 years and over age group..
How does the median household income for households led by individuals of median age compare in Wheatland township, Hillsdale County, Michigan?
The median age in Wheatland township is 52.4, 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 Wheatland township, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $81,709.
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)