Median Household Income by Age of Householder in Woodside township, Otter Tail County, Minnesota (2022, in 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Woodside township. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Woodside township.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | - |
| 25 to 44 years | - |
| 45 to 64 years | $53,364 |
| 65 years and over | $50,761 |
TABLE OF CONTENTS
Woodside township, Otter Tail County, 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 Woodside township population by age, the median age in Woodside township is 50.3 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 Woodside township, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $53,364.
In terms of income distribution across age cohorts, in Woodside township, where there exist only two delineated age groups, the median household income is $53,364 for householders within the 45 to 64 years age group, compared to $50,761 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 Woodside township.
FIGURE 1
Woodside township, Otter Tail County, Minnesota median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Woodside 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 $15,420(43.63%), escalating from a median of $35,341 in 2012 to $50,761 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 $120(0.22%), declining from a median of $53,484 in 2012 to $53,364 in 2022.
Woodside township, Otter Tail County, Minnesota household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Woodside 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 6(7.32%) households where the householder is under 25 years old, 11(13.41%) households with a householder aged between 25 and 44 years, 44(53.66%) households with a householder aged between 45 and 64 years, and 21(25.61%) households where the householder is over 65 years old.
In Woodside 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
Woodside township, Otter Tail County, Minnesota household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Woodside township: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Woodside township household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Woodside 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 | - | 2 | - | - |
| $10,000 - $14,999 | - | - | 4 | - |
| $15,000 - $19,999 | - | - | 2 | - |
| $20,000 - $24,999 | - | - | - | 3 |
| $25,000 - $29,999 | - | - | 9 | 1 |
| $30,000 - $34,999 | 6 | 3 | - | 1 |
| $35,000 - $39,999 | - | - | 2 | - |
| $40,000 - $44,999 | - | - | 1 | 4 |
| $45,000 - $49,999 | - | - | - | 2 |
| $50,000 - $59,999 | - | - | 9 | - |
| $60,000 - $74,999 | - | 2 | - | - |
| $75,000 - $99,999 | - | 2 | 12 | 4 |
| $100,000 - $124,999 | - | - | 3 | - |
| $125,000 - $149,999 | - | - | 2 | 3 |
| $150,000 - $199,999 | - | 2 | - | 3 |
| $200,000 or more | - | - | - | - |
To further explore the income distribution and gain insights into financial landscape of Woodside 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: It is noteworthy that no households in Woodside township, 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 Woodside township, among households headed by individuals aged 25 to 44,worth noting that 36.36% match or surpass the state of Minnesota median income of $87,791. These 4 households, represent a notable portion of the total 11 households in Woodside township within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Woodside township, within the age group of 45 to 64 years, a noteworthy 38.64% of households meet or exceed the state of Minnesota median income of $87,791. These 17 households, out of the total 44 households in this age cohort, signify a notable portion of mature demographic of Woodside township, showcasing commendable financial stability in comparison to the Minnesota state median income benchmark.
- Householder 65 years and over: In Woodside township, among the over 65 years age group, a noteworthy 47.62% of households either match or surpass the state of Minnesota median income of $87,791. These 10 households, constituting notable portion of the Woodside 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 Woodside township, Otter Tail County, Minnesota?
In Woodside township, households led by individuals aged 45 to 64 years report the highest median household income of $53,364 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 Woodside township, Otter Tail County, Minnesota?
In terms of income distribution across age cohorts, in Woodside township, where there exist only two delineated age groups, the median household income is $53,364 for householders within the 45 to 64 years age group, compared to $50,761 for the 65 years and over age group..
How does the median household income for households led by individuals of median age compare in Woodside township, Otter Tail County, Minnesota?
The median age in Woodside township is 50.3, 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 Woodside township, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $53,364.
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)