Median Household Income by Age of Householder in Wykeham Township, Minnesota (2021, in 2022 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Wykeham township. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Wykeham township.
Age Of The Head Of Household | Median Household Income |
---|---|
Under 25 years | - |
25 to 44 years | $82,420 |
45 to 64 years | $85,122 |
65 years and over | $37,156 |
TABLE OF CONTENTS
Wykeham 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 Wykeham township population by age, the median age in Wykeham township is 54.1 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 Wykeham township, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $85,122.
In terms of income distribution across age cohorts, in Wykeham township, the median household income stands at $85,122 for householders within the 45 to 64 years age group, followed by $82,420 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 $37,156.
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 Wykeham township.
![Wykeham Township, Minnesota median household income by age of householder The bar chart shows Wykeham Township, Minnesota median household income by age of householder. All incomes have been adjusted for 2022 inflation using the Consumer Price Index retroactive series (R-CPI-U-RS).](https://i.neilsberg.com/ch/wykeham-township-mn-median-household-income-by-age.jpeg)
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 2011 and 2021, 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 $25,464(42.68%), escalating from a median of $59,658 in 2011 to $85,122 in 2021. 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 $3,649(10.89%), increasing from a median of $33,507 in 2011 to $37,156 in 2021.
Wykeham Township, Minnesota household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Wykeham 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 5(4.31%) households where the householder is under 25 years old, 16(13.79%) households with a householder aged between 25 and 44 years, 48(41.38%) households with a householder aged between 45 and 64 years, and 47(40.52%) households where the householder is over 65 years old.
In Wykeham 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.
![>Wykeham Township, Minnesota household income distribution across age groups The bar chart displays the distribution of household income in Wykeham Township, Minnesota across different age groups as categorized by the U.S. Census Bureau. It illustrates the number of households within each income bracket across age categories. This visualization offers valuable insights into income disparities and variations across age groups, facilitating data analysis and informed decision-making. It enables the identification of demographics with specific financial statuses within distinct age brackets.](https://i.neilsberg.com/ch/wykeham-township-mn-household-income-by-age-groups.jpeg)
Age-wise distribution of Wykeham township household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Wykeham 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 | - | - | 2 | 6 |
$15,000 - $19,999 | - | - | 5 | 2 |
$20,000 - $24,999 | - | - | - | 3 |
$25,000 - $29,999 | - | - | 1 | 10 |
$30,000 - $34,999 | - | - | 2 | 3 |
$35,000 - $39,999 | - | - | - | 7 |
$40,000 - $44,999 | - | - | 4 | - |
$45,000 - $49,999 | - | 4 | - | 3 |
$50,000 - $59,999 | - | 1 | 4 | - |
$60,000 - $74,999 | - | 3 | 4 | 3 |
$75,000 - $99,999 | 5 | 5 | 4 | 7 |
$100,000 - $124,999 | - | 3 | 18 | - |
$125,000 - $149,999 | - | - | - | - |
$150,000 - $199,999 | - | - | 2 | - |
$200,000 or more | - | - | - | 3 |
To further explore the income distribution and gain insights into financial landscape of Wykeham 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 impressive that 100% of the households in Wykeham township, where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $82,338 for the state of Minnesota. These 5 Wykeham township households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
- Householder 25 to 44 years: In Wykeham township, among households headed by individuals aged 25 to 44,worth noting that 50% match or surpass the state of Minnesota median income of $82,338. These 8 households, represent a notable portion of the total 16 households in Wykeham township within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Wykeham township, within the age group of 45 to 64 years, a noteworthy 50% of households meet or exceed the state of Minnesota median income of $82,338. These 24 households, out of the total 48 households in this age cohort, signify a notable portion of mature demographic of Wykeham township, showcasing commendable financial stability in comparison to the Minnesota state median income benchmark.
- Householder 65 years and over: In Wykeham township, among the over 65 years age group, only 21.28% of households either match or surpass the state of Minnesota median income of $82,338. These 10 households, constituting low portion of the Wykeham 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 Wykeham Township, Minnesota?
In Wykeham township, households led by individuals aged 45 to 64 years report the highest median household income of $85,122 according to the American Community Survey 2017-2021 5-Year Estimates by the US Census Bureau.
How does the median household income vary by age in Wykeham Township, Minnesota?
In terms of income distribution across age cohorts, in Wykeham township, the median household income stands at $85,122 for householders within the 45 to 64 years age group, followed by $82,420 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 $37,156..
How does the median household income for households led by individuals of median age compare in Wykeham Township, Minnesota?
The median age in Wykeham township is 54.1, 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 Wykeham township, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $85,122.
References
- U.S. Census Bureau American Community Survey (ACS) 2017-2021 5-Year Estimates
- Consumer Price Index retroactive series using current methods (R-CPI-U-RS)