Median Household Income by Age of Householder in Carson City, MI (2021, in 2022 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Carson City. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Carson City.
Age Of The Head Of Household | Median Household Income |
---|---|
Under 25 years | - |
25 to 44 years | - |
45 to 64 years | $62,152 |
65 years and over | $42,877 |
TABLE OF CONTENTS
Carson City, 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 Carson City population by age, the median age in Carson City is 42.1 years.
Typically for a location with median age in this range, it suggests a dynamic mix of young professionals, often indicative of family formation and career advancement. Interestingly, according to the latest American Community Survey data, the US Census Bureau did not report the median household income for householders in the 25 to 44 years age group in Carson City. This absence could be attributed to a smaller working population or fewer household heads within this age range, potentially resulting in less reliable or unavailable data for reporting.
In terms of income distribution across age cohorts, in Carson City, where there exist only two delineated age groups, the median household income is $62,152 for householders within the 45 to 64 years age group, compared to $42,877 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 city of Carson City.
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 2011 and 2021, 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 $7,872(22.49%), escalating from a median of $35,005 in 2011 to $42,877 in 2021. 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 $9,319(13.04%), declining from a median of $71,471 in 2011 to $62,152 in 2021.
Carson City, MI household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Carson City 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 14(3.03%) households where the householder is under 25 years old, 188(40.69%) households with a householder aged between 25 and 44 years, 106(22.94%) households with a householder aged between 45 and 64 years, and 154(33.33%) households where the householder is over 65 years old.
The age group of 45 to 64 years exhibits the highest median household income, while the largest number of households falls within the 25 to 44 years bracket. This distribution hints at economic disparities within the city of Carson City, showcasing varying income levels among different age demographics.
Age-wise distribution of Carson City household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Carson City: 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 | - | 7 | 13 | 3 |
$10,000 - $14,999 | - | 10 | - | 15 |
$15,000 - $19,999 | - | 4 | 8 | 18 |
$20,000 - $24,999 | - | 80 | 8 | 12 |
$25,000 - $29,999 | - | 3 | 2 | 10 |
$30,000 - $34,999 | - | 7 | - | 6 |
$35,000 - $39,999 | - | 23 | - | 15 |
$40,000 - $44,999 | 14 | 3 | - | 15 |
$45,000 - $49,999 | - | - | 10 | - |
$50,000 - $59,999 | - | 9 | 14 | 12 |
$60,000 - $74,999 | - | 16 | 11 | 38 |
$75,000 - $99,999 | - | 11 | 13 | 6 |
$100,000 - $124,999 | - | - | 17 | - |
$125,000 - $149,999 | - | 11 | 6 | 4 |
$150,000 - $199,999 | - | 4 | 4 | - |
$200,000 or more | - | - | - | - |
To further explore the income distribution and gain insights into financial landscape of Carson City 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 noteworthy that no households in Carson City, where householders are under 25 years old, fall within or exceed the income bracket representing the median income of $66,986 for the state of Michigan. 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 Carson City, among households headed by individuals aged 25 to 44,noteworthy that only 22.34% match or surpass the state of Michigan median income of $66,986. These 42 households, represent a low portion of the total 188 households in Carson City within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Carson City, within the age group of 45 to 64 years, only 48.11% of households meet or exceed the state of Michigan median income of $66,986. These 51 households, out of the total 106 households in this age cohort, signify a low portion of mature demographic of Carson City, showcasing commendable financial stability in comparison to the Michigan state median income benchmark.
- Householder 65 years and over: In Carson City, among the over 65 years age group, a noteworthy 31.17% of households either match or surpass the state of Michigan median income of $66,986. These 48 households, constituting notable portion of the Carson City city 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 Carson City, MI?
In Carson City, households led by individuals aged 45 to 64 years report the highest median household income of $62,152 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 Carson City, MI?
In terms of income distribution across age cohorts, in Carson City, where there exist only two delineated age groups, the median household income is $62,152 for householders within the 45 to 64 years age group, compared to $42,877 for the 65 years and over age group..
How does the median household income for households led by individuals of median age compare in Carson City, MI?
The median age in Carson City is 42.1, which falls within the 25 to 44 years range among the four age groups defined by the US Census Bureau. This demographic suggests a dynamic mix of young professionals, often indicative of family formation and career advancement. Interestingly, according to the latest American Community Survey data, the US Census Bureau did not report the median household income for householders in the 25 to 44 years age group in Carson City. This absence could be attributed to a smaller working population or fewer household heads within this age range, potentially resulting in less reliable or unavailable data for reporting.
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)