Elko New Market, MN Median Household Income By Age

Per the latest American Community Survey by the Census Bureau, Elko New Market sees its highest median household income among householders in the age group of 45 to 64 years old, at $204,888. Overall, the median household income for the city of Elko New Market stands at $149,818.
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Updated Jan 10, 2024

Median Household Income by Age of Householder in Elko New Market, MN (2021, in 2022 inflation-adjusted dollars)

This table presents the distribution of median household income among distinct age brackets of householders in Elko New Market. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Elko New Market.

Age Of The Head Of Household Median Household Income
Under 25 years -
25 to 44 years $140,519
45 to 64 years $204,888
65 years and over $78,528
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Avg Income Age group Avg Income Diversity Index Population Gender ratio (M:F) Homeownership % Avg commute time Custom Dataset: Elko New Market Self-employed, multilingual, car-commuting, insured individuals 15 to 24 years $27,865 75 27,354 0.75 0.5% 55 min 25 to 44 years $44,231 90 37,459 0.86 19% 43 min 45 to 64 years $53,865 95 42,167 0.77 35% 15 min 65 to 74 years $51,800 74 32,972 0.91 45% 13 min 75 to 84 years $41,234 66 26,758 0.87 66% 42 min 85 years and over $36,093 56 18,857 0.89 76% 45 min

Elko New Market, MN 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 Elko New Market population by age, the median age in Elko New Market is 32.4 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, within Elko New Market, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $140,519.

In terms of income distribution across age cohorts, in Elko New Market, the median household income stands at $204,888 for householders within the 45 to 64 years age group, followed by $140,519 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 $78,528.

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 Elko New Market.

The bar chart shows Elko New Market, MN 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).
Elko New Market, MN median household income by age of householder: It offers a clear illustration of the differences in median household incomes in Elko New Market, 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. In terms of income distribution across age cohorts, in Elko New Market, the median household income stands at $204,888 for householders within the 45 to 64 years age group, followed by $140,519 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 $78,528. Source: U.S. Census Bureau American Community Survey (ACS) 2017-2021 5-Year Estimates

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 $78,489(62.10%), escalating from a median of $126,399 in 2011 to $204,888 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 $5,522(7.56%), increasing from a median of $73,006 in 2011 to $78,528 in 2021.

Elko New Market, MN household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Elko New Market 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, 842(57.63%) households with a householder aged between 25 and 44 years, 516(35.32%) households with a householder aged between 45 and 64 years, and 103(7.05%) 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 Elko New Market, showcasing varying income levels among different age demographics.

The bar chart displays the distribution of household income in Elko New Market, MN 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.
Elko New Market, MN household income distribution across age groups: 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 Elko New Market, showcasing varying income levels among different age demographics. Source: U.S. Census Bureau American Community Survey (ACS) 2017-2021 5-Year Estimates

Age-wise distribution of Elko New Market household incomes: Comparative analysis across 16 income brackets

Discover the household distribution across 16 income brackets among four distinct age groups in Elko New Market: 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 - - - -
$10,000 - $14,999 - - - -
$15,000 - $19,999 - - - -
$20,000 - $24,999 - - - -
$25,000 - $29,999 - - - -
$30,000 - $34,999 - - - -
$35,000 - $39,999 - - - -
$40,000 - $44,999 - 30 - -
$45,000 - $49,999 - 13 - -
$50,000 - $59,999 - - - -
$60,000 - $74,999 - 42 - 75
$75,000 - $99,999 - 175 49 -
$100,000 - $124,999 - 145 47 28
$125,000 - $149,999 - 151 53 -
$150,000 - $199,999 - 211 116 -
$200,000 or more - 75 251 -
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To further explore the income distribution and gain insights into financial landscape of Elko New Market 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 Elko New Market, 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 Elko New Market, among households headed by individuals aged 25 to 44, an impressive 89.90% match or surpass the state of Minnesota median income of $82,338. These 757 households, represent a significant portion of the total 842 households in Elko New Market within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
  • Householder 45 to 64 years: In Elko New Market, within the age group of 45 to 64 years, a remarkable 100% of households meet or exceed the state of Minnesota median income of $82,338. These 516 households, out of the total 516 households in this age cohort, signify a substantial portion of mature demographic of Elko New Market, showcasing commendable financial stability in comparison to the Minnesota state median income benchmark.
  • Householder 65 years and over: In Elko New Market, among the over 65 years age group, a noteworthy 27.18% of households either match or surpass the state of Minnesota median income of $82,338. These 28 households, constituting notable portion of the Elko New Market city 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 Elko New Market, MN?

In Elko New Market, households led by individuals aged 45 to 64 years report the highest median household income of $204,888 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 Elko New Market, MN?

In terms of income distribution across age cohorts, in Elko New Market, the median household income stands at $204,888 for householders within the 45 to 64 years age group, followed by $140,519 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 $78,528..

How does the median household income for households led by individuals of median age compare in Elko New Market, MN?

The median age in Elko New Market is 32.4, 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, within Elko New Market, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $140,519.

References

Datasets

Explore datasets by year of publication.
2023
Age-wise distribution of Elko New Market, MN household incomes: Comparative analysis across 16 income brackets
Last updated January 10, 2024
ACS
Free
Neilsberg
CSV, JSON
2017-2021
CC BY 4.0
About this dataset

Context

The dataset presents the the household distribution across 16 income brackets among four distinct age groups in Elko New Market: Under 25 years, 25-44 years, 45-64 years, and over 65 years. The dataset highlights the variation in household income, offering valuable insights into economic trends and disparities within different age categories, aiding in data analysis and decision-making..

Key observations

  • 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, 842(57.63%) households with a householder aged between 25 and 44 years, 516(35.32%) households with a householder aged between 45 and 64 years, and 103(7.05%) 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 Elko New Market, showcasing varying income levels among different age demographics.

Elko New Market, MN household income distribution across age groups

Content

When available, the data consists of estimates from the U.S. Census Bureau American Community Survey (ACS) 2017-2021 5-Year Estimates.

Income brackets:

  • Less than $10,000
  • $10,000 to $14,999
  • $15,000 to $19,999
  • $20,000 to $24,999
  • $25,000 to $29,999
  • $30,000 to $34,999
  • $35,000 to $39,999
  • $40,000 to $44,999
  • $45,000 to $49,999
  • $50,000 to $59,999
  • $60,000 to $74,999
  • $75,000 to $99,999
  • $100,000 to $124,999
  • $125,000 to $149,999
  • $150,000 to $199,999
  • $200,000 or more

Variables / Data Columns

  • Household Income: This column showcases 16 income brackets ranging from Under $10,000 to $200,000+ ( As mentioned above).
  • Under 25 years: The count of households led by a head of household under 25 years old with income within a specified income bracket.
  • 25 to 44 years: The count of households led by a head of household 25 to 44 years old with income within a specified income bracket.
  • 45 to 64 years: The count of households led by a head of household 45 to 64 years old with income within a specified income bracket.
  • 65 years and over: The count of households led by a head of household 65 years and over old with income within a specified income bracket.

Good to know

Margin of Error

Data in the dataset are based on the estimates and are subject to sampling variability and thus a margin of error. Neilsberg Research recommends using caution when presening these estimates in your research.

Custom data

If you do need custom data for any of your research project, report or presentation, you can contact our research staff at research@neilsberg.com for a feasibility of a custom tabulation on a fee-for-service basis.

Inspiration

Neilsberg Research Team curates, analyze and publishes demographics and economic data from a variety of public and proprietary sources, each of which often includes multiple surveys and programs. The large majority of Neilsberg Research aggregated datasets and insights is made available for free download at https://www.neilsberg.com/research/.

Recommended for further research

This dataset is a part of the main dataset for Elko New Market median household income by age. You can refer the same here

Elko New Market, MN annual median income by age groups dataset (in 2022 inflation-adjusted dollars)
Last updated January 10, 2024
ACS
Free
Neilsberg
CSV, JSON
2017-2021
CC BY 4.0
About this dataset

Context

The dataset presents the distribution of median household income among distinct age brackets of householders in Elko New Market. Based on the latest 2017-2021 5-Year Estimates from the American Community Survey, it displays how income varies among householders of different ages in Elko New Market. It showcases how household incomes typically rise as the head of the household gets older. The dataset can be utilized to gain insights into age-based household income trends and explore the variations in incomes across households.

Key observations: Insights from 2021

In terms of income distribution across age cohorts, in Elko New Market, the median household income stands at $204,888 for householders within the 45 to 64 years age group, followed by $140,519 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 $78,528.

Elko New Market, MN median household income by age of householder

Content

When available, the data consists of estimates from the U.S. Census Bureau American Community Survey (ACS) 2017-2021 5-Year Estimates. All incomes have been adjusting for inflation and are presented in 2022-inflation-adjusted dollars.

Age groups classifications include:

  • Under 25 years
  • 25 to 44 years
  • 45 to 64 years
  • 65 years and over

Variables / Data Columns

  • Age Of The Head Of Household: This column presents the age of the head of household
  • Median Household Income: Median household income, in 2022 inflation-adjusted dollars for the specific age group

Good to know

Margin of Error

Data in the dataset are based on the estimates and are subject to sampling variability and thus a margin of error. Neilsberg Research recommends using caution when presening these estimates in your research.

Custom data

If you do need custom data for any of your research project, report or presentation, you can contact our research staff at research@neilsberg.com for a feasibility of a custom tabulation on a fee-for-service basis.

Inspiration

Neilsberg Research Team curates, analyze and publishes demographics and economic data from a variety of public and proprietary sources, each of which often includes multiple surveys and programs. The large majority of Neilsberg Research aggregated datasets and insights is made available for free download at https://www.neilsberg.com/research/.

Recommended for further research

This dataset is a part of the main dataset for Elko New Market median household income by age. You can refer the same here

If you're looking for datasets from another year, please feel free to contact us at research@neilsberg.com and we'll be happy to assist you further.

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Neilsberg Research
Neilsberg Research team are data scientists with expertise in processing, analysis and visualization of big data helping small businesses make right decisions.

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