Median Household Income by Age of Householder in Farmington Township, Minnesota (2021, in 2022 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Farmington township. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Farmington township.
Age Of The Head Of Household | Median Household Income |
---|---|
Under 25 years | - |
25 to 44 years | - |
45 to 64 years | $102,687 |
65 years and over | $68,908 |
TABLE OF CONTENTS
Farmington 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 Farmington township population by age, the median age in Farmington township is 54.2 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 Farmington township, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $102,687.
In terms of income distribution across age cohorts, in Farmington township, where there exist only two delineated age groups, the median household income is $102,687 for householders within the 45 to 64 years age group, compared to $68,908 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 Farmington township.
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, none had a decline during this time period. Notably, household income for individuals within the 65 years and over age group demonstrated a remarkable increase of $42,892(164.87%), escalating from a median of $26,016 in 2011 to $68,908 in 2021. Conversely, the age group of 45 to 64 years years witnessed the smallest growth in household income across the same span. Their median income saw a small increase of $2,780(2.78%), increasing from a median of $99,907 in 2011 to $102,687 in 2021.
Farmington Township, Minnesota household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Farmington 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 0 households where the householder is under 25 years old, 47(24.74%) households with a householder aged between 25 and 44 years, 76(40%) households with a householder aged between 45 and 64 years, and 67(35.26%) households where the householder is over 65 years old.
In Farmington 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.
Age-wise distribution of Farmington township household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Farmington 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 | - | - | 1 | 4 |
$10,000 - $14,999 | - | - | 2 | 4 |
$15,000 - $19,999 | - | - | - | 2 |
$20,000 - $24,999 | - | - | 1 | 1 |
$25,000 - $29,999 | - | - | 2 | 1 |
$30,000 - $34,999 | - | 4 | - | 2 |
$35,000 - $39,999 | - | 2 | 2 | - |
$40,000 - $44,999 | - | - | 4 | 2 |
$45,000 - $49,999 | - | 5 | 1 | 6 |
$50,000 - $59,999 | - | 9 | 2 | 9 |
$60,000 - $74,999 | - | 4 | 16 | 10 |
$75,000 - $99,999 | - | - | 10 | 12 |
$100,000 - $124,999 | - | 2 | 13 | 4 |
$125,000 - $149,999 | - | 9 | 6 | 4 |
$150,000 - $199,999 | - | 7 | 8 | 1 |
$200,000 or more | - | 5 | 8 | 5 |
To further explore the income distribution and gain insights into financial landscape of Farmington 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: In Farmington township, 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 Farmington township, among households headed by individuals aged 25 to 44,worth noting that 48.94% match or surpass the state of Minnesota median income of $82,338. These 23 households, represent a notable portion of the total 47 households in Farmington township within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Farmington township, within the age group of 45 to 64 years, a remarkable 59.21% of households meet or exceed the state of Minnesota median income of $82,338. These 45 households, out of the total 76 households in this age cohort, signify a substantial portion of mature demographic of Farmington township, showcasing commendable financial stability in comparison to the Minnesota state median income benchmark.
- Householder 65 years and over: In Farmington township, among the over 65 years age group, a noteworthy 38.81% of households either match or surpass the state of Minnesota median income of $82,338. These 26 households, constituting notable portion of the Farmington 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 Farmington Township, Minnesota?
In Farmington township, households led by individuals aged 45 to 64 years report the highest median household income of $102,687 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 Farmington Township, Minnesota?
In terms of income distribution across age cohorts, in Farmington township, where there exist only two delineated age groups, the median household income is $102,687 for householders within the 45 to 64 years age group, compared to $68,908 for the 65 years and over age group..
How does the median household income for households led by individuals of median age compare in Farmington Township, Minnesota?
The median age in Farmington township is 54.2, 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 Farmington township, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $102,687.
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)