Median Household Income by Age of Householder in Fawn River Township, Michigan (2021, in 2022 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Fawn River township. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Fawn River township.
Age Of The Head Of Household | Median Household Income |
---|---|
Under 25 years | - |
25 to 44 years | $79,717 |
45 to 64 years | $80,577 |
65 years and over | $44,137 |
TABLE OF CONTENTS
Fawn River Township, Michigan 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 Fawn River township population by age, the median age in Fawn River township is 47.8 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 Fawn River township, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $80,577.
In terms of income distribution across age cohorts, in Fawn River township, the median household income stands at $80,577 for householders within the 45 to 64 years age group, followed by $79,717 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 $44,137.
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 Fawn River township.
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 25 to 44 years age group demonstrated a remarkable increase of $19,895(33.26%), escalating from a median of $59,822 in 2011 to $79,717 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 $3,757(4.89%), increasing from a median of $76,820 in 2011 to $80,577 in 2021.
Fawn River Township, Michigan household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Fawn River 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(0.94%) households where the householder is under 25 years old, 119(22.28%) households with a householder aged between 25 and 44 years, 208(38.95%) households with a householder aged between 45 and 64 years, and 202(37.83%) households where the householder is over 65 years old.
In Fawn River 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 Fawn River township household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Fawn River 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 | - | - | 11 | 32 |
$10,000 - $14,999 | - | 3 | - | 12 |
$15,000 - $19,999 | - | - | - | 2 |
$20,000 - $24,999 | - | 2 | - | 15 |
$25,000 - $29,999 | - | 8 | 10 | 11 |
$30,000 - $34,999 | - | 7 | - | - |
$35,000 - $39,999 | - | 7 | 2 | 27 |
$40,000 - $44,999 | - | 18 | 2 | 15 |
$45,000 - $49,999 | - | - | 12 | 16 |
$50,000 - $59,999 | - | 4 | 16 | 10 |
$60,000 - $74,999 | 2 | 12 | 57 | 23 |
$75,000 - $99,999 | - | 19 | 31 | 26 |
$100,000 - $124,999 | - | 20 | 38 | - |
$125,000 - $149,999 | 3 | 17 | 4 | 6 |
$150,000 - $199,999 | - | 2 | 20 | 2 |
$200,000 or more | - | - | 5 | 5 |
To further explore the income distribution and gain insights into financial landscape of Fawn River township 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 impressive that 100% of the households in Fawn River township, where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $66,986 for the state of Michigan. These 5 Fawn River township households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
- Householder 25 to 44 years: In Fawn River township, among households headed by individuals aged 25 to 44, an impressive 58.82% match or surpass the state of Michigan median income of $66,986. These 70 households, represent a significant portion of the total 119 households in Fawn River township within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Fawn River township, within the age group of 45 to 64 years, a remarkable 74.52% of households meet or exceed the state of Michigan median income of $66,986. These 155 households, out of the total 208 households in this age cohort, signify a substantial portion of mature demographic of Fawn River township, showcasing commendable financial stability in comparison to the Michigan state median income benchmark.
- Householder 65 years and over: In Fawn River township, among the over 65 years age group, a noteworthy 30.69% of households either match or surpass the state of Michigan median income of $66,986. These 62 households, constituting notable portion of the Fawn River township township 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 Fawn River Township, Michigan?
In Fawn River township, households led by individuals aged 45 to 64 years report the highest median household income of $80,577 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 Fawn River Township, Michigan?
In terms of income distribution across age cohorts, in Fawn River township, the median household income stands at $80,577 for householders within the 45 to 64 years age group, followed by $79,717 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 $44,137..
How does the median household income for households led by individuals of median age compare in Fawn River Township, Michigan?
The median age in Fawn River township is 47.8, 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 Fawn River township, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $80,577.
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)