Median Household Income by Age of Householder in Free Soil, MI (2021, in 2022 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Free Soil. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Free Soil.
Age Of The Head Of Household | Median Household Income |
---|---|
Under 25 years | - |
25 to 44 years | $68,233 |
45 to 64 years | $63,504 |
65 years and over | $35,805 |
TABLE OF CONTENTS
Free Soil, 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 Free Soil population by age, the median age in Free Soil is 54.7 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 Free Soil, the age group of 45 to 64 years exhibited the second-highest median household income, recorded at $63,504.
In terms of income distribution across age cohorts, in Free Soil, the median household income stands at $68,233 for householders within the 25 to 44 years age group, followed by $63,504 for the 45 to 64 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $35,805.
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 village of Free Soil.
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, one groups encountered a decline in their median household income, while the remaining two experienced an increase during this period. Notably, household income for individuals within the 45 to 64 years age group demonstrated a remarkable increase of $29,725(88%), escalating from a median of $33,779 in 2011 to $63,504 in 2021. Conversely, the age group of 65 years and over years witnessed the most significant decline in household income across the same span. Their median income saw a substantial drop of $971(2.64%), declining from a median of $36,776 in 2011 to $35,805 in 2021.
Free Soil, MI household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Free Soil 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, 5(10%) households with a householder aged between 25 and 44 years, 18(36%) households with a householder aged between 45 and 64 years, and 27(54%) households where the householder is over 65 years old.
The age group of 25 to 44 years exhibits the highest median household income, while the largest number of households falls within the 65 years and over bracket. This distribution hints at economic disparities within the village of Free Soil, showcasing varying income levels among different age demographics.
Age-wise distribution of Free Soil household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Free Soil: 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 | - | - |
$10,000 - $14,999 | - | - | 2 | 3 |
$15,000 - $19,999 | - | - | - | 5 |
$20,000 - $24,999 | - | - | 1 | 1 |
$25,000 - $29,999 | - | - | - | 4 |
$30,000 - $34,999 | - | - | - | 2 |
$35,000 - $39,999 | - | - | 4 | 3 |
$40,000 - $44,999 | - | 1 | 1 | - |
$45,000 - $49,999 | - | - | - | - |
$50,000 - $59,999 | - | - | 1 | - |
$60,000 - $74,999 | - | 3 | 6 | 3 |
$75,000 - $99,999 | - | - | 3 | 3 |
$100,000 - $124,999 | - | - | - | 3 |
$125,000 - $149,999 | - | - | - | - |
$150,000 - $199,999 | - | - | - | - |
$200,000 or more | - | - | - | - |
To further explore the income distribution and gain insights into financial landscape of Free Soil 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: In Free Soil, 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 Free Soil, among households headed by individuals aged 25 to 44, an impressive 60% match or surpass the state of Michigan median income of $66,986. These 3 households, represent a significant portion of the total 5 households in Free Soil within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Free Soil, within the age group of 45 to 64 years, a noteworthy 50% of households meet or exceed the state of Michigan median income of $66,986. These 9 households, out of the total 18 households in this age cohort, signify a notable portion of mature demographic of Free Soil, showcasing commendable financial stability in comparison to the Michigan state median income benchmark.
- Householder 65 years and over: In Free Soil, among the over 65 years age group, a noteworthy 33.33% of households either match or surpass the state of Michigan median income of $66,986. These 9 households, constituting notable portion of the Free Soil village 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 Free Soil, MI?
In Free Soil, households led by individuals aged 25 to 44 years report the highest median household income of $68,233 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 Free Soil, MI?
In terms of income distribution across age cohorts, in Free Soil, the median household income stands at $68,233 for householders within the 25 to 44 years age group, followed by $63,504 for the 45 to 64 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $35,805..
How does the median household income for households led by individuals of median age compare in Free Soil, MI?
The median age in Free Soil is 54.7, 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 Free Soil, the age group of 45 to 64 years exhibited the second-highest median household income, recorded at $63,504.
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)