Grand Rapids charter 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 Grand Rapids charter township population by age, the median age in Grand Rapids charter township is 41.5 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 Grand Rapids charter township, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $141,317.
In terms of income distribution across age cohorts, in Grand Rapids charter township, the median household income stands at $143,098 for householders within the 45 to 64 years age group, followed by $141,317 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 $75,741.
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 Grand Rapids charter 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 $30,554(27.59%), escalating from a median of $110,763 in 2011 to $141,317 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 $13,975(22.63%), increasing from a median of $61,766 in 2011 to $75,741 in 2021.
Grand Rapids charter Township, Michigan household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Grand Rapids charter 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, 1,889(27.74%) households with a householder aged between 25 and 44 years, 2,738(40.21%) households with a householder aged between 45 and 64 years, and 2,182(32.05%) households where the householder is over 65 years old.
In Grand Rapids charter 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 Grand Rapids charter township household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Grand Rapids charter 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 | - | 18 | 108 | 94 |
| $10,000 - $14,999 | - | - | - | 31 |
| $15,000 - $19,999 | - | 89 | 6 | 64 |
| $20,000 - $24,999 | - | - | 52 | 106 |
| $25,000 - $29,999 | - | - | - | 144 |
| $30,000 - $34,999 | - | - | 9 | 59 |
| $35,000 - $39,999 | - | 47 | 16 | 77 |
| $40,000 - $44,999 | - | - | - | 98 |
| $45,000 - $49,999 | - | 17 | 84 | 124 |
| $50,000 - $59,999 | - | 126 | 53 | 189 |
| $60,000 - $74,999 | - | 96 | 127 | 198 |
| $75,000 - $99,999 | - | 269 | 270 | 340 |
| $100,000 - $124,999 | - | 244 | 548 | 246 |
| $125,000 - $149,999 | - | 223 | 275 | 97 |
| $150,000 - $199,999 | - | 354 | 306 | 96 |
| $200,000 or more | - | 406 | 884 | 219 |
To further explore the income distribution and gain insights into financial landscape of Grand Rapids charter 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: In Grand Rapids charter 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 Grand Rapids charter township, among households headed by individuals aged 25 to 44, an impressive 84.28% match or surpass the state of Michigan median income of $66,986. These 1,592 households, represent a significant portion of the total 1,889 households in Grand Rapids charter township within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Grand Rapids charter township, within the age group of 45 to 64 years, a remarkable 88.02% of households meet or exceed the state of Michigan median income of $66,986. These 2,410 households, out of the total 2,738 households in this age cohort, signify a substantial portion of mature demographic of Grand Rapids charter township, showcasing commendable financial stability in comparison to the Michigan state median income benchmark.
- Householder 65 years and over: In Grand Rapids charter township, among the over 65 years age group, an impressive 54.81% of households either match or surpass the state of Michigan median income of $66,986. These 1,196 households, constituting a significant portion of the Grand Rapids charter township township senior population, showcase commendable financial stability compared to the Michigan state median income benchmark.