Median Household Income by Age of Householder in Inwood Township, Michigan (2021, in 2022 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Inwood township. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Inwood township.
Age Of The Head Of Household | Median Household Income |
---|---|
Under 25 years | - |
25 to 44 years | $92,369 |
45 to 64 years | $65,755 |
65 years and over | $44,250 |
TABLE OF CONTENTS
Inwood 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 Inwood township population by age, the median age in Inwood township is 52.9 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 Inwood township, the age group of 45 to 64 years exhibited the second-highest median household income, recorded at $65,755.
In terms of income distribution across age cohorts, in Inwood township, the median household income stands at $92,369 for householders within the 25 to 44 years age group, followed by $65,755 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 $44,250.
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 Inwood 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, two groups encountered a decline in their median household income, while the remaining one experienced an increase during this period. Notably, household income for individuals within the 65 years and over age group demonstrated a remarkable increase of $12,144(37.82%), escalating from a median of $32,106 in 2011 to $44,250 in 2021. Conversely, the age group of 25 to 44 years years witnessed the most significant decline in household income across the same span. Their median income saw a substantial drop of $9,785(9.58%), declining from a median of $102,154 in 2011 to $92,369 in 2021.
Inwood Township, Michigan household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Inwood 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 2(0.62%) households where the householder is under 25 years old, 86(26.46%) households with a householder aged between 25 and 44 years, 106(32.62%) households with a householder aged between 45 and 64 years, and 131(40.31%) 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 township of Inwood township, showcasing varying income levels among different age demographics.
Age-wise distribution of Inwood township household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Inwood 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 | - | - | 3 | 21 |
$10,000 - $14,999 | 2 | - | - | - |
$15,000 - $19,999 | - | 2 | 2 | 2 |
$20,000 - $24,999 | - | - | 7 | 2 |
$25,000 - $29,999 | - | 7 | 2 | 9 |
$30,000 - $34,999 | - | - | 12 | 9 |
$35,000 - $39,999 | - | - | 2 | 21 |
$40,000 - $44,999 | - | - | 8 | 5 |
$45,000 - $49,999 | - | 7 | - | 16 |
$50,000 - $59,999 | - | 20 | 11 | 7 |
$60,000 - $74,999 | - | 2 | 23 | 12 |
$75,000 - $99,999 | - | 17 | 19 | 16 |
$100,000 - $124,999 | - | 2 | 2 | 11 |
$125,000 - $149,999 | - | 29 | 3 | - |
$150,000 - $199,999 | - | - | 3 | - |
$200,000 or more | - | - | 9 | - |
To further explore the income distribution and gain insights into financial landscape of Inwood 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 noteworthy that no households in Inwood township, where householders are under 25 years old, fall within or exceed the income bracket representing the median income of $66,986 for the state of Michigan. This indicates an income disparity among households headed by individuals under 25 years old when compared to the median income of the state.
- Householder 25 to 44 years: In Inwood township, among households headed by individuals aged 25 to 44, an impressive 58.14% match or surpass the state of Michigan median income of $66,986. These 50 households, represent a significant portion of the total 86 households in Inwood township within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Inwood township, within the age group of 45 to 64 years, a remarkable 55.66% of households meet or exceed the state of Michigan median income of $66,986. These 59 households, out of the total 106 households in this age cohort, signify a substantial portion of mature demographic of Inwood township, showcasing commendable financial stability in comparison to the Michigan state median income benchmark.
- Householder 65 years and over: In Inwood township, among the over 65 years age group, a noteworthy 29.77% of households either match or surpass the state of Michigan median income of $66,986. These 39 households, constituting notable portion of the Inwood 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 Inwood Township, Michigan?
In Inwood township, households led by individuals aged 25 to 44 years report the highest median household income of $92,369 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 Inwood Township, Michigan?
In terms of income distribution across age cohorts, in Inwood township, the median household income stands at $92,369 for householders within the 25 to 44 years age group, followed by $65,755 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 $44,250..
How does the median household income for households led by individuals of median age compare in Inwood Township, Michigan?
The median age in Inwood township is 52.9, 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 Inwood township, the age group of 45 to 64 years exhibited the second-highest median household income, recorded at $65,755.
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)