Millward 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 Millward township population by age, the median age in Millward township is 59.3 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 Millward township, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $71,340.
In terms of income distribution across age cohorts, in Millward township, where there exist only two delineated age groups, the median household income is $71,340 for householders within the 45 to 64 years age group, compared to $50,668 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 Millward 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 $47,400(1450.43%), escalating from a median of $3,268 in 2011 to $50,668 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 $43,554(156.75%), increasing from a median of $27,786 in 2011 to $71,340 in 2021.
Millward Township, Minnesota household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Millward 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, 3(10%) households with a householder aged between 25 and 44 years, 8(26.67%) households with a householder aged between 45 and 64 years, and 19(63.33%) households where the householder is over 65 years old.
The age group of 45 to 64 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 Millward township, showcasing varying income levels among different age demographics.
Age-wise distribution of Millward township household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Millward 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 | - | - | 2 | - |
| $10,000 - $14,999 | - | - | - | 1 |
| $15,000 - $19,999 | - | - | - | - |
| $20,000 - $24,999 | - | - | - | 2 |
| $25,000 - $29,999 | - | - | - | - |
| $30,000 - $34,999 | - | - | - | 2 |
| $35,000 - $39,999 | - | - | - | 2 |
| $40,000 - $44,999 | - | - | - | 1 |
| $45,000 - $49,999 | - | 3 | - | 2 |
| $50,000 - $59,999 | - | - | - | 8 |
| $60,000 - $74,999 | - | - | 5 | - |
| $75,000 - $99,999 | - | - | 1 | 1 |
| $100,000 - $124,999 | - | - | - | - |
| $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 Millward 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 Millward 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 Millward township, there are no households led by individuals aged 25 to 44, that meet or surpass the state of Minnesota median income of $82,338. Thus of the total 3 households in Millward township, where the householder is 25-44 years old, none had an income higher than the median state income.
- Householder 45 to 64 years: In Millward township, within the age group of 45 to 64 years, a noteworthy 12.50% of households meet or exceed the state of Minnesota median income of $82,338. These 1 households, out of the total 8 households in this age cohort, signify a notable portion of mature demographic of Millward township, showcasing commendable financial stability in comparison to the Minnesota state median income benchmark.
- Householder 65 years and over: In Millward township, among the over 65 years age group, only 5.26% of households either match or surpass the state of Minnesota median income of $82,338. These 1 households, constituting low portion of the Millward township township senior population, showcase commendable financial stability compared to the Minnesota state median income benchmark.