Median Household Income by Age of Householder in Northern Township, Minnesota (2021, in 2022 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Northern township. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Northern township.
Age Of The Head Of Household | Median Household Income |
---|---|
Under 25 years | - |
25 to 44 years | $151,736 |
45 to 64 years | $105,982 |
65 years and over | $73,049 |
TABLE OF CONTENTS
Northern 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 Northern township population by age, the median age in Northern township is 37.8 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 Northern township, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $151,736.
In terms of income distribution across age cohorts, in Northern township, the median household income stands at $151,736 for householders within the 25 to 44 years age group, followed by $105,982 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 $73,049.
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 Northern 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, 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 25 to 44 years age group demonstrated a remarkable increase of $43,534(40.23%), escalating from a median of $108,202 in 2011 to $151,736 in 2021. Conversely, the age group of 45 to 64 years years witnessed the most significant decline in household income across the same span. Their median income saw a substantial drop of $7,704(6.78%), declining from a median of $113,686 in 2011 to $105,982 in 2021.
Northern Township, Minnesota household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Northern 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 17(1.22%) households where the householder is under 25 years old, 461(32.98%) households with a householder aged between 25 and 44 years, 538(38.48%) households with a householder aged between 45 and 64 years, and 382(27.32%) 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 45 to 64 years bracket. This distribution hints at economic disparities within the township of Northern township, showcasing varying income levels among different age demographics.
Age-wise distribution of Northern township household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Northern 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 | - | 47 | - | - |
$10,000 - $14,999 | - | - | 17 | - |
$15,000 - $19,999 | - | - | - | 55 |
$20,000 - $24,999 | - | - | - | 33 |
$25,000 - $29,999 | - | - | - | - |
$30,000 - $34,999 | - | 34 | 21 | 28 |
$35,000 - $39,999 | - | - | - | 16 |
$40,000 - $44,999 | - | - | - | - |
$45,000 - $49,999 | 17 | - | - | 12 |
$50,000 - $59,999 | - | - | 18 | 31 |
$60,000 - $74,999 | - | - | 48 | 96 |
$75,000 - $99,999 | - | 24 | 197 | 37 |
$100,000 - $124,999 | - | 81 | 46 | 34 |
$125,000 - $149,999 | - | 81 | 94 | 6 |
$150,000 - $199,999 | - | 140 | 32 | - |
$200,000 or more | - | 54 | 65 | 34 |
To further explore the income distribution and gain insights into financial landscape of Northern 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: It is noteworthy that no households in Northern township, where householders are under 25 years old, fall within or exceed the income bracket representing the median income of $82,338 for the state of Minnesota. 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 Northern township, among households headed by individuals aged 25 to 44, an impressive 82.43% match or surpass the state of Minnesota median income of $82,338. These 380 households, represent a significant portion of the total 461 households in Northern township within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Northern township, within the age group of 45 to 64 years, a remarkable 80.67% of households meet or exceed the state of Minnesota median income of $82,338. These 434 households, out of the total 538 households in this age cohort, signify a substantial portion of mature demographic of Northern township, showcasing commendable financial stability in comparison to the Minnesota state median income benchmark.
- Householder 65 years and over: In Northern township, among the over 65 years age group, a noteworthy 29.06% of households either match or surpass the state of Minnesota median income of $82,338. These 111 households, constituting notable portion of the Northern township township senior population, showcase commendable financial stability compared to the Minnesota state median income benchmark.
Things to know
Which age group reports the highest median household income in Northern Township, Minnesota?
In Northern township, households led by individuals aged 25 to 44 years report the highest median household income of $151,736 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 Northern Township, Minnesota?
In terms of income distribution across age cohorts, in Northern township, the median household income stands at $151,736 for householders within the 25 to 44 years age group, followed by $105,982 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 $73,049..
How does the median household income for households led by individuals of median age compare in Northern Township, Minnesota?
The median age in Northern township is 37.8, which falls within the 25 to 44 years range among the four age groups defined by the US Census Bureau. This demographic suggests a dynamic mix of young professionals, often indicative of family formation and career advancement. Interestingly, within Northern township, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $151,736.
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)