Otter Tail County, MN 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 Otter Tail County population by age, the median age in Otter Tail County is 46.3 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 Otter Tail County, the age group of 45 to 64 years exhibited the second-highest median household income, recorded at $83,758.
In terms of income distribution across age cohorts, in Otter Tail County, householders within the 25 to 44 years age group have the highest median household income at $85,514, followed by those in the 45 to 64 years age group with an income of $83,758. Meanwhile householders within the 65 years and over age group report the second lowest median household income of $49,059. Notably, householders within the under 25 years age group, had the lowest median household income at $39,279.
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 county of Otter Tail County.
Analysis of income trends over the past decade highlights notable shifts across various age groups. Among the four 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 $15,814(22.69%), escalating from a median of $69,700 in 2011 to $85,514 in 2021. Conversely, the age group of Under 25 years years witnessed the smallest growth in household income across the same span. Their median income saw a small increase of $52(0.13%), increasing from a median of $39,227 in 2011 to $39,279 in 2021.
Otter Tail County, MN household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Otter Tail County 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 927(3.73%) households where the householder is under 25 years old, 6,091(24.52%) households with a householder aged between 25 and 44 years, 9,193(37.01%) households with a householder aged between 45 and 64 years, and 8,627(34.73%) 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 county of Otter Tail County, showcasing varying income levels among different age demographics.
Age-wise distribution of Otter Tail County household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Otter Tail County: 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 | 119 | 233 | 377 | 408 |
| $10,000 - $14,999 | 26 | 73 | 287 | 579 |
| $15,000 - $19,999 | 72 | 96 | 208 | 566 |
| $20,000 - $24,999 | 66 | 281 | 231 | 662 |
| $25,000 - $29,999 | 51 | 149 | 430 | 495 |
| $30,000 - $34,999 | 77 | 239 | 340 | 410 |
| $35,000 - $39,999 | 108 | 289 | 346 | 610 |
| $40,000 - $44,999 | 52 | 212 | 290 | 549 |
| $45,000 - $49,999 | 14 | 241 | 313 | 418 |
| $50,000 - $59,999 | 116 | 366 | 787 | 713 |
| $60,000 - $74,999 | 64 | 589 | 886 | 835 |
| $75,000 - $99,999 | 97 | 1,170 | 1,411 | 1,072 |
| $100,000 - $124,999 | 40 | 947 | 1,154 | 483 |
| $125,000 - $149,999 | 5 | 524 | 766 | 322 |
| $150,000 - $199,999 | 2 | 366 | 739 | 297 |
| $200,000 or more | 18 | 316 | 628 | 208 |
To further explore the income distribution and gain insights into financial landscape of Otter Tail County 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 only 17.48% of the households in Otter Tail County, where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $82,338 for the state of Minnesota. These 162 Otter Tail County households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
- Householder 25 to 44 years: In Otter Tail County, among households headed by individuals aged 25 to 44, an impressive 54.56% match or surpass the state of Minnesota median income of $82,338. These 3,323 households, represent a significant portion of the total 6,091 households in Otter Tail County within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Otter Tail County, within the age group of 45 to 64 years, a remarkable 51.10% of households meet or exceed the state of Minnesota median income of $82,338. These 4,698 households, out of the total 9,193 households in this age cohort, signify a substantial portion of mature demographic of Otter Tail County, showcasing commendable financial stability in comparison to the Minnesota state median income benchmark.
- Householder 65 years and over: In Otter Tail County, among the over 65 years age group, a noteworthy 27.61% of households either match or surpass the state of Minnesota median income of $82,338. These 2,382 households, constituting notable portion of the Otter Tail County county senior population, showcase commendable financial stability compared to the Minnesota state median income benchmark.