Median Household Income by Age of Householder in Portage Township, Minnesota (2021, in 2022 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Portage township. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Portage township.
Age Of The Head Of Household | Median Household Income |
---|---|
Under 25 years | - |
25 to 44 years | - |
45 to 64 years | $71,610 |
65 years and over | $44,858 |
TABLE OF CONTENTS
Portage 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 Portage township population by age, the median age in Portage township is 58.4 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 Portage township, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $71,610.
In terms of income distribution across age cohorts, in Portage township, where there exist only two delineated age groups, the median household income is $71,610 for householders within the 45 to 64 years age group, compared to $44,858 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 Portage 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 45 to 64 years age group demonstrated a remarkable increase of $25,300(54.63%), escalating from a median of $46,310 in 2011 to $71,610 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 $22,521(100.82%), increasing from a median of $22,337 in 2011 to $44,858 in 2021.
Portage Township, Minnesota household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Portage 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 3(3.19%) households where the householder is under 25 years old, 10(10.64%) households with a householder aged between 25 and 44 years, 41(43.62%) households with a householder aged between 45 and 64 years, and 40(42.55%) households where the householder is over 65 years old.
In Portage 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 Portage township household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Portage 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 | 4 |
$10,000 - $14,999 | - | - | - | 2 |
$15,000 - $19,999 | - | - | 1 | 3 |
$20,000 - $24,999 | - | - | 8 | 1 |
$25,000 - $29,999 | - | - | - | - |
$30,000 - $34,999 | 3 | - | 1 | 5 |
$35,000 - $39,999 | - | - | - | 2 |
$40,000 - $44,999 | - | - | - | 5 |
$45,000 - $49,999 | - | - | 1 | 2 |
$50,000 - $59,999 | - | - | 4 | 8 |
$60,000 - $74,999 | - | - | 7 | - |
$75,000 - $99,999 | - | - | 4 | 5 |
$100,000 - $124,999 | - | - | 7 | - |
$125,000 - $149,999 | - | 10 | 2 | 2 |
$150,000 - $199,999 | - | - | 3 | - |
$200,000 or more | - | - | - | 1 |
To further explore the income distribution and gain insights into financial landscape of Portage 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 Portage 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 Portage township, among households headed by individuals aged 25 to 44, an impressive 100% match or surpass the state of Minnesota median income of $82,338. These 10 households, represent a significant portion of the total 10 households in Portage township within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Portage township, within the age group of 45 to 64 years, a noteworthy 39.02% of households meet or exceed the state of Minnesota median income of $82,338. These 16 households, out of the total 41 households in this age cohort, signify a notable portion of mature demographic of Portage township, showcasing commendable financial stability in comparison to the Minnesota state median income benchmark.
- Householder 65 years and over: In Portage township, among the over 65 years age group, only 20% of households either match or surpass the state of Minnesota median income of $82,338. These 8 households, constituting low portion of the Portage 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 Portage Township, Minnesota?
In Portage township, households led by individuals aged 45 to 64 years report the highest median household income of $71,610 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 Portage Township, Minnesota?
In terms of income distribution across age cohorts, in Portage township, where there exist only two delineated age groups, the median household income is $71,610 for householders within the 45 to 64 years age group, compared to $44,858 for the 65 years and over age group..
How does the median household income for households led by individuals of median age compare in Portage Township, Minnesota?
The median age in Portage township is 58.4, 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 Portage township, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $71,610.
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)