Solon township, Kent County, 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 Solon township population by age, the median age in Solon township is 44 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 Solon township, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $117,508.
In terms of income distribution across age cohorts, in Solon township, the median household income stands at $117,508 for householders within the 25 to 44 years age group, followed by $107,242 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 $43,793.
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 Solon 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, 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 $36,464(51.52%), escalating from a median of $70,778 in 2011 to $107,242 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 $5,762(15.15%), increasing from a median of $38,031 in 2011 to $43,793 in 2021.
Solon township, Kent County, Michigan household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Solon 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 26(1.03%) households where the householder is under 25 years old, 632(24.94%) households with a householder aged between 25 and 44 years, 1,159(45.74%) households with a householder aged between 45 and 64 years, and 717(28.30%) 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 Solon township, showcasing varying income levels among different age demographics.
Age-wise distribution of Solon township household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Solon 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 | - | 19 | 18 | 54 |
| $10,000 - $14,999 | - | - | 19 | - |
| $15,000 - $19,999 | - | 21 | 53 | 63 |
| $20,000 - $24,999 | - | - | 22 | 73 |
| $25,000 - $29,999 | - | - | 16 | 34 |
| $30,000 - $34,999 | - | - | 19 | 22 |
| $35,000 - $39,999 | - | - | 58 | 102 |
| $40,000 - $44,999 | 17 | - | - | 74 |
| $45,000 - $49,999 | - | 42 | 30 | 65 |
| $50,000 - $59,999 | - | 21 | 23 | 25 |
| $60,000 - $74,999 | - | 44 | 166 | 68 |
| $75,000 - $99,999 | 9 | 98 | 175 | 42 |
| $100,000 - $124,999 | - | 88 | 224 | 31 |
| $125,000 - $149,999 | - | 206 | 133 | 30 |
| $150,000 - $199,999 | - | 93 | 180 | - |
| $200,000 or more | - | - | 23 | 34 |
To further explore the income distribution and gain insights into financial landscape of Solon 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 worth noting that 34.62% of the households in Solon township, where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $66,986 for the state of Michigan. These 9 Solon township households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
- Householder 25 to 44 years: In Solon township, among households headed by individuals aged 25 to 44, an impressive 83.70% match or surpass the state of Michigan median income of $66,986. These 529 households, represent a significant portion of the total 632 households in Solon township within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Solon township, within the age group of 45 to 64 years, a remarkable 77.74% of households meet or exceed the state of Michigan median income of $66,986. These 901 households, out of the total 1,159 households in this age cohort, signify a substantial portion of mature demographic of Solon township, showcasing commendable financial stability in comparison to the Michigan state median income benchmark.
- Householder 65 years and over: In Solon township, among the over 65 years age group, a noteworthy 28.59% of households either match or surpass the state of Michigan median income of $66,986. These 205 households, constituting notable portion of the Solon township township senior population, showcase commendable financial stability compared to the Michigan state median income benchmark.