Median Household Income by Age of Householder in Vermilion Lake Township, Minnesota (2021, in 2022 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Vermilion Lake township. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Vermilion Lake township.
Age Of The Head Of Household | Median Household Income |
---|---|
Under 25 years | - |
25 to 44 years | $86,473 |
45 to 64 years | $91,878 |
65 years and over | $76,002 |
TABLE OF CONTENTS
Vermilion Lake 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 Vermilion Lake township population by age, the median age in Vermilion Lake township is 66.2 years.
Typically for a location with median age in this range, it suggests a significant population of retirees or older individuals. Interestingly, within Vermilion Lake township, the age group of 65 years and over had the second lowest median household income, recorded at $76,002.
In terms of income distribution across age cohorts, in Vermilion Lake township, the median household income stands at $91,878 for householders within the 45 to 64 years age group, followed by $86,473 for the 25 to 44 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $76,002.
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 Vermilion Lake 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 65 years and over age group demonstrated a remarkable increase of $45,764(151.35%), escalating from a median of $30,238 in 2011 to $76,002 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 $5,659(6.56%), increasing from a median of $86,219 in 2011 to $91,878 in 2021.
Vermilion Lake Township, Minnesota household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Vermilion Lake 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, 12(11.76%) households with a householder aged between 25 and 44 years, 30(29.41%) households with a householder aged between 45 and 64 years, and 60(58.82%) 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 Vermilion Lake township, showcasing varying income levels among different age demographics.
Age-wise distribution of Vermilion Lake township household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Vermilion Lake 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 | - | - | 1 | - |
$10,000 - $14,999 | - | - | - | - |
$15,000 - $19,999 | - | - | - | 2 |
$20,000 - $24,999 | - | 1 | 2 | 3 |
$25,000 - $29,999 | - | - | 4 | 1 |
$30,000 - $34,999 | - | 1 | - | 5 |
$35,000 - $39,999 | - | - | - | - |
$40,000 - $44,999 | - | 1 | - | 8 |
$45,000 - $49,999 | - | - | - | - |
$50,000 - $59,999 | - | - | 3 | 7 |
$60,000 - $74,999 | - | 2 | 4 | 21 |
$75,000 - $99,999 | - | 5 | 6 | 4 |
$100,000 - $124,999 | - | 1 | 3 | 5 |
$125,000 - $149,999 | - | - | 2 | - |
$150,000 - $199,999 | - | - | 5 | 2 |
$200,000 or more | - | 1 | - | 2 |
To further explore the income distribution and gain insights into financial landscape of Vermilion Lake 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 Vermilion Lake 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 Vermilion Lake township, among households headed by individuals aged 25 to 44, an impressive 58.33% match or surpass the state of Minnesota median income of $82,338. These 7 households, represent a significant portion of the total 12 households in Vermilion Lake township within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Vermilion Lake township, within the age group of 45 to 64 years, a remarkable 53.33% of households meet or exceed the state of Minnesota median income of $82,338. These 16 households, out of the total 30 households in this age cohort, signify a substantial portion of mature demographic of Vermilion Lake township, showcasing commendable financial stability in comparison to the Minnesota state median income benchmark.
- Householder 65 years and over: In Vermilion Lake township, among the over 65 years age group, only 21.67% of households either match or surpass the state of Minnesota median income of $82,338. These 13 households, constituting low portion of the Vermilion Lake 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 Vermilion Lake Township, Minnesota?
In Vermilion Lake township, households led by individuals aged 45 to 64 years report the highest median household income of $91,878 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 Vermilion Lake Township, Minnesota?
In terms of income distribution across age cohorts, in Vermilion Lake township, the median household income stands at $91,878 for householders within the 45 to 64 years age group, followed by $86,473 for the 25 to 44 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $76,002..
How does the median household income for households led by individuals of median age compare in Vermilion Lake Township, Minnesota?
The median age in Vermilion Lake township is 66.2, which falls within the 65 years and over range among the four age groups defined by the US Census Bureau. This demographic suggests a significant population of retirees or older individuals. Interestingly, within Vermilion Lake township, the age group of 65 years and over had the second lowest median household income, recorded at $76,002.
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)