Waterford Average Income, Population and Demographics
Are you tired of spending 10+ hours searching for demographic and population data for Waterford, Michigan? We have all of the data you need by state, county, city, and zip code that will save you many hours of research!
In this article, we'll explore most of the 190+ data points we have for Waterford, covering popular demographics statistics like household income, race, age and gender, educational attainment, poverty, housing, and transportation.
The data on this page is from the 2021 American Community Survey (ACS) 5-Year survey from the US Census Bureau.
Median Household Income
According to the latest ACS 5-year survey in 2021, the median household income in Waterford is $67,064.00.
The chart below shows the average household income by age in Waterford.
25 to 44$74,695.00
45 to 64$79,431.00
65 and over$48,551.00
Average Household Income
A very commonly asked question is "what is the average household income in Waterford, Michigan?". The official term for the average household income is the mean household income. The mean household income is the total income of all households divided by the number of households.
The average (or mean) household income in Waterford is $88,378.00.
6.12% of households in Waterford, Michigan are classed as high income households (making $200,000+ per year).
The difference between a median and an average income
The difference between a median and mean household income is that the median income is the middle point of the set of numbers whereas the mean income is an average of all numbers.
Both metrics are important when looking at the income statistics for Waterford but because the median value doesn't depend on other numbers in the dataset, it doesn't change as much when some of the values are extremely low or extremely high.
Household Income Tiers for Waterford
We can also look at the household income tiers. This lets you see how many households fall into each of the earnings brackets and what percentage that bracket is of the total number of households.
The chart below shows the household income brackets to see which age groups have the highest median income. The actual data is more granular than these brackets, but we've simplified them into bigger categories to make reviewing the data for Waterford, Michigan easier to view.
You can purchase the raw data above, which will have the full income tiers with smaller jumps in household income.
Less than $24,99915.38%
$25,000 to $49,99921.68%
$50,000 to $74,99918.75%
$75,000 to $99,99914.63%
$100,000 to $149,99917.19%
$150,000 to $199,9996.26%
$200,000 or more6.12%
Per Capita Income
The per capita income is the average income of all people in Waterford, Michigan. This is calculated by dividing the total income of all people in Waterford by the total number of people in Waterford.
It differs from the average or mean household income because it includes all people in Waterford and not just the people who earn an income (i.e. children, retirees, unemployed, etc.).
The per capita income in Waterford, Michigan is $38,471.00.
Population in Waterford by Race and Ethnicity
The total population in Waterford is currently 70,984 people.
The race and ethnicity of the population in Waterford can be very important for social research, economics, and marketing to a multi-culturial society.
Whether you want to target products or services to a particular race or ethnicity, or provide housing and new businesses to improve areas with a larger ethnic minority population, this data is very valuable for discovering suitable areas.
The chart below breaks down the population and percentage for each race and ethnicity in Waterford, Michigan.
5.70% Black/African American4,018
0.00% Hawaiian/Pacific Islander14
3.70% Two or more races2,647
Population of Waterford by Age and Gender
Another very important demographics statistic for Waterford, Michigan is the age and gender of the population. The age and gender of the population can be used to track trends in population growth or decline, and for businesses, the data can be used to identify people important to you and your business need.
In the table below, we show age groups at a 10 year granularity for ease of use. The raw data, which can be purchased above, includes age and gender at a 5 year granularity.
|0 to 9 Years||3,347||3,784|
|10 to 19 Years||5,170||3,579|
|20 to 29 Years||4,218||4,587|
|30 to 39 Years||4,529||4,370|
|40 to 49 Years||4,521||4,323|
|50 to 59 Years||5,323||5,854|
|60 to 69 Years||4,714||5,012|
|70 Years and over||3,167||4,486|
Educational attainment is a very useful statistic that can give insights into other data such as the average household income, unemployment levels, and literacy.
What this means is that it is likely for areas that have higher levels of education to have higher average household incomes, lower unemployment rates, and higher literacy rates.
The chart below shows the educational attainment of the population in Waterford, Michigan.
Master's degree or higher12.72%
Some college or associate's degree13.16%
High school diploma or equivalent40.19%
Less than high school diploma2.99%
The unemployment rate is the percentage of the population that is actively looking for work but is unable to find a job. The unemployment rate is a very important statistic for Waterford because it can show how many people are actively looking for work and how many people are unable to find a job.
Lower levels of unemployment is generally seen as a positive sign for the economy. It also makes the government in Waterford look good because it shows that they are doing a good job of creating jobs, working to capacity, being efficient, and keeping the economy strong.
The unemployment rate is calculated using the total population in Waterford, Michigan that are over the age of 16.
The current population in Waterford that are over the age of 16 is 58,932 people.
The unemployment rate in Waterford is 4.80%, which means 19,675 people are unemployed.
Median Age in Waterford
The median age is an interesting metric because it gives us an idea of the age distribution of people in Waterford, Michigan. You know when you see a median age that it is the age where half of the population is older and half is younger than it.
For demographic studies, this can be used to infer and compare date to things such as birth rates, the age of parents, and so on.
An increasing median age can be a sign of an aging population, which can be a sign of a declining population. This is because older people tend to have fewer children and die more often than younger people.
The median age in Waterford is 42.5 years old.
We can also look at the median age by gender to compare the see how each group compares to the total median age:
Median age by gender in Waterford
Households and Families
There are a total of 30,483 households in Waterford, and the average household size is 2.31 people.
For families, the total number is 18,331, and the average family size is 2.96 people.
6.10% of those families in Waterford, Michigan are living below the poverty line.
The table below shows the poverty thresholds for Waterford in 2022.
|Household Size||Poverty Threshold|
Please note that the poverty thresholds shown above are from 2022, while the latest demographics data we have is from 2021.
Households and Families by Marital Status
There are four types of household and family, as defined by the Census Bureau:
- Male householder, no spouse present
- Female householder, no spouse present
- Nonfamily household
In the table below, you can see the total households and families in Waterford, Michigan for each type, as well as the average sizes.
|Average Household Size||3.09||2.93||2.87||1.21|
|Average Household Size||3.07||2.6||2.72||0|
Housing Data in Waterford
There are total of 32,228 housing units in Waterford, Michigan. Of those units, 30,483 (94.59%) are occupied, and 1,745 (5.41%) are vacant.
Of the 32,228 housing units in Waterford, 7,905 (24.53%) are occupied by renters. The median rent paid by renters is $927.00.
Owner occupied housing units make up the remaining 69.35% of housing units, with 22,351 housing units in total.
The table below breaks down how much rent is paid by renters in Waterford, Michigan.
No rent paid227
Less than $500438
$500 to $9994,373
$1,000 to $1,4992,135
$1,500 to $1,999659
$2,000 to $2,499109
$2,500 to $2,999143
$3,000 or more48
The median value of a property in Waterford is $190,500.00.
The table below breaks down the range of valuations for all properties in Waterford.
Less than $50,000583
$50,000 to $99,9991,273
$100,000 to $149,9993,987
$150,000 to $199,9996,236
$200,000 to $299,9996,660
$300,000 to $499,9992,417
$500,000 to $999,999983
$1,000,000 or more212
We can also look at the number of properties built in a given year to see the spread of property age in Waterford, Michigan.
1939 or earlier2,473
1940 to 19491,978
1950 to 19596,113
1960 to 19694,723
1970 to 19795,717
1980 to 19893,824
1990 to 19994,991
2000 to 20092,031
2010 to 2013378
2014 or later0
Vehicles Available per Household
Finally, we have data on how many vehicles each household in Waterford has. The table below breaks down the number of vehicles available per household.
No vehicles available1,324
1 vehicle available10,696
2 vehicles available12,085
3 or more vehicles available6,378
Commuting to Work in Waterford
The time and means of commuting to work are useful metrics to look at because they can be correlated against other data such as income and education level.
Does a longer commuting time indicate a higher average income? If so, has the huge increase in home working during the pandemic changed this?
Using these metrics, we can get a better understanding of the demographics of Waterford, Michigan, how they commute, and how that correlates to other data points.
The average travel time is 27.6 minutes, and the chart below covers the range of travel times across the population of Waterford.
Less than 5 minutes525
5 to 9 minutes2,892
10 to 14 minutes3,613
15 to 19 minutes3,916
20 to 24 minutes4,614
25 to 29 minutes2,822
30 to 34 minutes5,942
35 to 39 minutes1,595
40 to 44 minutes1,783
45 to 59 minutes3,328
60 to 89 minutes1,904
90 or more minutes519
We can also look at the means of transport in Waterford to see which modes of transport people are using to commute to work.
Worked from home2,823
Hopefully this article has given you the demographics data you were looking for in Waterford, Michigan.
If you need more demographics data, or you need the data listed above in spreadsheet form with more granular grouping, head back to the top of this page where you can purchase the complete demographics data for Waterford.
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