Median Household Income in Bancroft Township, Minnesota (2010-2023, in 2023 inflation-adjusted dollars)
Below, you will find a table illustrating the median household income in Bancroft township, spanning the years from 2010 to 2023, with all figures adjusted to 2023 inflation-adjusted dollars.
| Year | Median Household Income | YOY Change($) | YOY Change(%) |
|---|---|---|---|
| 2010 | 95,273 | - | - |
| 2011 | 87,586 | -7,687 | -8.07% |
| 2012 | 89,932 | 2,346 | 2.68% |
| 2013 | 88,541 | -1,391 | -1.55% |
| 2014 | 80,453 | -8,088 | -9.13% |
| 2015 | 84,064 | 3,611 | 4.49% |
| 2016 | 86,441 | 2,377 | 2.83% |
| 2017 | 80,667 | -5,774 | -6.68% |
| 2018 | 89,775 | 9,108 | 11.29% |
| 2019 | 101,126 | 11,351 | 12.64% |
| 2020 | 116,092 | 14,966 | 14.80% |
| 2021 | 101,046 | -15,046 | -12.96% |
| 2022 | 106,945 | 5,899 | 5.84% |
| 2023 | 110,625 | 3,680 | 3.44% |
TABLE OF CONTENTS
Bancroft Township, Minnesota median household income trends: 2010 to 2023
From 2010 to 2023, the median household income for Bancroft township increased by $15,352 (16.11%), as per the American Community Survey estimates. In comparison, median household income for the United States increased by $5,602 (7.68%) between 2010 and 2023.
Analyzing the trend in median household income between the years 2010 and 2023, spanning 13 annual cycles, we observed that median household income, when adjusted for 2023 inflation using the Consumer Price Index retroactive series (R-CPI-U-RS), experienced growth year by year for 8 years and declined for 5 years.
The most significant year-by-year growth occured from 2019 to 2020, when the median household income increased by 14,966 (from $101,126 to $116,092). Similarly the most substantial year-by-year decline occured from 2020 to 2021, when the median household income decreased by 15,046 (from $116,092 to $101,046).
In Minnesota, among cities with populations of fewer than 5,000 residents, Bancroft township ranks 214th out of 1318 for median household income. This rank highlight its position as one of the top-earning small cities within the state of Minnesota.
Median household income in Bancroft Township, Minnesota by household size
To gain deeper insights into the median household income for Bancroft township, we conducted an analysis of the most recent available data from the U.S. Census Bureau American Community Survey 5 year Estimates (the most recent data available).
Of the 7 household sizes (1 person to 7-or-more person households) reported by the census bureau, Bancroft township did not include 6-person households. Across the different household sizes in Bancroft township the mean income is $119,717, and the standard deviation is $47,500. The coefficient of variation (CV) is 39.68%. This high CV indicates high relative variability, suggesting that the incomes vary significantly across different sizes of households.
In the most recent year, 2023, The smallest household size for which the bureau reported a median household income was 1-person households, with an income of $40,625. It then further increased to $139,167 for 7-person households, the largest household size for which the bureau reported a median household income.
Bancroft township median household income by household size
The table below displays median household incomes for various household sizes, as reported by the U.S. Census Bureau. Explore how household income varies with the size of the family unit.
| Household Size | Median Household Income |
|---|---|
| 1-person households | 40,625 |
| 2-person households | 88,125 |
| 3-person households | 166,500 |
| 4-person households | 126,563 |
| 5-person households | 157,321 |
| 6-person households | 0 |
| 7-or-more-person households | 139,167 |
According to the Census Bureau data, the median household income reaches its peak among 3-person households, reaching $166,500 .
Bancroft Township, Minnesota income distribution and inequality
To gain a comprehensive understanding of income distribution in Bancroft township, we conducted an analysis of quintiles data from the U.S. Census Bureau. While the bureau does not categorize income into subjective classes like lower-income, middle-class, or upper-class, they instead divide the population into five quintiles, ensuring that each quintile represents nearly the same number of households. This classification allows us to analyze income levels across a spectrum from the lowest to the highest income groups.
Mean household income by quintile in Bancroft township
The table below presents the mean household income for each of the five quintiles in Bancroft township , offering valuable insights into income distribution and inequality.
| Income Level | Mean Household Income |
|---|---|
| Lowest Quintile | 30,445 |
| Second Quintile | 72,406 |
| Third Quintile | 113,376 |
| Fourth Quintile | 159,730 |
| Highest Quintile | 363,709 |
| Top 5 Percent | 702,358 |
Key findings:
- Income disparities: The mean income of the lowest quintile (20% of households with the lowest income) is 30,445, while the mean income for the highest quintile (20% of households with the highest income) is 363,709. This indicates that the top earners earn 12 times compared to the lowest earners.
- Top 5%: The mean household income for the wealthiest population (top 5%) is 702,358, which is 193.11% higher compared to the highest quintile, and 2306.97% higher compared to the lowest quintile.
Furthermore, as per the Census Bureau, the Gini coefficient for Bancroft township is 0.4463. Gini coefficient is a numeric measure ranging from 0 to 1, where lower numbers indicate greater income equality (with 0 representing complete equality, where all households earn the same income) and higher values signify greater income inequality (with 1 being complete inequality where one household receives all income).
Sources: U.S. Census Bureau, American Community Survey (ACS)
With a Gini coefficient of 0.4463, it is evident that income distribution in Bancroft Township, Minnesota exihibits characterstics of moderate inequality . This level of Gini coefficient suggests noticeable variations in income distribution across households, with certain segments of the population holding a larger share of income compared to others in Bancroft township.It also implies that efforts may be needed to enhance economic fairness and reduce the gap between income groups in Bancroft township
Median household income in Bancroft Township, Minnesota by family type, 2023
The Census Bureau classifies households into different categories, including total households, family households, and non-family households. Our analysis of U.S. Census Bureau American Community Survey data for Bancroft township reveals how household income distribution varies among these categories.
Interestingly, we found that the median household income did vary between family households and non-family households. In 2023, for Bancroft township, there were a total of 217 family households and 69 non-family households.
For the family households, the median income (in 2023 inflation-adjusted dollars) was $129,375. For the non-family households, the median income (in 2023 inflation-adjusted dollars) was $43,542.
Bancroft Township, Minnesota households by income brackets: family, non-family, and total, 2023, in 2022 inflation-adjusted dollars
The table below presents a breakdown of households across various income brackets in Bancroft township. The data in the table offers insights into the distribution of Bancroft township households based on income levels.
| Income Level | All Households | % All Households | Family Households | % Family Households | Non-Family Households | % Non-Family Households |
|---|---|---|---|---|---|---|
| Total: | 286 | 100.00% | 217 | 100.00% | 69 | 100.00% |
| Less than $10,000 | 3 | 1.05% | 3 | 1.38% | - | - |
| $10,000 to $14,999 | 6 | 2.10% | - | - | 6 | 8.70% |
| $15,000 to $19,999 | 2 | 0.70% | - | - | 2 | 2.90% |
| $20,000 to $24,999 | 12 | 4.20% | - | - | 12 | 17.39% |
| $25,000 to $29,999 | 6 | 2.10% | 5 | 2.30% | 1 | 1.45% |
| $30,000 to $34,999 | 6 | 2.10% | 1 | 0.46% | 5 | 7.25% |
| $35,000 to $39,999 | 4 | 1.40% | - | - | 4 | 5.80% |
| $40,000 to $44,999 | 10 | 3.50% | 2 | 0.92% | 8 | 11.59% |
| $45,000 to $49,999 | 6 | 2.10% | 3 | 1.38% | 3 | 4.35% |
| $50,000 to $59,999 | 12 | 4.20% | 4 | 1.84% | 8 | 11.59% |
| $60,000 to $74,999 | 17 | 5.94% | 17 | 7.83% | - | - |
| $75,000 to $99,999 | 43 | 15.03% | 36 | 16.59% | 7 | 10.14% |
| $100,000 to $124,999 | 23 | 8.04% | 19 | 8.76% | 4 | 5.80% |
| $125,000 to $149,999 | 46 | 16.08% | 41 | 18.89% | 5 | 7.25% |
| $150,000 to $199,999 | 51 | 17.83% | 49 | 22.58% | 2 | 2.90% |
| $200,000 or more | 39 | 13.64% | 37 | 17.05% | 2 | 2.90% |
Key findings:
- For Family Households: In Bancroft township, the majority of family households, representing 22.58%, earn $150,000 to $199,999, showcasing a substantial share of the community families falling within this income bracket. Conversely, the minority of family households, comprising 0.0%, have incomes falling Less than $10,000, representing a smaller but still significant segment of the community.
- For Non-Family Households: In Bancroft township, the majority of non-family households, accounting for 17.39%, have income $20,000 to $24,999, indicating that a substantial portion of non-family households falls within this income bracket. On the other hand, the minority of non-family households, comprising 0.0%, earn Less than $10,000, representing a smaller, yet notable, portion of non-family households in the community.
- For Total Households (Combining Family and Non-Family): When considering total households in Bancroft township, the majority, constituting 17.83%, earn $150,000 to $199,999, demonstrating that a significant portion of community households falls within this income bracket. Simultaneously, the minority of total households, representing 0.7%, have incomes $15,000 to $19,999, signifying a smaller segment of households in the community.
Things to know
What is the Gini index for Bancroft Township, Minnesota?
As per the Census Bureau, the Gini coefficient for Bancroft township is 0.4463. With this value of Gini coefficient, it is evident that income distribution in Bancroft township exihibits characterstics of moderate inequality .
This level of Gini coefficient suggests noticeable variations in income distribution across households, with certain segments of the population holding a larger share of income compared to others in Bancroft township.It also implies that efforts may be needed to enhance economic fairness and reduce the gap between income groups in Bancroft townshipWhat is the median household income in Bancroft Township, Minnesota?
As per the latest data available from American Community Survey, the median household income for Bancroft township is $110,625 (in 2023 inflation-adjusted dollars). This income is 140.86% of the U.S. median household income of $78,538 (all incomes in 2023 inflation-adjusted dollars).
How does Bancroft Township, Minnesota median household income compare to the rest of the United States?
In Minnesota, among cities with populations of fewer than 5,000 residents, Bancroft township ranks 214th out of 1318 for median household income. This rank highlight its position as one of the top-earning small cities within the state of Minnesota.
References
- U.S. Census Bureau American Community Survey (ACS) 2019-2023 5-Year Estimates
- Consumer Price Index retroactive series using current methods (R-CPI-U-RS)
