Franklin, MI median household income diversity
Based on our analysis of the distribution of Franklin population by race & ethnicity, the population is predominantly White. This particular racial category constitutes the majority, accounting for 75.99% of the total residents in Franklin. Notably, the median household income for White households is $175,141.
Interestingly, White is both the largest group and the one with the highest median household income, which stands at $175,141.
For a better visual representation of these income disparities, take a look at the bar chart below. It illustrates the varying median household incomes across races, providing a clear comparison for each of the racial categories defined by the U.S. Census Bureau. All incomes have been adjusted for 2022 inflation using the Consumer Price Index retroactive series (R-CPI-U-RS).
As we explore median household incomes in Franklin, we observe that White households report a median income of about $175,141, Two or More Races households report a median income of about $163,128 and Black or African American households earn roughly $115,721. These differences shed light on the income distribution within the village of Franklin.
Franklin, MI median household income trends across races
A decade typically encompasses substantial economic changes. To conduct a comprehensive analysis of these changes in Franklin, we have analysed how these changes have unfolded among the racial categories identified by the U.S. Census Bureau for the village of Franklin.
Key stats for each racial category as per our analysis of U.S. Census Bureau American Community Survey:
- White: In Franklin, the median household income for the households where the householder is White decreased by $20,366(10.42%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $195,507 in 2011 and $175,141 in 2021.
- Black or African American: In Franklin, the median household income for the households where the householder is Black or African American increased by $20,558(21.60%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $95,163 in 2011 and $115,721 in 2021.
- American Indian and Alaska Native: Even though there is a population where the householder is American Indian and Alaska Native, there was no median household income reported by the U.S. Census Bureau for both 2011 and 2021.
- Asian: In Franklin, the median household income for Asian households was $275,204 in 2011(2022 inflation-adjusted dollars). However there is no reported data for 2021, indicating a lack of information for this specific year.
- Native Hawaiian and Other Pacific Islander: According to the U.S. Census Bureau population data for Franklin, there are no households with Native Hawaiian and Other Pacific Islander householders. Consequently, the median household income for the Native Hawaiian and Other Pacific Islander population is not available.
- Some other race: Even though there is a population where the householder is Some other race, there was no median household income reported by the U.S. Census Bureau for both 2011 and 2021.
- Two or more races (multiracial): In Franklin, there was no reported median household income for multiracial households in 2011. However, in 2021, the median household income increased to $163,128(2022 inflation-adjusted dollars), marking a significant change.
- Above analysis reconfirms that there are 3 race households in Franklin. Households are categorized based on the self-identified race of the head of household.
Franklin median household income by race betwen 2011 and 2021
Explore the evolution of median household incomes over the past decade across various racial categories identified by the U.S. Census Bureau. This table showcases the annual income trends, from 2011 to 2021, providing insights into the economic shifts within diverse racial communities.
| Race Of The Head Of Household | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| White | $192,976 | $195,507 | $184,686 | $177,473 | $154,868 | $174,146 | $180,977 | $177,147 | $178,436 | $199,144 | $205,382 | $175,141 | N/A |
| Black or African American | $73,367 | $95,163 | $98,261 | $74,321 | $156,678 | $164,373 | $165,988 | $164,971 | $161,233 | $138,968 | $136,071 | $115,721 | N/A |
| Asian | $263,110 | $275,204 | $275,015 | $275,681 | $310,254 | $309,720 | $305,769 | $299,404 | $292,266 | $287,055 | $283,286 | N/A | N/A |
| Two or More Races | $106,510 | N/A | $107,688 | N/A | N/A | N/A | N/A | N/A | $120,802 | $161,547 | $162,819 | $163,128 | N/A |
Key observations: Households with multiracial householders witnessed significant growth in median household income, marking an impressive increase of $163,128. On the other hand, households where householder is Asian experienced a notable decline, with a decrease of $275,204 in median income.