Age of householder
Per the latest American Community Survey by the Census Bureau, Balsam Lake town sees its highest median household income among householders in the age group of 45 to 64 years old, at $119,351. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Balsam Lake town, the median household income stands at $119,351 for householders within the 45 to 64 years age group, followed by $89,947 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 $59,703.
- Notably, household income for individuals within the 45 to 64 years age group demonstrated a remarkable increase of $30,272(33.98%), escalating from a median of $89,079 in 2011 to $119,351 in 2021.
- 10(1.66%) households where the householder is under 25 years old.
- 106(17.55%) households with a householder aged between 25 and 44 years.
- 265(43.87%) households with a householder aged between 45 and 64 years.
- 223(36.92%) households where the householder is over 65 years old.
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Gender
In Balsam Lake town, the population consists of 803 males (51.84%) and 746 females (48.16%). Here are the primary highlights from the gender-based income distribution analysis:
- In Balsam Lake town, the median income for all workers aged 15 years and older, regardless of work hours, was $45,101 for males and $29,339 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $59,825 for males and $49,068 for females.
- In Balsam Lake town, the median income for all workers aged 15 years and older, regardless of work hours, was $45,101 for males and $29,339 for females.
- In Balsam Lake town, among full-time, year-round workers aged 15 years and older, males earned a median income of $59,825, while females earned $49,068, leading to a 18% gender pay gap among full-time workers. This illustrates that women earn 82 cents for each dollar earned by men in full-time roles. This analysis indicates a widening gender pay gap, showing a substantial income disparity where women, despite working full-time, face a more significant wage discrepancy compared to men in the same roles.
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Race
In Balsam Lake town, the population is predominantly White, constituting 92.83% of the total residents. Here are the key highlights from the analysis of income distribution by race:
- The median household income for White households is $84,897.
- In Balsam Lake town, White is both the largest group and the one with the highest median household income, which stands at $84,897.
- In Balsam Lake town, the median household income for the households where the householder is White increased by $8,453(11.06%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $76,444 in 2011 and $84,897 in 2021.
- As per the U.S. Census Bureau population data, in Balsam Lake town, there are no households where the householder is Black or African American; hence, the median household income for the Black or African American population is not applicable.
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Year by year
Balsam Lake Town, Wisconsin median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Balsam Lake town increased by $5,238 (6.79%), as per the American Community Survey estimates.
- Between 2010 and 2021, median household income, adjusted for 2022 inflation, experienced growth year by year for 5 years and declined for 6 years.
- The most significant year-by-year growth occured from 2016 to 2017, when the median household income increased by 3,801 (from $78,535 to $82,336). Similarly the most substantial year-by-year decline occured from 2010 to 2011, when the median household income decreased by 3,427 (from $77,182 to $73,755).
- It then further increased to $58,437 for 6-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.4016, it is evident that income distribution in Balsam Lake Town, Wisconsin exihibits characterstics of moderate inequality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $94,580. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $54,384.
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