Age of householder
Per the latest American Community Survey by the Census Bureau, Beaver Bay sees its highest median household income among householders in the age group of 45 to 64 years old, at $106,740. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Beaver Bay, the median household income stands at $106,740 for householders within the 45 to 64 years age group, followed by $69,178 for the 65 years and over age group. Notably, householders within the 25 to 44 years age group, had the lowest median household income at $2,701.
- Notably, household income for individuals within the 65 years and over age group demonstrated a remarkable increase of $11,426(19.78%), escalating from a median of $57,752 in 2011 to $69,178 in 2021.
- 0 households where the householder is under 25 years old.
- 12(30%) households with a householder aged between 25 and 44 years.
- 14(35%) households with a householder aged between 45 and 64 years.
- 14(35%) households where the householder is over 65 years old.
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Race
In Beaver Bay, the population is predominantly White, constituting 94.52% 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 $64,855.
- In Beaver Bay, White is both the largest group and the one with the highest median household income, which stands at $64,855.
- In Beaver Bay, the median household income for the households where the householder is White increased by $31,348(93.56%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $33,507 in 2011 and $64,855 in 2021.
- As per the U.S. Census Bureau population data, in Beaver Bay, 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
Beaver Bay, MN median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Beaver Bay increased by $12,159 (21.74%), 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 2017 to 2018, when the median household income increased by 32,266 (from $55,889 to $88,155). Similarly the most substantial year-by-year decline occured from 2010 to 2011, when the median household income decreased by 22,431 (from $55,938 to $33,507).
- It then further increased to $73,502 for 2-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.5212, it is evident that income distribution in Beaver Bay, MN exihibits characterstics of moderate inequality .
- NA. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $0.
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