Age of householder
Per the latest American Community Survey by the Census Bureau, Big Falls sees its highest median household income among householders in the age group of 65 years and over old, at $57,288. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, Big Falls only reports a median household income of $57,288 among householders in the 65 years and over age group.
- Notably, household income for individuals within the 65 years and over age group demonstrated a remarkable increase of $14,465(33.78%), escalating from a median of $42,823 in 2011 to $57,288 in 2021.
- 0 households where the householder is under 25 years old.
- 9(7.96%) households with a householder aged between 25 and 44 years.
- 74(65.49%) households with a householder aged between 45 and 64 years.
- 30(26.55%) households where the householder is over 65 years old.
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Gender
In Big Falls, the population consists of 80 males (46.24%) and 93 females (53.76%). Here are the primary highlights from the gender-based income distribution analysis:
- In Big Falls, the median income for all workers aged 15 years and older, regardless of work hours, was $35,130 for males and $19,456 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $93,229 for males and $39,994 for females.
- In Big Falls, the median income for all workers aged 15 years and older, regardless of work hours, was $35,130 for males and $19,456 for females.
- In Big Falls, among full-time, year-round workers aged 15 years and older, males earned a median income of $93,229, while females earned $39,994, leading to a 57% gender pay gap among full-time workers. This illustrates that women earn 43 cents for each dollar earned by men in full-time roles. This level of income gap emphasizes the urgency to address and rectify this ongoing disparity, where women, despite working full-time, face a more significant wage discrepancy compared to men in the same employment roles.
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Race
In Big Falls, the population is predominantly White, constituting 90.75% 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 $32,878.
- In Big Falls, White is both the largest group and the one with the highest median household income, which stands at $32,878.
- In Big Falls, the median household income for the households where the householder is White decreased by $8,419(20.39%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $41,297 in 2011 and $32,878 in 2021.
- As per the U.S. Census Bureau population data, in Big Falls, 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
Big Falls, MN median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Big Falls decreased by $8,724 (20.97%), as per the American Community Survey estimates.
- Between 2010 and 2021, median household income, adjusted for 2022 inflation, experienced growth year by year for 4 years and declined for 7 years.
- The most significant year-by-year growth occured from 2015 to 2016, when the median household income increased by 2,200 (from $35,875 to $38,075). Similarly the most substantial year-by-year decline occured from 2013 to 2014, when the median household income decreased by 5,461 (from $39,954 to $34,493).
- It then further increased to $59,450 for 2-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.5015, it is evident that income distribution in Big Falls, MN exihibits characterstics of moderate inequality .
- NA. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $29,618.
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