Age of householder
Per the latest American Community Survey by the Census Bureau, Borup sees its highest median household income among householders in the age group of 45 to 64 years old, at $82,014. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Borup, where there exist only two delineated age groups, the median household income is $82,014 for householders within the 45 to 64 years age group, compared to $60,995 for 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 $29,940(96.41%), escalating from a median of $31,055 in 2011 to $60,995 in 2021.
- 0 households where the householder is under 25 years old.
- 10(21.28%) households with a householder aged between 25 and 44 years.
- 19(40.43%) households with a householder aged between 45 and 64 years.
- 18(38.30%) households where the householder is over 65 years old.
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Gender
In Borup, the population consists of 61 males (45.86%) and 72 females (54.14%). Here are the primary highlights from the gender-based income distribution analysis:
- In Borup, while the Census reported a median income of $40,354 for all male workers aged 15 years and older, data for females in the same category was unavailable due to an insufficient number of sample observations.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $54,537 for males and $38,507 for females.
- In Borup, while the Census reported a median income of $40,354 for all male workers aged 15 years and older, data for females in the same category was unavailable due to an insufficient number of sample observations.
- In Borup, among full-time, year-round workers aged 15 years and older, males earned a median income of $54,537, while females earned $38,507, leading to a 29% gender pay gap among full-time workers. This illustrates that women earn 71 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 Borup, the population is predominantly White, constituting 68.42% 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 $59,740.
- In Borup, despite the White population being the most populous, it is worth noting that Two or More Races households actually reports the highest median household income, with a median income of $82,420. This reveals that, while Whites may be the most numerous in Borup, Two or More Races households experience greater economic prosperity in terms of median household income.
- In Borup, the median household income for the households where the householder is White decreased by $17,897(23.05%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $77,637 in 2011 and $59,740 in 2021.
- As per the U.S. Census Bureau population data, in Borup, 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
Borup, MN median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Borup decreased by $15,192 (20.02%), 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 2014 to 2015, when the median household income increased by 19,807 (from $54,139 to $73,946). Similarly the most substantial year-by-year decline occured from 2011 to 2012, when the median household income decreased by 22,786 (from $76,820 to $54,034).
- Additionally, the Census Bureau did not report a median household income for larger household sizes.
- With a Gini coefficient of 0.2422, it is evident that income distribution in Borup, MN exihibits characterstics of moderate equality .
- NA. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $56,941.
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