Age of householder
Per the latest American Community Survey by the Census Bureau, Boy Lake township sees its highest median household income among householders in the age group of 45 to 64 years old, at $51,794. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Boy Lake township, the median household income stands at $51,794 for householders within the 45 to 64 years age group, followed by $48,545 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 $44,858.
- Notably, household income for individuals within the 65 years and over age group demonstrated a remarkable increase of $22,889(104.19%), escalating from a median of $21,969 in 2011 to $44,858 in 2021.
- 4(3.51%) households where the householder is under 25 years old.
- 33(28.95%) households with a householder aged between 25 and 44 years.
- 37(32.46%) households with a householder aged between 45 and 64 years.
- 40(35.09%) households where the householder is over 65 years old.
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Gender
In Boy Lake township, the population consists of 143 males (41.94%) and 198 females (58.06%). Here are the primary highlights from the gender-based income distribution analysis:
- In Boy Lake township, the median income for all workers aged 15 years and older, regardless of work hours, was $41,885 for males and $15,902 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $47,741 for males and $70,935 for females.
- In Boy Lake township, the median income for all workers aged 15 years and older, regardless of work hours, was $41,885 for males and $15,902 for females.
- In Boy Lake township, among full-time, year-round workers aged 15 years and older, males earned a median income of $47,741, while females earned $70,935
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Race
In Boy Lake township, the population is predominantly American Indian and Alaska Native, constituting 46.92% of the total residents. Here are the key highlights from the analysis of income distribution by race:
- The median household income for American Indian and Alaska Native households is $47,290.
- In Boy Lake township, despite the American Indian and Alaska Native 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 $54,721. This reveals that, while American Indian and Alaska Natives may be the most numerous in Boy Lake township, Two or More Races households experience greater economic prosperity in terms of median household income.
- In Boy Lake township, the median household income for the households where the householder is White increased by $14,458(43.15%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $33,507 in 2011 and $47,965 in 2021.
- As per the U.S. Census Bureau population data, in Boy Lake township, 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
Boy Lake Township, Minnesota median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Boy Lake township increased by $2,680 (5.94%), as per the American Community Survey estimates.
- Between 2010 and 2021, median household income, adjusted for 2022 inflation, experienced growth year by year for 6 years and declined for 5 years.
- The most significant year-by-year growth occured from 2013 to 2014, when the median household income increased by 8,812 (from $35,485 to $44,297). Similarly the most substantial year-by-year decline occured from 2010 to 2011, when the median household income decreased by 9,159 (from $45,117 to $35,958).
- It then further increased to $55,397 for 7-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.3689, it is evident that income distribution in Boy Lake Township, Minnesota exihibits characterstics of moderate equality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $52,357. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $45,770.
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