Age of householder
Per the latest American Community Survey by the Census Bureau, Castle Rock township sees its highest median household income among householders in the age group of 45 to 64 years old, at $122,330. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Castle Rock township, the median household income stands at $122,330 for householders within the 45 to 64 years age group, followed by $97,552 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 $87,149.
- Notably, household income for individuals within the 65 years and over age group demonstrated a remarkable increase of $22,097(33.97%), escalating from a median of $65,052 in 2011 to $87,149 in 2021.
- 0 households where the householder is under 25 years old.
- 163(32.34%) households with a householder aged between 25 and 44 years.
- 231(45.83%) households with a householder aged between 45 and 64 years.
- 110(21.83%) households where the householder is over 65 years old.
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Gender
In Castle Rock township, the population consists of 869 males (55.60%) and 694 females (44.40%). Here are the primary highlights from the gender-based income distribution analysis:
- In Castle Rock township, the median income for all workers aged 15 years and older, regardless of work hours, was $59,266 for males and $34,566 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $81,339 for males and $73,412 for females.
- In Castle Rock township, the median income for all workers aged 15 years and older, regardless of work hours, was $59,266 for males and $34,566 for females.
- In Castle Rock township, among full-time, year-round workers aged 15 years and older, males earned a median income of $81,339, while females earned $73,412, resulting in a 10% gender pay gap among full-time workers. This illustrates that women earn 90 cents for each dollar earned by men in full-time positions. While this gap shows a trend where women are inching closer to wage parity with men, it also exhibits a noticeable income difference for women working full-time in the township of Castle Rock township.
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Race
In Castle Rock township, the population is predominantly White, constituting 96.35% 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 $98,827.
- In Castle Rock township, 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 $122,954. This reveals that, while Whites may be the most numerous in Castle Rock township, Two or More Races households experience greater economic prosperity in terms of median household income.
- In Castle Rock township, the median household income for the households where the householder is White decreased by $3,055(3%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $101,882 in 2011 and $98,827 in 2021.
- As per the U.S. Census Bureau population data, in Castle Rock 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
Castle Rock Township, Minnesota median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Castle Rock township increased by $2,739 (2.83%), 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 13,072 (from $91,656 to $104,728). Similarly the most substantial year-by-year decline occured from 2019 to 2020, when the median household income decreased by 10,518 (from $112,311 to $101,793).
- It then further increased to $132,952 for 6-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.419, it is evident that income distribution in Castle Rock Township, Minnesota exihibits characterstics of moderate inequality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $108,091. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $52,357.
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