Age of householder
Per the latest American Community Survey by the Census Bureau, Cormant township sees its highest median household income among householders in the age group of 45 to 64 years old, at $62,491. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Cormant township, where there exist only two delineated age groups, the median household income is $62,491 for householders within the 45 to 64 years age group, compared to $52,019 for the 65 years and over age group.
- Notably, household income for individuals within the 45 to 64 years age group demonstrated a remarkable increase of $9,643(18.25%), escalating from a median of $52,848 in 2011 to $62,491 in 2021.
- 0 households where the householder is under 25 years old.
- 14(22.58%) households with a householder aged between 25 and 44 years.
- 35(56.45%) households with a householder aged between 45 and 64 years.
- 13(20.97%) households where the householder is over 65 years old.
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Gender
In Cormant township, the population consists of 79 males (46.20%) and 92 females (53.80%). Here are the primary highlights from the gender-based income distribution analysis:
- In Cormant township, the median income for all workers aged 15 years and older, regardless of work hours, was $37,832 for males and $28,374 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $38,283 for males and $52,694 for females.
- In Cormant township, the median income for all workers aged 15 years and older, regardless of work hours, was $37,832 for males and $28,374 for females.
- In Cormant township, among full-time, year-round workers aged 15 years and older, males earned a median income of $38,283, while females earned $52,694
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Race
In Cormant township, the population is predominantly White, constituting 91.81% 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 $53,370.
- In Cormant township, White is both the largest group and the one with the highest median household income, which stands at $53,370.
- In Cormant township, the median household income for the households where the householder is White decreased by $568(1.05%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $53,938 in 2011 and $53,370 in 2021.
- As per the U.S. Census Bureau population data, in Cormant 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
Cormant Township, Minnesota median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Cormant township decreased by $42,263 (45.15%), 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 2013 to 2014, when the median household income increased by 14,677 (from $50,994 to $65,671). Similarly the most substantial year-by-year decline occured from 2010 to 2011, when the median household income decreased by 39,668 (from $93,606 to $53,938).
- It then further decreased to 39,183 for 4-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.3491, it is evident that income distribution in Cormant Township, Minnesota exihibits characterstics of moderate equality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $62,828. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $27,023.
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