Age of householder
Per the latest American Community Survey by the Census Bureau, Elk Rapids sees its highest median household income among householders in the age group of 45 to 64 years old, at $92,688. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Elk Rapids, the median household income stands at $92,688 for householders within the 45 to 64 years age group, followed by $73,541 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 $48,442.
- Notably, household income for individuals within the 45 to 64 years age group demonstrated a remarkable increase of $46,923(102.53%), escalating from a median of $45,765 in 2011 to $92,688 in 2021.
- 11(1.51%) households where the householder is under 25 years old.
- 118(16.19%) households with a householder aged between 25 and 44 years.
- 227(31.14%) households with a householder aged between 45 and 64 years.
- 373(51.17%) households where the householder is over 65 years old.
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Gender
In Elk Rapids, the population consists of 665 males (46.24%) and 773 females (53.76%). Here are the primary highlights from the gender-based income distribution analysis:
- In Elk Rapids, the median income for all workers aged 15 years and older, regardless of work hours, was $39,521 for males and $33,433 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $55,622 for males and $54,567 for females.
- In Elk Rapids, the median income for all workers aged 15 years and older, regardless of work hours, was $39,521 for males and $33,433 for females.
- In Elk Rapids, among full-time, year-round workers aged 15 years and older, males earned a median income of $55,622, while females earned $54,567, resulting in a 2% gender pay gap among full-time workers. This illustrates that women earn 98 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 village of Elk Rapids.
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Race
In Elk Rapids, the population is predominantly White, constituting 93.53% 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 $65,665.
- In Elk Rapids, White is both the largest group and the one with the highest median household income, which stands at $65,665.
- In Elk Rapids, the median household income for the households where the householder is White increased by $17,285(35.73%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $48,380 in 2011 and $65,665 in 2021.
- As per the U.S. Census Bureau population data, in Elk Rapids, 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
Elk Rapids, MI median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Elk Rapids increased by $7,724 (14.20%), 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 2015 to 2016, when the median household income increased by 8,046 (from $51,911 to $59,957). Similarly the most substantial year-by-year decline occured from 2010 to 2011, when the median household income decreased by 6,542 (from $54,377 to $47,835).
- It then further increased to $88,403 for 5-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.4608, it is evident that income distribution in Elk Rapids, MI exihibits characterstics of moderate inequality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $88,403. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $31,400.
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