Age of householder
Per the latest American Community Survey by the Census Bureau, Elk River sees its highest median household income among householders in the age group of 45 to 64 years old, at $123,977. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Elk River, householders within the 45 to 64 years age group have the highest median household income at $123,977, followed by those in the 25 to 44 years age group with an income of $107,191. Meanwhile householders within the under 25 years age group report the second lowest median household income of $72,030. Notably, householders within the 65 years and over age group, had the lowest median household income at $52,445.
- Notably, household income for individuals within the 45 to 64 years age group demonstrated a remarkable increase of $11,918(10.64%), escalating from a median of $112,059 in 2011 to $123,977 in 2021.
- 188(2.05%) households where the householder is under 25 years old.
- 3,576(38.90%) households with a householder aged between 25 and 44 years.
- 3,094(33.66%) households with a householder aged between 45 and 64 years.
- 2,334(25.39%) households where the householder is over 65 years old.
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Gender
In Elk River, the population consists of 12,668 males (49.74%) and 12,799 females (50.26%). Here are the primary highlights from the gender-based income distribution analysis:
- In Elk River, the median income for all workers aged 15 years and older, regardless of work hours, was $56,131 for males and $34,330 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $71,403 for males and $62,919 for females.
- In Elk River, the median income for all workers aged 15 years and older, regardless of work hours, was $56,131 for males and $34,330 for females.
- In Elk River, among full-time, year-round workers aged 15 years and older, males earned a median income of $71,403, while females earned $62,919, resulting in a 12% gender pay gap among full-time workers. This illustrates that women earn 88 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 city of Elk River.
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Race
In Elk River, the population is predominantly White, constituting 87.97% 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 $91,348.
- In Elk River, despite the White population being the most populous, it is worth noting that Asian households actually reports the highest median household income, with a median income of $99,043. This reveals that, while Whites may be the most numerous in Elk River, Asian households experience greater economic prosperity in terms of median household income.
- In Elk River, the median household income for the households where the householder is White decreased by $657(0.71%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $92,005 in 2011 and $91,348 in 2021.
- In Elk River, the median household income for the households where the householder is Black or African American increased by $36,373(131.33%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $27,696 in 2011 and $64,069 in 2021.
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Year by year
Elk River, MN median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Elk River decreased by $7,761 (7.89%), 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 5,676 (from $96,555 to $102,231). Similarly the most substantial year-by-year decline occured from 2020 to 2021, when the median household income decreased by 8,778 (from $99,439 to $90,661).
- It then further increased to $107,117 for 7-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.3781, it is evident that income distribution in Elk River, MN exihibits characterstics of moderate equality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $107,704. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $47,535.
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