Age of householder
Per the latest American Community Survey by the Census Bureau, Fairbanks township sees its highest median household income among householders in the age group of 45 to 64 years old, at $54,046. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Fairbanks township, where there exist only two delineated age groups, the median household income is $54,046 for householders within the 45 to 64 years age group, compared to $39,333 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 $14,001(34.96%), escalating from a median of $40,045 in 2011 to $54,046 in 2021.
- 0 households where the householder is under 25 years old.
- 1(1.59%) households with a householder aged between 25 and 44 years.
- 30(47.62%) households with a householder aged between 45 and 64 years.
- 32(50.79%) households where the householder is over 65 years old.
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Gender
In Fairbanks township, the population consists of 41 males (41.41%) and 58 females (58.59%). Here are the primary highlights from the gender-based income distribution analysis:
- In Fairbanks township, the median income for all workers aged 15 years and older, regardless of work hours, was $38,507 for males and $27,902 for females.
- However, when specifically considering full-time, year-round workers within the same age group, while the Census reported a median income of $66,881 for males, while data for females was unavailable due to an insufficient number of sample observations.
- In Fairbanks township, the median income for all workers aged 15 years and older, regardless of work hours, was $38,507 for males and $27,902 for females.
- In Fairbanks township, for full-time, year-round workers aged 15 years and older, while the Census reported a median income of $66,881 for males, while data for females was unavailable due to an insufficient number of sample observations.
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Race
In Fairbanks township, the population is predominantly White, constituting 98.99% 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 $39,994.
- In Fairbanks township, White is both the largest group and the one with the highest median household income, which stands at $39,994.
- In Fairbanks township, the median household income for the households where the householder is White decreased by $14,353(26.41%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $54,347 in 2011 and $39,994 in 2021.
- As per the U.S. Census Bureau population data, in Fairbanks 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
Fairbanks Township, Minnesota median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Fairbanks township decreased by $22,342 (35.80%), as per the American Community Survey estimates.
- Between 2010 and 2021, median household income, adjusted for 2022 inflation, experienced growth year by year for 3 years and declined for 8 years.
- The most significant year-by-year growth occured from 2011 to 2012, when the median household income increased by 16,097 (from $54,347 to $70,444). Similarly the most substantial year-by-year decline occured from 2016 to 2017, when the median household income decreased by 28,045 (from $70,710 to $42,665).
- Additionally, the Census Bureau did not report a median household income for larger household sizes.
- With a Gini coefficient of 0.4861, it is evident that income distribution in Fairbanks Township, Minnesota exihibits characterstics of moderate inequality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $78,366. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $38,808.
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