Age of householder
Per the latest American Community Survey by the Census Bureau, Falcon Heights sees its highest median household income among householders in the age group of 45 to 64 years old, at $157,543. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Falcon Heights, householders within the 45 to 64 years age group have the highest median household income at $157,543, followed by those in the 65 years and over age group with an income of $64,495. Meanwhile householders within the 25 to 44 years age group report the second lowest median household income of $63,889. Notably, householders within the under 25 years age group, had the lowest median household income at $29,050.
- Notably, household income for individuals within the 45 to 64 years age group demonstrated a remarkable increase of $49,711(46.10%), escalating from a median of $107,832 in 2011 to $157,543 in 2021.
- 99(4.72%) households where the householder is under 25 years old.
- 825(39.32%) households with a householder aged between 25 and 44 years.
- 566(26.98%) households with a householder aged between 45 and 64 years.
- 608(28.98%) households where the householder is over 65 years old.
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Gender
In Falcon Heights, the population consists of 2,515 males (46.68%) and 2,873 females (53.32%). Here are the primary highlights from the gender-based income distribution analysis:
- In Falcon Heights, the median income for all workers aged 15 years and older, regardless of work hours, was $47,543 for males and $29,293 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $71,031 for males and $70,909 for females.
- In Falcon Heights, the median income for all workers aged 15 years and older, regardless of work hours, was $47,543 for males and $29,293 for females.
- In Falcon Heights, for all full-time workers aged 15 years and older, the median income was equal at, $70,909 for both males and females. This indicates a gender income balance in Falcon Heights, where both men and women, in full-time year-round roles, earn an equal income.
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Race
In Falcon Heights, the population is predominantly White, constituting 73.81% 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 $110,881.
- In Falcon Heights, White is both the largest group and the one with the highest median household income, which stands at $110,881.
- In Falcon Heights, the median household income for the households where the householder is White increased by $23,233(26.51%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $87,648 in 2011 and $110,881 in 2021.
- In Falcon Heights, the median household income for the households where the householder is Black or African American increased by $8,654(33.59%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $25,764 in 2011 and $34,418 in 2021.
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Year by year
Falcon Heights, MN median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Falcon Heights increased by $9,856 (13.30%), as per the American Community Survey estimates.
- Between 2010 and 2021, median household income, adjusted for 2022 inflation, experienced growth year by year for 9 years and declined for 2 years.
- The most significant year-by-year growth occured from 2011 to 2012, when the median household income increased by 6,636 (from $74,455 to $81,091). Similarly the most substantial year-by-year decline occured from 2016 to 2017, when the median household income decreased by 9,714 (from $91,935 to $82,221).
- It then further increased to $197,849 for 6-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.4559, it is evident that income distribution in Falcon Heights, MN exihibits characterstics of moderate inequality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $138,417. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $42,170.
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