Age of householder
Per the latest American Community Survey by the Census Bureau, Federal Dam sees its highest median household income among householders in the age group of 25 to 44 years old, at $66,206. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Federal Dam, the median household income stands at $66,206 for householders within the 25 to 44 years age group, followed by $54,046 for the 45 to 64 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $51,006.
- Notably, household income for individuals within the 25 to 44 years age group demonstrated a remarkable increase of $24,086(57.18%), escalating from a median of $42,120 in 2011 to $66,206 in 2021.
- 1(2.08%) households where the householder is under 25 years old.
- 14(29.17%) households with a householder aged between 25 and 44 years.
- 14(29.17%) households with a householder aged between 45 and 64 years.
- 19(39.58%) households where the householder is over 65 years old.
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Gender
In Federal Dam, the population consists of 68 males (49.28%) and 70 females (50.72%). Here are the primary highlights from the gender-based income distribution analysis:
- In Federal Dam, the median income for all workers aged 15 years and older, regardless of work hours, was $47,830 for males and $17,565 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $47,020 for males and $47,096 for females.
- In Federal Dam, the median income for all workers aged 15 years and older, regardless of work hours, was $47,830 for males and $17,565 for females.
- In Federal Dam, for all full-time workers aged 15 years and older, the median income was equal at, $47,096 for both males and females. This indicates a gender income balance in Federal Dam, where both men and women, in full-time year-round roles, earn an equal income.
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Race
In Federal Dam, the population is predominantly White, constituting 44.93% 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 $51,118.
- In Federal Dam, despite the White population being the most populous, it is worth noting that American Indian and Alaska Native households actually reports the highest median household income, with a median income of $84,109. This reveals that, while Whites may be the most numerous in Federal Dam, American Indian and Alaska Native households experience greater economic prosperity in terms of median household income.
- In Federal Dam, the median household income for the households where the householder is White decreased by $36,598(41.72%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $87,716 in 2011 and $51,118 in 2021.
- As per the U.S. Census Bureau population data, in Federal Dam, 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
Federal Dam, MN median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Federal Dam increased by $15,089 (36.22%), 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 2012 to 2013, when the median household income increased by 17,277 (from $40,025 to $57,302). Similarly the most substantial year-by-year decline occured from 2019 to 2020, when the median household income decreased by 8,304 (from $66,740 to $58,436).
- It then further increased to $66,881 for 5-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.3251, it is evident that income distribution in Federal Dam, MN exihibits characterstics of moderate equality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $56,297. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $59,450.
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