Age of householder
Per the latest American Community Survey by the Census Bureau, Fossum township sees its highest median household income among householders in the age group of 25 to 44 years old, at $74,651. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Fossum township, where there exist only two delineated age groups, the median household income is $74,651 for householders within the 25 to 44 years age group, compared to $36,481 for the 65 years and over age group.
- Notably, household income for individuals within the 65 years and over age group demonstrated the smallest decline of $5,198(12.47%), declining from a median of $41,679 in 2011 to $36,481 in 2021.
- 0 households where the householder is under 25 years old.
- 13(16.05%) households with a householder aged between 25 and 44 years.
- 36(44.44%) households with a householder aged between 45 and 64 years.
- 32(39.51%) households where the householder is over 65 years old.
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Gender
In Fossum township, the population consists of 114 males (58.16%) and 82 females (41.84%). Here are the primary highlights from the gender-based income distribution analysis:
- In Fossum township, the median income for all workers aged 15 years and older, regardless of work hours, was $47,560 for males and $18,916 for females.
- However, when specifically considering full-time, year-round workers within the same age group, while the Census reported a median income of $77,691 for males, while data for females was unavailable due to an insufficient number of sample observations.
- In Fossum township, the median income for all workers aged 15 years and older, regardless of work hours, was $47,560 for males and $18,916 for females.
- In Fossum township, for full-time, year-round workers aged 15 years and older, while the Census reported a median income of $77,691 for males, while data for females was unavailable due to an insufficient number of sample observations.
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Race
In Fossum township, the population is predominantly White, constituting 93.88% 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 $70,935.
- In Fossum township, 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 $137,816. This reveals that, while Whites may be the most numerous in Fossum township, American Indian and Alaska Native households experience greater economic prosperity in terms of median household income.
- In Fossum township, the median household income for the households where the householder is White decreased by $2,888(3.91%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $73,823 in 2011 and $70,935 in 2021.
- As per the U.S. Census Bureau population data, in Fossum 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
Fossum Township, Minnesota median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Fossum township decreased by $9,641 (11.82%), 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 2013 to 2014, when the median household income increased by 21,136 (from $82,799 to $103,935). Similarly the most substantial year-by-year decline occured from 2017 to 2018, when the median household income decreased by 22,137 (from $101,049 to $78,912).
- It then further increased to $74,313 for 2-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.6248, it is evident that income distribution in Fossum Township, Minnesota exihibits characterstics of high inequality .
- NA. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $26,777.
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