Age of householder
Per the latest American Community Survey by the Census Bureau, Frankfort sees its highest median household income among householders in the age group of 65 years and over old, at $51,512. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Frankfort, where there exist only two delineated age groups, the median household income is $51,512 for householders within the 65 years and over age group, compared to $47,065 for the 45 to 64 years age group.
- Notably, household income for individuals within the 65 years and over age group demonstrated a remarkable increase of $3,840(8.06%), escalating from a median of $47,672 in 2011 to $51,512 in 2021.
- 0 households where the householder is under 25 years old.
- 68(15.18%) households with a householder aged between 25 and 44 years.
- 135(30.13%) households with a householder aged between 45 and 64 years.
- 245(54.69%) households where the householder is over 65 years old.
Read more about Frankfort, MI median household income by age ➔
Gender
In Frankfort, the population consists of 496 males (47.97%) and 538 females (52.03%). Here are the primary highlights from the gender-based income distribution analysis:
- In Frankfort, the median income for all workers aged 15 years and older, regardless of work hours, was $38,507 for males and $21,183 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $43,440 for males and $36,549 for females.
- In Frankfort, the median income for all workers aged 15 years and older, regardless of work hours, was $38,507 for males and $21,183 for females.
- In Frankfort, among full-time, year-round workers aged 15 years and older, males earned a median income of $43,440, while females earned $36,549, leading to a 16% gender pay gap among full-time workers. This illustrates that women earn 84 cents for each dollar earned by men in full-time roles. This analysis indicates a widening gender pay gap, showing a substantial income disparity where women, despite working full-time, face a more significant wage discrepancy compared to men in the same roles.
Read more about Frankfort, MI income by gender ➔
Race
In Frankfort, the population is predominantly White, constituting 92.65% 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 $50,282.
- In Frankfort, White is both the largest group and the one with the highest median household income, which stands at $50,282.
- In Frankfort, the median household income for the households where the householder is White increased by $4,709(10.33%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $45,573 in 2011 and $50,282 in 2021.
- Even though there is a population where the householder is Black or African American, there was no median household income reported by the U.S. Census Bureau for both 2011 and 2021.
Read more about Frankfort, MI median household income by race ➔
Year by year
Frankfort, MI median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Frankfort increased by $3,914 (8.35%), 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 2011 to 2012, when the median household income increased by 6,952 (from $46,201 to $53,153). Similarly the most substantial year-by-year decline occured from 2013 to 2014, when the median household income decreased by 3,278 (from $52,608 to $49,330).
- It then further increased to $50,378 for 4-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.487, it is evident that income distribution in Frankfort, MI exihibits characterstics of moderate inequality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $79,567. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $27,023.
Read more about Frankfort, MI median household income ➔