Age of householder
Per the latest American Community Survey by the Census Bureau, Granite Falls township sees its highest median household income among householders in the age group of 45 to 64 years old, at $109,442. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Granite Falls township, the median household income stands at $109,442 for householders within the 45 to 64 years age group, followed by $79,717 for the 25 to 44 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $54,721.
- Notably, household income for individuals within the 45 to 64 years age group demonstrated a remarkable increase of $32,622(42.47%), escalating from a median of $76,820 in 2011 to $109,442 in 2021.
- 3(4.23%) households where the householder is under 25 years old.
- 16(22.54%) households with a householder aged between 25 and 44 years.
- 24(33.80%) households with a householder aged between 45 and 64 years.
- 28(39.44%) households where the householder is over 65 years old.
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Gender
In Granite Falls township, the population consists of 101 males (47.87%) and 110 females (52.13%). Here are the primary highlights from the gender-based income distribution analysis:
- In Granite Falls township, the median income for all workers aged 15 years and older, regardless of work hours, was $37,832 for males and $37,381 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $52,694 for males and $58,099 for females.
- In Granite Falls township, the median income for all workers aged 15 years and older, regardless of work hours, was $37,832 for males and $37,381 for females.
- In Granite Falls township, among full-time, year-round workers aged 15 years and older, males earned a median income of $52,694, while females earned $58,099
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Race
In Granite Falls township, the population is predominantly White, constituting 98.58% 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 $64,083.
- In Granite Falls township, White is both the largest group and the one with the highest median household income, which stands at $64,083.
- In Granite Falls township, the median household income for the households where the householder is White decreased by $15,393(19.37%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $79,476 in 2011 and $64,083 in 2021.
- As per the U.S. Census Bureau population data, in Granite Falls 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
Granite Falls Township, Minnesota median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Granite Falls township increased by $233 (0.36%), as per the American Community Survey estimates.
- Between 2010 and 2021, median household income, adjusted for 2022 inflation, experienced growth year by year for 6 years and declined for 5 years.
- The most significant year-by-year growth occured from 2013 to 2014, when the median household income increased by 17,956 (from $87,530 to $105,486). Similarly the most substantial year-by-year decline occured from 2018 to 2019, when the median household income decreased by 15,863 (from $90,018 to $74,155).
- Additionally, the Census Bureau did not report a median household income for larger household sizes.
- With a Gini coefficient of 0.4366, it is evident that income distribution in Granite Falls Township, Minnesota exihibits characterstics of moderate inequality .
- NA. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $25,360.
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