Age of householder
Per the latest American Community Survey by the Census Bureau, Ideal township sees its highest median household income among householders in the age group of 45 to 64 years old, at $127,072. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Ideal township, the median household income stands at $127,072 for householders within the 45 to 64 years age group, followed by $76,115 for the 65 years and over age group. Notably, householders within the 25 to 44 years age group, had the lowest median household income at $58,918.
- Notably, household income for individuals within the 45 to 64 years age group demonstrated a remarkable increase of $46,574(57.86%), escalating from a median of $80,498 in 2011 to $127,072 in 2021.
- 0 households where the householder is under 25 years old.
- 93(16.23%) households with a householder aged between 25 and 44 years.
- 263(45.90%) households with a householder aged between 45 and 64 years.
- 217(37.87%) households where the householder is over 65 years old.
Read more about Ideal Township, Minnesota median household income by age ➔
Gender
In Ideal township, the population consists of 641 males (52.54%) and 579 females (47.46%). Here are the primary highlights from the gender-based income distribution analysis:
- In Ideal township, the median income for all workers aged 15 years and older, regardless of work hours, was $55,486 for males and $30,649 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $64,404 for males and $64,404 for females.
- In Ideal township, the median income for all workers aged 15 years and older, regardless of work hours, was $55,486 for males and $30,649 for females.
- In Ideal township, for all full-time workers aged 15 years and older, the median income was equal at, $64,404 for both males and females. This indicates a gender income balance in Ideal township, where both men and women, in full-time year-round roles, earn an equal income.
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Race
In Ideal township, the population is predominantly White, constituting 97.79% 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 $91,653.
- In Ideal township, White is both the largest group and the one with the highest median household income, which stands at $91,653.
- In Ideal township, the median household income for the households where the householder is White increased by $14,238(18.39%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $77,415 in 2011 and $91,653 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.
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Year by year
Ideal Township, Minnesota median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Ideal township increased by $19,406 (24.83%), 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 2018 to 2019, when the median household income increased by 13,615 (from $62,837 to $76,452). Similarly the most substantial year-by-year decline occured from 2015 to 2016, when the median household income decreased by 10,411 (from $74,241 to $63,830).
- It then further increased to $126,670 for 5-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.4244, it is evident that income distribution in Ideal Township, Minnesota exihibits characterstics of moderate inequality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $111,319. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $57,498.
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