Age of householder
Per the latest American Community Survey by the Census Bureau, Iron Junction sees its highest median household income among householders in the age group of 45 to 64 years old, at $77,015. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, Iron Junction only reports a median household income of $77,015 among householders in the 45 to 64 years age group.
- Notably, household income for individuals within the 45 to 64 years age group demonstrated a remarkable increase of $7,200(10.31%), escalating from a median of $69,815 in 2011 to $77,015 in 2021.
- 10(23.26%) households where the householder is under 25 years old.
- 6(13.95%) households with a householder aged between 25 and 44 years.
- 17(39.53%) households with a householder aged between 45 and 64 years.
- 10(23.26%) households where the householder is over 65 years old.
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Gender
In Iron Junction, the population consists of 48 males (44.86%) and 59 females (55.14%). Here are the primary highlights from the gender-based income distribution analysis:
- In Iron Junction, the median income for all workers aged 15 years and older, regardless of work hours, was $51,794 for males and $26,347 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $52,019 for males and $34,936 for females.
- In Iron Junction, the median income for all workers aged 15 years and older, regardless of work hours, was $51,794 for males and $26,347 for females.
- In Iron Junction, among full-time, year-round workers aged 15 years and older, males earned a median income of $52,019, while females earned $34,936, leading to a 33% gender pay gap among full-time workers. This illustrates that women earn 67 cents for each dollar earned by men in full-time roles. This level of income gap emphasizes the urgency to address and rectify this ongoing disparity, where women, despite working full-time, face a more significant wage discrepancy compared to men in the same employment roles.
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Year by year
Iron Junction, MN median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Iron Junction decreased by $1,764 (2.60%), 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 2017 to 2018, when the median household income increased by 13,192 (from $71,857 to $85,049). Similarly the most substantial year-by-year decline occured from 2019 to 2020, when the median household income decreased by 25,259 (from $80,854 to $55,595).
- It then further increased to $89,175 for 4-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.3724, it is evident that income distribution in Iron Junction, MN exihibits characterstics of moderate equality .
- NA. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $32,545.
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