Age of householder
Per the latest American Community Survey by the Census Bureau, Iron River town sees its highest median household income among householders in the age group of 45 to 64 years old, at $59,450. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Iron River town, the median household income stands at $59,450 for householders within the 45 to 64 years age group, followed by $52,544 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 $38,025.
- Notably, household income for individuals within the 65 years and over age group demonstrated a remarkable increase of $7,787(25.75%), escalating from a median of $30,238 in 2011 to $38,025 in 2021.
- 0 households where the householder is under 25 years old.
- 146(25.48%) households with a householder aged between 25 and 44 years.
- 204(35.60%) households with a householder aged between 45 and 64 years.
- 223(38.92%) households where the householder is over 65 years old.
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Gender
In Iron River town, the population consists of 498 males (44.91%) and 611 females (55.09%). Here are the primary highlights from the gender-based income distribution analysis:
- In Iron River town, the median income for all workers aged 15 years and older, regardless of work hours, was $39,552 for males and $22,699 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $57,964 for males and $55,284 for females.
- In Iron River town, the median income for all workers aged 15 years and older, regardless of work hours, was $39,552 for males and $22,699 for females.
- In Iron River town, among full-time, year-round workers aged 15 years and older, males earned a median income of $57,964, while females earned $55,284, resulting in a 5% gender pay gap among full-time workers. This illustrates that women earn 95 cents for each dollar earned by men in full-time positions. While this gap shows a trend where women are inching closer to wage parity with men, it also exhibits a noticeable income difference for women working full-time in the town of Iron River town.
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Race
In Iron River town, the population is predominantly White, constituting 93.51% 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 $52,417.
- In Iron River town, 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 $69,178. This reveals that, while Whites may be the most numerous in Iron River town, American Indian and Alaska Native households experience greater economic prosperity in terms of median household income.
- In Iron River town, the median household income for the households where the householder is White increased by $4,434(9.24%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $47,983 in 2011 and $52,417 in 2021.
- As per the U.S. Census Bureau population data, in Iron River town, 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
Iron River, Wisconsin median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Iron River town increased by $3,286 (6.76%), 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 2011 to 2012, when the median household income increased by 6,922 (from $45,249 to $52,171). Similarly the most substantial year-by-year decline occured from 2013 to 2014, when the median household income decreased by 4,947 (from $52,571 to $47,624).
- It then further increased to $170,582 for 5-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.4826, it is evident that income distribution in Iron River, Wisconsin exihibits characterstics of moderate inequality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $64,179. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $36,106.
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