Age of householder
Per the latest American Community Survey by the Census Bureau, Krakow township sees its highest median household income among householders in the age group of 45 to 64 years old, at $60,351. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Krakow township, the median household income stands at $60,351 for householders within the 45 to 64 years age group, followed by $56,598 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 $52,694.
- Notably, household income for individuals within the 65 years and over age group demonstrated a remarkable increase of $7,083(14.30%), escalating from a median of $49,515 in 2011 to $56,598 in 2021.
- 0 households where the householder is under 25 years old.
- 72(20.87%) households with a householder aged between 25 and 44 years.
- 120(34.78%) households with a householder aged between 45 and 64 years.
- 153(44.35%) households where the householder is over 65 years old.
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Gender
In Krakow township, the population consists of 349 males (49.86%) and 351 females (50.14%). Here are the primary highlights from the gender-based income distribution analysis:
- In Krakow township, the median income for all workers aged 15 years and older, regardless of work hours, was $47,676 for males and $20,335 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $65,434 for males and $35,637 for females.
- In Krakow township, the median income for all workers aged 15 years and older, regardless of work hours, was $47,676 for males and $20,335 for females.
- In Krakow township, among full-time, year-round workers aged 15 years and older, males earned a median income of $65,434, while females earned $35,637, leading to a 46% gender pay gap among full-time workers. This illustrates that women earn 54 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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Race
In Krakow township, the population is predominantly White, constituting 96.29% 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 $59,848.
- In Krakow township, White is both the largest group and the one with the highest median household income, which stands at $59,848.
- In Krakow township, the median household income for the households where the householder is White increased by $2,019(3.49%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $57,829 in 2011 and $59,848 in 2021.
- As per the U.S. Census Bureau population data, in Krakow 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
Krakow Township, Michigan median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Krakow township decreased by $4,867 (7.56%), 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 5,042 (from $53,804 to $58,846). Similarly the most substantial year-by-year decline occured from 2010 to 2011, when the median household income decreased by 6,568 (from $64,397 to $57,829).
- It then further increased to $44,250 for 5-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.4078, it is evident that income distribution in Krakow Township, Michigan exihibits characterstics of moderate inequality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $75,470. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $24,996.
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