Age of householder
Per the latest American Community Survey by the Census Bureau, Lake Benton sees its highest median household income among householders in the age group of 25 to 44 years old, at $90,526. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Lake Benton, householders within the 25 to 44 years age group have the highest median household income at $90,526, followed by those in the 45 to 64 years age group with an income of $68,908. Meanwhile householders within the 65 years and over age group report the second lowest median household income of $38,990. Notably, householders within the under 25 years age group, had the lowest median household income at $17,024.
- Notably, household income for individuals within the 25 to 44 years age group demonstrated a remarkable increase of $21,151(30.49%), escalating from a median of $69,375 in 2011 to $90,526 in 2021.
- 21(6.48%) households where the householder is under 25 years old.
- 76(23.46%) households with a householder aged between 25 and 44 years.
- 101(31.17%) households with a householder aged between 45 and 64 years.
- 126(38.89%) households where the householder is over 65 years old.
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Gender
In Lake Benton, the population consists of 301 males (44.73%) and 372 females (55.27%). Here are the primary highlights from the gender-based income distribution analysis:
- In Lake Benton, the median income for all workers aged 15 years and older, regardless of work hours, was $46,553 for males and $24,996 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $55,172 for males and $54,721 for females.
- In Lake Benton, the median income for all workers aged 15 years and older, regardless of work hours, was $46,553 for males and $24,996 for females.
- In Lake Benton, among full-time, year-round workers aged 15 years and older, males earned a median income of $55,172, while females earned $54,721, resulting in a 1% gender pay gap among full-time workers. This illustrates that women earn 99 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 city of Lake Benton.
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Race
In Lake Benton, the population is predominantly White, constituting 96.14% 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 $57,559.
- In Lake Benton, White is both the largest group and the one with the highest median household income, which stands at $57,559.
- In Lake Benton, the median household income for the households where the householder is White increased by $16,969(41.81%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $40,590 in 2011 and $57,559 in 2021.
- As per the U.S. Census Bureau population data, in Lake Benton, 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
Lake Benton, MN median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Lake Benton increased by $10,636 (22.93%), 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 2015 to 2016, when the median household income increased by 10,118 (from $37,786 to $47,904). Similarly the most substantial year-by-year decline occured from 2012 to 2013, when the median household income decreased by 7,149 (from $50,520 to $43,371).
- It then further increased to $68,908 for 7-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.4123, it is evident that income distribution in Lake Benton, MN exihibits characterstics of moderate inequality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $97,733. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $26,347.
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