Age of householder
Per the latest American Community Survey by the Census Bureau, Lake Edward township sees its highest median household income among householders in the age group of 25 to 44 years old, at $106,740. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Lake Edward township, the median household income stands at $106,740 for householders within the 25 to 44 years age group, followed by $81,744 for the 45 to 64 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $61,538.
- Notably, household income for individuals within the 25 to 44 years age group demonstrated a remarkable increase of $15,335(16.78%), escalating from a median of $91,405 in 2011 to $106,740 in 2021.
- 5(0.61%) households where the householder is under 25 years old.
- 116(14.09%) households with a householder aged between 25 and 44 years.
- 382(46.42%) households with a householder aged between 45 and 64 years.
- 320(38.88%) households where the householder is over 65 years old.
Read more about Lake Edward Township, Minnesota median household income by age ➔
Gender
In Lake Edward township, the population consists of 1,064 males (54.29%) and 896 females (45.71%). Here are the primary highlights from the gender-based income distribution analysis:
- In Lake Edward township, the median income for all workers aged 15 years and older, regardless of work hours, was $42,631 for males and $33,082 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $62,377 for males and $48,304 for females.
- In Lake Edward township, the median income for all workers aged 15 years and older, regardless of work hours, was $42,631 for males and $33,082 for females.
- In Lake Edward township, among full-time, year-round workers aged 15 years and older, males earned a median income of $62,377, while females earned $48,304, leading to a 23% gender pay gap among full-time workers. This illustrates that women earn 77 cents for each dollar earned by men in full-time roles. This analysis indicates a widening gender pay gap, showing a substantial income disparity where women, despite working full-time, face a more significant wage discrepancy compared to men in the same roles.
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Race
In Lake Edward township, the population is predominantly White, constituting 96.07% 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 $78,202.
- In Lake Edward township, despite the White population being the most populous, it is worth noting that Two or More Races households actually reports the highest median household income, with a median income of $114,997. This reveals that, while Whites may be the most numerous in Lake Edward township, Two or More Races households experience greater economic prosperity in terms of median household income.
- In Lake Edward township, the median household income for the households where the householder is White decreased by $1,996(2.49%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $80,198 in 2011 and $78,202 in 2021.
- As per the U.S. Census Bureau population data, in Lake Edward 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.
Read more about Lake Edward Township, Minnesota median household income by race ➔
Year by year
Lake Edward Township, Minnesota median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Lake Edward township increased by $5,730 (7.80%), 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 2010 to 2011, when the median household income increased by 7,256 (from $73,487 to $80,743). Similarly the most substantial year-by-year decline occured from 2011 to 2012, when the median household income decreased by 5,496 (from $80,743 to $75,247).
- It then further increased to $119,981 for 4-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.3367, it is evident that income distribution in Lake Edward Township, Minnesota exihibits characterstics of moderate equality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $87,052. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $58,455.
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