Age of householder
Per the latest American Community Survey by the Census Bureau, Lake Fremont township sees its highest median household income among householders in the age group of 45 to 64 years old, at $94,129. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Lake Fremont township, where there exist only two delineated age groups, the median household income is $94,129 for householders within the 45 to 64 years age group, compared to $59,450 for the 65 years and over age group.
- Notably, household income for individuals within the 45 to 64 years age group demonstrated a remarkable increase of $7,502(8.66%), escalating from a median of $86,627 in 2011 to $94,129 in 2021.
- 0 households where the householder is under 25 years old.
- 5(9.26%) households with a householder aged between 25 and 44 years.
- 25(46.30%) households with a householder aged between 45 and 64 years.
- 24(44.44%) households where the householder is over 65 years old.
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Gender
In Lake Fremont township, the population consists of 93 males (58.86%) and 65 females (41.14%). Here are the primary highlights from the gender-based income distribution analysis:
- In Lake Fremont township, the median income for all workers aged 15 years and older, regardless of work hours, was $36,932 for males and $24,591 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $56,072 for males and $40,534 for females.
- In Lake Fremont township, the median income for all workers aged 15 years and older, regardless of work hours, was $36,932 for males and $24,591 for females.
- In Lake Fremont township, among full-time, year-round workers aged 15 years and older, males earned a median income of $56,072, while females earned $40,534, leading to a 28% gender pay gap among full-time workers. This illustrates that women earn 72 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 Fremont township, the population is predominantly White, constituting 86.71% 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 $85,122.
- In Lake Fremont township, White is both the largest group and the one with the highest median household income, which stands at $85,122.
- In Lake Fremont township, the median household income for the households where the householder is White increased by $5,033(6.28%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $80,089 in 2011 and $85,122 in 2021.
- Even though there is a population where the householder is Black or African American, there was no median household income reported by the U.S. Census Bureau for both 2011 and 2021.
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Year by year
Lake Fremont 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 Fremont township increased by $10,068 (13.41%), 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 2019 to 2020, when the median household income increased by 31,763 (from $62,076 to $93,839). Similarly the most substantial year-by-year decline occured from 2018 to 2019, when the median household income decreased by 23,168 (from $85,244 to $62,076).
- It then further decreased to 63,504 for 3-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.3784, it is evident that income distribution in Lake Fremont Township, Minnesota exihibits characterstics of moderate equality .
- NA. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $92,153.
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