Age of householder
Per the latest American Community Survey by the Census Bureau, Lake Park township sees its highest median household income among householders in the age group of 45 to 64 years old, at $118,225. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Lake Park township, the median household income stands at $118,225 for householders within the 45 to 64 years age group, followed by $110,118 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 $54,496.
- Notably, household income for individuals within the 45 to 64 years age group demonstrated a remarkable increase of $54,481(85.47%), escalating from a median of $63,744 in 2011 to $118,225 in 2021.
- 3(1.56%) households where the householder is under 25 years old.
- 37(19.27%) households with a householder aged between 25 and 44 years.
- 79(41.15%) households with a householder aged between 45 and 64 years.
- 73(38.02%) households where the householder is over 65 years old.
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Gender
In Lake Park township, the population consists of 268 males (49.17%) and 277 females (50.83%). Here are the primary highlights from the gender-based income distribution analysis:
- In Lake Park township, the median income for all workers aged 15 years and older, regardless of work hours, was $52,244 for males and $33,328 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $70,259 for males and $70,259 for females.
- In Lake Park township, the median income for all workers aged 15 years and older, regardless of work hours, was $52,244 for males and $33,328 for females.
- In Lake Park township, for all full-time workers aged 15 years and older, the median income was equal at, $70,259 for both males and females. This indicates a gender income balance in Lake Park township, where both men and women, in full-time year-round roles, earn an equal income.
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Race
In Lake Park township, the population is predominantly White, constituting 95.41% 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 $109,781.
- In Lake Park township, White is both the largest group and the one with the highest median household income, which stands at $109,781.
- In Lake Park township, the median household income for the households where the householder is White increased by $33,942(44.76%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $75,839 in 2011 and $109,781 in 2021.
- As per the U.S. Census Bureau population data, in Lake Park 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
Lake Park 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 Park township increased by $34,302 (46.49%), as per the American Community Survey estimates.
- Between 2010 and 2021, median household income, adjusted for 2022 inflation, experienced growth year by year for 8 years and declined for 3 years.
- The most significant year-by-year growth occured from 2012 to 2013, when the median household income increased by 15,208 (from $80,050 to $95,258). Similarly the most substantial year-by-year decline occured from 2019 to 2020, when the median household income decreased by 11,080 (from $106,689 to $95,609).
- It then further increased to $175,648 for 6-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.3297, it is evident that income distribution in Lake Park Township, Minnesota exihibits characterstics of moderate equality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $112,550. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $60,126.
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