Age of householder
Per the latest American Community Survey by the Census Bureau, Mackinac Island sees its highest median household income among householders in the age group of 65 years and over old, at $85,573. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Mackinac Island, the median household income stands at $85,573 for householders within the 65 years and over age group, followed by $73,317 for the 25 to 44 years age group. Notably, householders within the 45 to 64 years age group, had the lowest median household income at $64,661.
- Notably, household income for individuals within the 65 years and over age group demonstrated a remarkable increase of $23,827(38.59%), escalating from a median of $61,746 in 2011 to $85,573 in 2021.
- 70(16.51%) households where the householder is under 25 years old.
- 141(33.25%) households with a householder aged between 25 and 44 years.
- 145(34.20%) households with a householder aged between 45 and 64 years.
- 68(16.04%) households where the householder is over 65 years old.
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Gender
In Mackinac Island, the population consists of 543 males (52.98%) and 482 females (47.02%). Here are the primary highlights from the gender-based income distribution analysis:
- In Mackinac Island, while the Census reported a median income of $27,923 for all male workers aged 15 years and older, data for females in the same category was unavailable due to an insufficient number of sample observations.
- However, when specifically considering full-time, year-round workers within the same age group, while the Census reported a median income of $36,593 for males, while data for females was unavailable due to an insufficient number of sample observations.
- In Mackinac Island, while the Census reported a median income of $27,923 for all male workers aged 15 years and older, data for females in the same category was unavailable due to an insufficient number of sample observations.
- In Mackinac Island, for full-time, year-round workers aged 15 years and older, while the Census reported a median income of $36,593 for males, while data for females was unavailable due to an insufficient number of sample observations.
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Race
In Mackinac Island, the population is predominantly White, constituting 55.41% 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 $79,717.
- In Mackinac Island, 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 $138,588. This reveals that, while Whites may be the most numerous in Mackinac Island, Two or More Races households experience greater economic prosperity in terms of median household income.
- In Mackinac Island, the median household income for the households where the householder is White increased by $12,050(17.81%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $67,667 in 2011 and $79,717 in 2021.
- In Mackinac Island, there was no reported median household income for Black or African American households in 2011. However, in 2021, the median household income increased to $37,175(2022 inflation-adjusted dollars), marking a significant change.
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Year by year
Mackinac Island, MI median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Mackinac Island decreased by $172 (0.26%), 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 2020 to 2021, when the median household income increased by 16,528 (from $48,867 to $65,395). Similarly the most substantial year-by-year decline occured from 2010 to 2011, when the median household income decreased by 13,338 (from $65,567 to $52,229).
- It then further increased to $101,046 for 4-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.4373, it is evident that income distribution in Mackinac Island, MI exihibits characterstics of moderate inequality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $88,838. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $39,740.
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