Age of householder
Per the latest American Community Survey by the Census Bureau, New Richland sees its highest median household income among householders in the age group of 25 to 44 years old, at $80,237. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in New Richland, householders within the 25 to 44 years age group have the highest median household income at $80,237, followed by those in the 45 to 64 years age group with an income of $56,871. Meanwhile householders within the 65 years and over age group report the second lowest median household income of $39,183. Notably, householders within the under 25 years age group, had the lowest median household income at $33,540.
- Notably, household income for individuals within the 65 years and over age group demonstrated a remarkable increase of $6,960(21.60%), escalating from a median of $32,223 in 2011 to $39,183 in 2021.
- 34(8.31%) households where the householder is under 25 years old.
- 122(29.83%) households with a householder aged between 25 and 44 years.
- 123(30.07%) households with a householder aged between 45 and 64 years.
- 130(31.78%) households where the householder is over 65 years old.
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Gender
In New Richland, the population consists of 531 males (53.42%) and 463 females (46.58%). Here are the primary highlights from the gender-based income distribution analysis:
- In New Richland, the median income for all workers aged 15 years and older, regardless of work hours, was $35,212 for males and $25,286 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $47,549 for males and $49,027 for females.
- In New Richland, the median income for all workers aged 15 years and older, regardless of work hours, was $35,212 for males and $25,286 for females.
- In New Richland, among full-time, year-round workers aged 15 years and older, males earned a median income of $47,549, while females earned $49,027
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Race
In New Richland, the population is predominantly White, constituting 99.30% 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 $48,591.
- In New Richland, White is both the largest group and the one with the highest median household income, which stands at $48,591.
- In New Richland, the median household income for the households where the householder is White decreased by $16,951(25.86%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $65,542 in 2011 and $48,591 in 2021.
- As per the U.S. Census Bureau population data, in New Richland, 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
New Richland, MN median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for New Richland decreased by $9,359 (16.18%), 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 2018 to 2019, when the median household income increased by 11,013 (from $46,972 to $57,985). Similarly the most substantial year-by-year decline occured from 2019 to 2020, when the median household income decreased by 10,406 (from $57,985 to $47,579).
- It then further increased to $86,022 for 5-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.3791, it is evident that income distribution in New Richland, MN exihibits characterstics of moderate equality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $70,147. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $26,654.
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