Age of householder
Per the latest American Community Survey by the Census Bureau, New Sweden township sees its highest median household income among householders in the age group of 45 to 64 years old, at $121,603. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in New Sweden township, where there exist only two delineated age groups, the median household income is $121,603 for householders within the 45 to 64 years age group, compared to $107,319 for the 25 to 44 years age group.
- Notably, household income for individuals within the 45 to 64 years age group demonstrated a remarkable increase of $44,374(57.46%), escalating from a median of $77,229 in 2011 to $121,603 in 2021.
- 0 households where the householder is under 25 years old.
- 30(34.48%) households with a householder aged between 25 and 44 years.
- 32(36.78%) households with a householder aged between 45 and 64 years.
- 25(28.74%) households where the householder is over 65 years old.
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Gender
In New Sweden township, the population consists of 120 males (48.00%) and 130 females (52.00%). Here are the primary highlights from the gender-based income distribution analysis:
- In New Sweden township, the median income for all workers aged 15 years and older, regardless of work hours, was $62,903 for males and $38,507 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $75,213 for males and $44,588 for females.
- In New Sweden township, the median income for all workers aged 15 years and older, regardless of work hours, was $62,903 for males and $38,507 for females.
- In New Sweden township, among full-time, year-round workers aged 15 years and older, males earned a median income of $75,213, while females earned $44,588, leading to a 41% gender pay gap among full-time workers. This illustrates that women earn 59 cents for each dollar earned by men in full-time roles. This level of income gap emphasizes the urgency to address and rectify this ongoing disparity, where women, despite working full-time, face a more significant wage discrepancy compared to men in the same employment roles.
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Race
In New Sweden township, the population is predominantly White, constituting 91.60% 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 $101,786.
- In New Sweden township, White is both the largest group and the one with the highest median household income, which stands at $101,786.
- In New Sweden township, the median household income for the households where the householder is White increased by $26,396(35.01%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $75,390 in 2011 and $101,786 in 2021.
- As per the U.S. Census Bureau population data, in New Sweden 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
New Sweden Township, Minnesota median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for New Sweden township increased by $31,553 (44.64%), as per the American Community Survey estimates.
- Between 2010 and 2021, median household income, adjusted for 2022 inflation, experienced growth year by year for 9 years and declined for 2 years.
- The most significant year-by-year growth occured from 2018 to 2019, when the median household income increased by 14,722 (from $82,159 to $96,881). Similarly the most substantial year-by-year decline occured from 2014 to 2015, when the median household income decreased by 6,594 (from $82,217 to $75,623).
- It then further increased to $157,183 for 5-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.4022, it is evident that income distribution in New Sweden Township, Minnesota exihibits characterstics of moderate inequality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $107,319. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $0.
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