Age of householder
Per the latest American Community Survey by the Census Bureau, North Mankato sees its highest median household income among householders in the age group of 45 to 64 years old, at $108,868. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in North Mankato, householders within the 45 to 64 years age group have the highest median household income at $108,868, followed by those in the 25 to 44 years age group with an income of $79,210. Meanwhile householders within the 65 years and over age group report the second lowest median household income of $59,772. Notably, householders within the under 25 years age group, had the lowest median household income at $37,607.
- Notably, household income for individuals within the 65 years and over age group demonstrated a remarkable increase of $14,474(31.95%), escalating from a median of $45,298 in 2011 to $59,772 in 2021.
- 226(3.86%) households where the householder is under 25 years old.
- 2,142(36.55%) households with a householder aged between 25 and 44 years.
- 2,047(34.93%) households with a householder aged between 45 and 64 years.
- 1,446(24.67%) households where the householder is over 65 years old.
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Gender
In North Mankato, the population consists of 7,090 males (49.39%) and 7,266 females (50.61%). Here are the primary highlights from the gender-based income distribution analysis:
- In North Mankato, the median income for all workers aged 15 years and older, regardless of work hours, was $50,845 for males and $37,133 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $61,702 for males and $53,170 for females.
- In North Mankato, the median income for all workers aged 15 years and older, regardless of work hours, was $50,845 for males and $37,133 for females.
- In North Mankato, among full-time, year-round workers aged 15 years and older, males earned a median income of $61,702, while females earned $53,170, resulting in a 14% gender pay gap among full-time workers. This illustrates that women earn 86 cents for each dollar earned by men in full-time positions. While this gap shows a trend where women are inching closer to wage parity with men, it also exhibits a noticeable income difference for women working full-time in the city of North Mankato.
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Race
In North Mankato, the population is predominantly White, constituting 87.65% 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 $81,101.
- In North Mankato, despite the White population being the most populous, it is worth noting that Asian households actually reports the highest median household income, with a median income of $92,102. This reveals that, while Whites may be the most numerous in North Mankato, Asian households experience greater economic prosperity in terms of median household income.
- In North Mankato, the median household income for the households where the householder is White decreased by $1,225(1.49%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $82,326 in 2011 and $81,101 in 2021.
- In North Mankato, the median household income for the households where the householder is Black or African American increased by $9,458(154.85%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $6,108 in 2011 and $15,566 in 2021.
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Year by year
North Mankato, MN median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for North Mankato decreased by $1,986 (2.45%), 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 2019 to 2020, when the median household income increased by 3,229 (from $77,250 to $80,479). Similarly the most substantial year-by-year decline occured from 2013 to 2014, when the median household income decreased by 7,709 (from $77,811 to $70,102).
- It then further increased to $270,229 for 6-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.5026, it is evident that income distribution in North Mankato, MN exihibits characterstics of moderate inequality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $110,014. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $42,726.
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