Age of householder
Per the latest American Community Survey by the Census Bureau, Norwood Young America sees its highest median household income among householders in the age group of 25 to 44 years old, at $107,609. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Norwood Young America, the median household income stands at $107,609 for householders within the 25 to 44 years age group, followed by $77,826 for the 45 to 64 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $45,151.
- Notably, household income for individuals within the 25 to 44 years age group demonstrated a remarkable increase of $7,131(7.10%), escalating from a median of $100,478 in 2011 to $107,609 in 2021.
- 24(1.79%) households where the householder is under 25 years old.
- 579(43.08%) households with a householder aged between 25 and 44 years.
- 414(30.80%) households with a householder aged between 45 and 64 years.
- 327(24.33%) households where the householder is over 65 years old.
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Gender
In Norwood Young America, the population consists of 1,998 males (52.06%) and 1,840 females (47.94%). Here are the primary highlights from the gender-based income distribution analysis:
- In Norwood Young America, the median income for all workers aged 15 years and older, regardless of work hours, was $53,869 for males and $29,534 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $65,097 for males and $49,576 for females.
- In Norwood Young America, the median income for all workers aged 15 years and older, regardless of work hours, was $53,869 for males and $29,534 for females.
- In Norwood Young America, among full-time, year-round workers aged 15 years and older, males earned a median income of $65,097, while females earned $49,576, leading to a 24% gender pay gap among full-time workers. This illustrates that women earn 76 cents for each dollar earned by men in full-time roles. This analysis indicates a widening gender pay gap, showing a substantial income disparity where women, despite working full-time, face a more significant wage discrepancy compared to men in the same roles.
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Race
In Norwood Young America, the population is predominantly White, constituting 84.31% 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 $78,622.
- In Norwood Young America, White is both the largest group and the one with the highest median household income, which stands at $78,622.
- In Norwood Young America, the median household income for the households where the householder is White decreased by $5,583(6.63%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $84,205 in 2011 and $78,622 in 2021.
- Even though there is a population where the householder is Black or African American, there was no median household income reported by the U.S. Census Bureau for both 2011 and 2021.
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Year by year
Norwood Young America, MN median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Norwood Young America increased by $4,602 (6.13%), 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 2011 to 2012, when the median household income increased by 9,154 (from $79,828 to $88,982). Similarly the most substantial year-by-year decline occured from 2012 to 2013, when the median household income decreased by 5,189 (from $88,982 to $83,793).
- It then further increased to $124,060 for 7-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.3458, it is evident that income distribution in Norwood Young America, MN exihibits characterstics of moderate equality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $99,134. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $35,971.
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