Age of householder
Per the latest American Community Survey by the Census Bureau, Preston township sees its highest median household income among householders in the age group of 45 to 64 years old, at $90,256. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Preston township, where there exist only two delineated age groups, the median household income is $90,256 for householders within the 45 to 64 years age group, compared to $26,122 for the 25 to 44 years age group.
- Notably, household income for individuals within the 45 to 64 years age group demonstrated the smallest decline of $14,895(14.17%), declining from a median of $105,151 in 2011 to $90,256 in 2021.
- 0 households where the householder is under 25 years old.
- 12(11.43%) households with a householder aged between 25 and 44 years.
- 52(49.52%) households with a householder aged between 45 and 64 years.
- 41(39.05%) households where the householder is over 65 years old.
Read more about Preston Township, Minnesota median household income by age ➔
Gender
In Preston township, the population consists of 211 males (53.69%) and 182 females (46.31%). Here are the primary highlights from the gender-based income distribution analysis:
- In Preston township, the median income for all workers aged 15 years and older, regardless of work hours, was $53,505 for males and $25,080 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $58,999 for males and $51,343 for females.
- In Preston township, the median income for all workers aged 15 years and older, regardless of work hours, was $53,505 for males and $25,080 for females.
- In Preston township, among full-time, year-round workers aged 15 years and older, males earned a median income of $58,999, while females earned $51,343, resulting in a 13% gender pay gap among full-time workers. This illustrates that women earn 87 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 township of Preston township.
Read more about Preston Township, Minnesota income by gender ➔
Race
In Preston township, the population is predominantly White, constituting 100% 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 $91,727.
- In Preston township, White is both the largest group and the one with the highest median household income, which stands at $91,727.
- In Preston township, the median household income for the households where the householder is White increased by $15,141(19.77%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $76,586 in 2011 and $91,727 in 2021.
- As per the U.S. Census Bureau population data, in Preston 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.
Read more about Preston Township, Minnesota median household income by race ➔
Year by year
Preston Township, Minnesota median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Preston township increased by $21,265 (30.18%), as per the American Community Survey estimates.
- Between 2010 and 2021, median household income, adjusted for 2022 inflation, experienced growth year by year for 7 years and declined for 4 years.
- The most significant year-by-year growth occured from 2013 to 2014, when the median household income increased by 11,454 (from $58,353 to $69,807). Similarly the most substantial year-by-year decline occured from 2011 to 2012, when the median household income decreased by 16,282 (from $76,586 to $60,304).
- It then further decreased to 57,199 for 6-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.4552, it is evident that income distribution in Preston Township, Minnesota exihibits characterstics of moderate inequality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $92,553. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $0.
Read more about Preston Township, Minnesota median household income ➔