Age of householder
Per the latest American Community Survey by the Census Bureau, Princeton township sees its highest median household income among householders in the age group of under 25 years old, at $97,593. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Princeton township, the median household income stands at $97,593 for householders within the under 25 years age group, followed by $80,979 for the 45 to 64 years age group. Notably, householders within the 25 to 44 years age group, had the lowest median household income at $66,206.
- Notably, household income for individuals within the Under 25 years age group demonstrated a remarkable increase of $45,290(86.59%), escalating from a median of $52,303 in 2011 to $97,593 in 2021.
- 35(3.77%) households where the householder is under 25 years old.
- 294(31.65%) households with a householder aged between 25 and 44 years.
- 401(43.16%) households with a householder aged between 45 and 64 years.
- 199(21.42%) households where the householder is over 65 years old.
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Gender
In Princeton township, the population consists of 1,211 males (54.87%) and 996 females (45.13%). Here are the primary highlights from the gender-based income distribution analysis:
- In Princeton township, the median income for all workers aged 15 years and older, regardless of work hours, was $44,588 for males and $27,023 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $58,691 for males and $44,711 for females.
- In Princeton township, the median income for all workers aged 15 years and older, regardless of work hours, was $44,588 for males and $27,023 for females.
- In Princeton township, among full-time, year-round workers aged 15 years and older, males earned a median income of $58,691, while females earned $44,711, 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 Princeton township, the population is predominantly White, constituting 94.83% 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 $75,231.
- In Princeton township, despite the White population being the most populous, it is worth noting that Two or More Races households actually reports the highest median household income, with a median income of $84,221. This reveals that, while Whites may be the most numerous in Princeton township, Two or More Races households experience greater economic prosperity in terms of median household income.
- In Princeton township, the median household income for the households where the householder is White decreased by $11,569(13.33%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $86,800 in 2011 and $75,231 in 2021.
- As per the U.S. Census Bureau population data, in Princeton 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
Princeton Township, Minnesota median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Princeton township decreased by $14,537 (16.26%), 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 2015 to 2016, when the median household income increased by 5,636 (from $83,037 to $88,673). Similarly the most substantial year-by-year decline occured from 2020 to 2021, when the median household income decreased by 6,228 (from $81,081 to $74,853).
- It then further increased to $100,735 for 3-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.3771, it is evident that income distribution in Princeton Township, Minnesota exihibits characterstics of moderate equality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $84,958. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $41,885.
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