Age of householder
Per the latest American Community Survey by the Census Bureau, Rice County sees its highest median household income among householders in the age group of 45 to 64 years old, at $102,571. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Rice County, householders within the 45 to 64 years age group have the highest median household income at $102,571, followed by those in the 25 to 44 years age group with an income of $74,023. Meanwhile householders within the under 25 years age group report the second lowest median household income of $70,625. Notably, householders within the 65 years and over age group, had the lowest median household income at $60,774.
- 1,033(4.37%) households where the householder is under 25 years old.
- 8,070(34.17%) households with a householder aged between 25 and 44 years.
- 7,772(32.91%) households with a householder aged between 45 and 64 years.
- 6,741(28.54%) households where the householder is over 65 years old.
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Gender
In Rice County, the population consists of 34,262 males (51.29%) and 32,533 females (48.71%). Here are the primary highlights from the gender-based income distribution analysis:
- In Rice County, the median income for all workers aged 15 years and older, regardless of work hours, was $43,429 for males and $30,363 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $61,166 for males and $52,674 for females.
- In Rice County, the median income for all workers aged 15 years and older, regardless of work hours, was $43,429 for males and $30,363 for females.
- In Rice County, among full-time, year-round workers aged 15 years and older, males earned a median income of $61,166, while females earned $52,674, 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 county of Rice County.
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Race
In Rice County, the population is predominantly White, constituting 83.95% 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 $88,263.
- In Rice County, White is both the largest group and the one with the highest median household income, which stands at $88,263.
- In Rice County, there was no reported median household income for White households in 2012. However, in 2022, the median household income increased to $88,263, marking a significant change.
- In Rice County, there was no reported median household income for Black or African American households in 2012. However, in 2022, the median household income increased to $26,161, marking a significant change.
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Year by year
Rice County, MN median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Rice County decreased by $2,139 (2.70%), 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 2018 to 2019, when the median household income increased by 1,874 (from $76,875 to $78,749). Similarly the most substantial year-by-year decline occured from 2020 to 2021, when the median household income decreased by 2,840 (from $80,000 to $77,160).
- It then further increased to $148,104 for 7-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.4546, it is evident that income distribution in Rice County, MN exihibits characterstics of moderate inequality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $95,021. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $36,213.
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