Age of householder
Per the latest American Community Survey by the Census Bureau, Richwood township sees its highest median household income among householders in the age group of 45 to 64 years old, at $82,420. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Richwood township, householders within the 45 to 64 years age group have the highest median household income at $82,420, followed by those in the 25 to 44 years age group with an income of $66,785. Meanwhile householders within the 65 years and over age group report the second lowest median household income of $57,199. Notably, householders within the under 25 years age group, had the lowest median household income at $47,560.
- Notably, household income for individuals within the 45 to 64 years age group demonstrated a remarkable increase of $16,878(25.75%), escalating from a median of $65,542 in 2011 to $82,420 in 2021.
- 12(3.56%) households where the householder is under 25 years old.
- 126(37.39%) households with a householder aged between 25 and 44 years.
- 122(36.20%) households with a householder aged between 45 and 64 years.
- 77(22.85%) households where the householder is over 65 years old.
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Gender
In Richwood township, the population consists of 457 males (53.96%) and 390 females (46.04%). Here are the primary highlights from the gender-based income distribution analysis:
- In Richwood township, the median income for all workers aged 15 years and older, regardless of work hours, was $49,650 for males and $28,018 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $55,172 for males and $55,151 for females.
- In Richwood township, the median income for all workers aged 15 years and older, regardless of work hours, was $49,650 for males and $28,018 for females.
- In Richwood township, for all full-time workers aged 15 years and older, the median income was equal at, $55,151 for both males and females. This indicates a gender income balance in Richwood township, where both men and women, in full-time year-round roles, earn an equal income.
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Race
In Richwood township, the population is predominantly White, constituting 83.23% 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 $67,171.
- In Richwood township, despite the White population being the most populous, it is worth noting that American Indian and Alaska Native households actually reports the highest median household income, with a median income of $171,144. This reveals that, while Whites may be the most numerous in Richwood township, American Indian and Alaska Native households experience greater economic prosperity in terms of median household income.
- In Richwood township, the median household income for the households where the householder is White increased by $158(0.24%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $67,013 in 2011 and $67,171 in 2021.
- As per the U.S. Census Bureau population data, in Richwood 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
Richwood Township, Minnesota median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Richwood township decreased by $5,358 (7.82%), as per the American Community Survey estimates.
- Between 2010 and 2021, median household income, adjusted for 2022 inflation, experienced growth year by year for 4 years and declined for 7 years.
- The most significant year-by-year growth occured from 2012 to 2013, when the median household income increased by 7,149 (from $72,045 to $79,194). Similarly the most substantial year-by-year decline occured from 2019 to 2020, when the median household income decreased by 8,086 (from $73,916 to $65,830).
- It then further increased to $120,251 for 5-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.4111, it is evident that income distribution in Richwood Township, Minnesota exihibits characterstics of moderate inequality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $96,269. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $50,193.
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