Age of householder
Per the latest American Community Survey by the Census Bureau, Skandia township sees its highest median household income among householders in the age group of 65 years and over old, at $101,336. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Skandia township, the median household income stands at $101,336 for householders within the 65 years and over age group, followed by $87,824 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 65 years and over age group demonstrated a remarkable increase of $56,116(124.10%), escalating from a median of $45,220 in 2011 to $101,336 in 2021.
- 0 households where the householder is under 25 years old.
- 15(37.50%) households with a householder aged between 25 and 44 years.
- 10(25%) households with a householder aged between 45 and 64 years.
- 15(37.50%) households where the householder is over 65 years old.
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Gender
In Skandia township, the population consists of 41 males (34.45%) and 78 females (65.55%). Here are the primary highlights from the gender-based income distribution analysis:
- In Skandia township, the median income for all workers aged 15 years and older, regardless of work hours, was $51,794 for males and $44,588 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $53,595 for males and $82,420 for females.
- In Skandia township, the median income for all workers aged 15 years and older, regardless of work hours, was $51,794 for males and $44,588 for females.
- In Skandia township, among full-time, year-round workers aged 15 years and older, males earned a median income of $53,595, while females earned $82,420
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Race
In Skandia 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 $87,824.
- In Skandia township, White is both the largest group and the one with the highest median household income, which stands at $87,824.
- In Skandia township, the median household income for the households where the householder is White increased by $25,305(40.48%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $62,519 in 2011 and $87,824 in 2021.
- As per the U.S. Census Bureau population data, in Skandia 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
Skandia Township, Minnesota median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Skandia township increased by $24,070 (37.75%), as per the American Community Survey estimates.
- Between 2010 and 2021, median household income, adjusted for 2022 inflation, experienced growth year by year for 6 years and declined for 5 years.
- The most significant year-by-year growth occured from 2014 to 2015, when the median household income increased by 21,555 (from $72,909 to $94,464). Similarly the most substantial year-by-year decline occured from 2019 to 2020, when the median household income decreased by 13,898 (from $87,552 to $73,654).
- It then further increased to $99,984 for 2-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.3576, it is evident that income distribution in Skandia Township, Minnesota exihibits characterstics of moderate equality .
- NA. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $44,858.
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