Age of householder
Per the latest American Community Survey by the Census Bureau, Summit Lake township sees its highest median household income among householders in the age group of 45 to 64 years old, at $101,336. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Summit Lake township, the median household income stands at $101,336 for householders within the 45 to 64 years age group, followed by $79,717 for the 25 to 44 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $58,099.
- Notably, household income for individuals within the 45 to 64 years age group demonstrated a remarkable increase of $28,874(39.85%), escalating from a median of $72,462 in 2011 to $101,336 in 2021.
- 0 households where the householder is under 25 years old.
- 30(27.52%) households with a householder aged between 25 and 44 years.
- 48(44.04%) households with a householder aged between 45 and 64 years.
- 31(28.44%) households where the householder is over 65 years old.
Read more about Summit Lake Township, Minnesota median household income by age ➔
Gender
In Summit Lake township, the population consists of 153 males (53.68%) and 132 females (46.32%). Here are the primary highlights from the gender-based income distribution analysis:
- In Summit Lake township, the median income for all workers aged 15 years and older, regardless of work hours, was $55,590 for males and $33,554 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $68,457 for males and $43,687 for females.
- In Summit Lake township, the median income for all workers aged 15 years and older, regardless of work hours, was $55,590 for males and $33,554 for females.
- In Summit Lake township, among full-time, year-round workers aged 15 years and older, males earned a median income of $68,457, while females earned $43,687, leading to a 36% gender pay gap among full-time workers. This illustrates that women earn 64 cents for each dollar earned by men in full-time roles. This level of income gap emphasizes the urgency to address and rectify this ongoing disparity, where women, despite working full-time, face a more significant wage discrepancy compared to men in the same employment roles.
Read more about Summit Lake Township, Minnesota income by gender ➔
Race
In Summit Lake township, the population is predominantly White, constituting 87.37% 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 $82,149.
- In Summit Lake township, White is both the largest group and the one with the highest median household income, which stands at $82,149.
- In Summit Lake township, the median household income for the households where the householder is White increased by $11,867(16.88%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $70,282 in 2011 and $82,149 in 2021.
- As per the U.S. Census Bureau population data, in Summit Lake 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 Summit Lake Township, Minnesota median household income by race ➔
Year by year
Summit Lake Township, Minnesota median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Summit Lake township increased by $9,378 (13.03%), 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 2019 to 2020, when the median household income increased by 4,815 (from $78,401 to $83,216). Similarly the most substantial year-by-year decline occured from 2017 to 2018, when the median household income decreased by 4,647 (from $79,175 to $74,528).
- It then further increased to $175,648 for 5-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.3429, it is evident that income distribution in Summit Lake Township, Minnesota exihibits characterstics of moderate equality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $98,247. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $54,946.
Read more about Summit Lake Township, Minnesota median household income ➔