Age of householder
Per the latest American Community Survey by the Census Bureau, Thunder Lake township sees its highest median household income among householders in the age group of 45 to 64 years old, at $114,510. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Thunder Lake township, the median household income stands at $114,510 for householders within the 45 to 64 years age group, followed by $96,269 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 $54,431.
- Notably, household income for individuals within the 45 to 64 years age group demonstrated a remarkable increase of $40,959(55.69%), escalating from a median of $73,551 in 2011 to $114,510 in 2021.
- 2(1.33%) households where the householder is under 25 years old.
- 7(4.67%) households with a householder aged between 25 and 44 years.
- 65(43.33%) households with a householder aged between 45 and 64 years.
- 76(50.67%) households where the householder is over 65 years old.
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Gender
In Thunder Lake township, the population consists of 136 males (52.31%) and 124 females (47.69%). Here are the primary highlights from the gender-based income distribution analysis:
- In Thunder Lake township, the median income for all workers aged 15 years and older, regardless of work hours, was $61,252 for males and $26,058 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $71,610 for males and $95,255 for females.
- In Thunder Lake township, the median income for all workers aged 15 years and older, regardless of work hours, was $61,252 for males and $26,058 for females.
- In Thunder Lake township, among full-time, year-round workers aged 15 years and older, males earned a median income of $71,610, while females earned $95,255
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Race
In Thunder Lake township, the population is predominantly White, constituting 95.38% 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 $74,651.
- In Thunder Lake township, White is both the largest group and the one with the highest median household income, which stands at $74,651.
- In Thunder Lake township, the median household income for the households where the householder is White increased by $33,789(82.69%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $40,862 in 2011 and $74,651 in 2021.
- As per the U.S. Census Bureau population data, in Thunder 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.
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Year by year
Thunder 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 Thunder Lake township increased by $23,475 (42.77%), as per the American Community Survey estimates.
- Between 2010 and 2021, median household income, adjusted for 2022 inflation, experienced growth year by year for 7 years and declined for 4 years.
- The most significant year-by-year growth occured from 2015 to 2016, when the median household income increased by 13,433 (from $49,555 to $62,988). Similarly the most substantial year-by-year decline occured from 2010 to 2011, when the median household income decreased by 12,068 (from $54,891 to $42,823).
- It then further increased to $115,185 for 3-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.4515, it is evident that income distribution in Thunder Lake Township, Minnesota exihibits characterstics of moderate inequality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $101,560. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $34,454.
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