Age of householder
Per the latest American Community Survey by the Census Bureau, Wealthwood township sees its highest median household income among householders in the age group of 45 to 64 years old, at $56,478. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Wealthwood township, where there exist only two delineated age groups, the median household income is $56,478 for householders within the 45 to 64 years age group, compared to $48,641 for the 65 years and over age group.
- Notably, household income for individuals within the 65 years and over age group demonstrated the smallest decline of $4,643(8.71%), declining from a median of $53,284 in 2011 to $48,641 in 2021.
- 0 households where the householder is under 25 years old.
- 3(2.17%) households with a householder aged between 25 and 44 years.
- 63(45.65%) households with a householder aged between 45 and 64 years.
- 72(52.17%) households where the householder is over 65 years old.
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Gender
In Wealthwood township, the population consists of 180 males (58.25%) and 129 females (41.75%). Here are the primary highlights from the gender-based income distribution analysis:
- In Wealthwood township, the median income for all workers aged 15 years and older, regardless of work hours, was $28,262 for males and $30,063 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $39,634 for males and $54,496 for females.
- In Wealthwood township, the median income for all workers aged 15 years and older, regardless of work hours, was $28,262 for males and $30,063 for females.
- In Wealthwood township, among full-time, year-round workers aged 15 years and older, males earned a median income of $39,634, while females earned $54,496
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Race
In Wealthwood township, the population is predominantly White, constituting 97.09% 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 $52,694.
- In Wealthwood township, White is both the largest group and the one with the highest median household income, which stands at $52,694.
- In Wealthwood township, the median household income for the households where the householder is White decreased by $15,954(23.24%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $68,648 in 2011 and $52,694 in 2021.
- As per the U.S. Census Bureau population data, in Wealthwood 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
Wealthwood Township, Minnesota median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Wealthwood township decreased by $5,518 (9.18%), 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 2018 to 2019, when the median household income increased by 10,766 (from $40,186 to $50,952). Similarly the most substantial year-by-year decline occured from 2017 to 2018, when the median household income decreased by 18,625 (from $58,811 to $40,186).
- It then further increased to $132,141 for 4-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.3775, it is evident that income distribution in Wealthwood Township, Minnesota exihibits characterstics of moderate equality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $64,314. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $30,625.
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