Granite Falls, WA Median Household Income: Trends, Analysis, and Key Findings

The median household income in Granite Falls was $81,634 in 2021, which marked an a decrease of 2,674(3.17%) from $84,308 in 2020. This income is 109.42% of the U.S. median household income of $74,606 (all incomes in 2022 inflation-adjusted dollars).
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Updated Jan 11, 2024

Median Household Income in Granite Falls, WA (2010-2021, in 2022 inflation-adjusted dollars)

Below, you will find a table illustrating the median household income in Granite Falls, spanning the years from 2010 to 2021, with all figures adjusted to 2022 inflation-adjusted dollars.

Year Median Household Income YOY Change($) YOY Change(%)
2010 78,146 - -
2011 78,789 643 0.82%
2012 83,750 4,961 6.30%
2013 79,841 -3,909 -4.67%
2014 63,084 -16,757 -20.99%
2015 72,462 9,378 14.87%
2016 71,792 -670 -0.92%
2017 59,881 -11,911 -16.59%
2018 70,446 10,565 17.64%
2019 81,022 10,576 15.01%
2020 84,308 3,286 4.06%
2021 81,634 -2,674 -3.17%
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Avg Income Age group Avg Income Diversity Index Population Gender ratio (M:F) Homeownership % Avg commute time Custom Dataset: Granite Falls Self-employed, multilingual, car-commuting, insured individuals 15 to 24 years $27,865 75 27,354 0.75 0.5% 55 min 25 to 44 years $44,231 90 37,459 0.86 19% 43 min 45 to 64 years $53,865 95 42,167 0.77 35% 15 min 65 to 74 years $51,800 74 32,972 0.91 45% 13 min 75 to 84 years $41,234 66 26,758 0.87 66% 42 min 85 years and over $36,093 56 18,857 0.89 76% 45 min

Granite Falls, WA median household income trends: 2010 to 2021

From 2010 to 2021, the median household income for Granite Falls increased by $3,488 (4.46%), as per the American Community Survey estimates. In comparison, median household income for the United States increased by $4,559 (6.51%) between 2010 and 2021.

Analyzing the trend in median household income between the years 2010 and 2021, spanning 11 annual cycles, we observed that median household income, when adjusted for 2022 inflation using the Consumer Price Index retroactive series (R-CPI-U-RS), experienced growth year by year for 6 years and declined for 5 years.

The line chart shows Granite Falls, WA median household income from 2010 to 2021. The orange line represents Census Bureau data for median household income (without adjusting for any inflation), while the blue line shows inflation-adjusted median household income for 2022.
Granite Falls, WA median household income trends: 2010 to 2021. The chart illustrates income fluctuations over the years, highlighting the impact of inflation on economic trends. We observed that the median household income experienced growth year by year for 6 years and declined for 5 years. Source: U.S. Census Bureau American Community Survey (ACS) 2017-2021 5-Year Estimates

The most significant year-by-year growth occured from 2018 to 2019, when the median household income increased by 10,576 (from $70,446 to $81,022). Similarly the most substantial year-by-year decline occured from 2013 to 2014, when the median household income decreased by 16,757 (from $79,841 to $63,084).

In Washington, among cities with populations of fewer than 5,000 residents, Granite Falls ranks 23rd out of 149 for median household income. This rank highlight its position as one of the top-earning small cities within the state of Washington.

Median household income in Granite Falls, WA by household size

To gain deeper insights into the median household income for Granite Falls, we conducted an analysis of the most recent available data from the U.S. Census Bureau American Community Survey 5 year Estimates (the most recent data available).

Of the 7 household sizes (1 person to 7-or-more person households) reported by the census bureau, Granite Falls did not include 6-person households. Across the different household sizes in Granite Falls the mean income is $97,880, and the standard deviation is $42,709. The coefficient of variation (CV) is 43.63%. This high CV indicates high relative variability, suggesting that the incomes vary significantly across different sizes of households.

In the most recent year, 2021, The smallest household size for which the bureau reported a median household income was 1-person households, with an income of $25,942. It then further increased to $124,991 for 7-person households, the largest household size for which the bureau reported a median household income.

Bar chart showing Granite Falls, WA median household income for different household sizes in 2021. The chart illustrates income trends for 1-person to 7-or-more person households, with values adjusted for inflation. It provides insights into income disparities and variations across household sizes, aiding in data analysis and decision-making.
Granite Falls, WA median household income, by household size (in 2022 inflation-adjusted dollars). Source: U.S. Census Bureau American Community Survey (ACS) 2017-2021 5-Year Estimates

Granite Falls median household income by household size

The table below displays median household incomes for various household sizes, as reported by the U.S. Census Bureau. Explore how household income varies with the size of the family unit.

Household Size Median Household Income
1-person households 25,942
2-person households 73,885
3-person households 124,643
4-person households 141,645
5-person households 96,176
6-person households 0
7-or-more-person households 124,991
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According to the Census Bureau data, the median household income reaches its peak among 4-person households, reaching $141,645 .

Granite Falls, WA income distribution and inequality

To gain a comprehensive understanding of income distribution in Granite Falls, we conducted an analysis of quintiles data from the U.S. Census Bureau. While the bureau does not categorize income into subjective classes like lower-income, middle-class, or upper-class, they instead divide the population into five quintiles, ensuring that each quintile represents nearly the same number of households. This classification allows us to analyze income levels across a spectrum from the lowest to the highest income groups.

Bar chart illustrating the Granite Falls mean household income for different quintiles, plus the top 5%, with values adjusted for 2022 inflation using R-CPI-U-RS. The chart provides insights into income distribution, showcasing variations across quintiles and highlighting the income of the top 5%. Useful for analyzing income disparities and trends for Granite Falls.
Mean household income by quintiles in Granite Falls, WA (in 2022 inflation-adjusted dollars): The mean household income for the wealthiest population (top 5%) is 214,589, which is 124.37% higher compared to the highest quintile, and 1523.42% higher compared to the lowest quintile. Source: U.S. Census Bureau American Community Survey (ACS) 2017-2021 5-Year Estimates

Mean household income by quintile in Granite Falls

The table below presents the mean household income for each of the five quintiles in Granite Falls, offering valuable insights into income distribution and inequality.

Income Level Mean Household Income
Lowest Quintile 14,086
Second Quintile 44,804
Third Quintile 80,655
Fourth Quintile 117,507
Highest Quintile 172,536
Top 5 Percent 214,589
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Key findings:

  • Income disparities: The mean income of the lowest quintile (20% of households with the lowest income) is 14,086, while the mean income for the highest quintile (20% of households with the highest income) is 172,536. This indicates that the top earners earn 12 times compared to the lowest earners.
  • Top 5%: The mean household income for the wealthiest population (top 5%) is 214,589, which is 124.37% higher compared to the highest quintile, and 1523.42% higher compared to the lowest quintile.

Furthermore, as per the Census Bureau, the Gini coefficient for Granite Falls is 0.3807. Gini coefficient is a numeric measure ranging from 0 to 1, where lower numbers indicate greater income equality (with 0 representing complete equality, where all households earn the same income) and higher values signify greater income inequality (with 1 being complete inequality where one household receives all income).

Gini coefficient:
0.3807

Sources: U.S. Census Bureau, American Community Survey (ACS)

With a Gini coefficient of 0.3807, it is evident that income distribution in Granite Falls, WA exihibits characterstics of moderate equality .

This also implies that the majority of households in Granite Falls enjoy fairly equitable access to income resources, contributing to a reasonably fair and even economic landscape.

Things to know

What is the Gini index for Granite Falls, WA?

As per the Census Bureau, the Gini coefficient for Granite Falls is 0.3807. With this value of Gini coefficient, it is evident that income distribution in Granite Falls exihibits characterstics of moderate equality .

This also implies that the majority of households in Granite Falls enjoy fairly equitable access to income resources, contributing to a reasonably fair and even economic landscape.

What is the median household income in Granite Falls, WA?

As per the latest data available from American Community Survey, the median household income for Granite Falls is $81,634 (in 2022 inflation-adjusted dollars). The next release from the Census is scheduled for Dec 7, 2023. This income is 109.42% of the U.S. median household income of $74,606 (all incomes in 2022 inflation-adjusted dollars).

How does Granite Falls, WA median household income compare to the rest of the United States?

In Washington, among cities with populations of fewer than 5,000 residents, Granite Falls ranks 23rd out of 149 for median household income. This rank highlight its position as one of the top-earning small cities within the state of Washington.

References

Datasets

Explore datasets by year of publication.
2023
Granite Falls, WA Median Household Income Trends (2010-2021, in 2022 inflation-adjusted dollars)
Last updated January 11, 2024
ACS
Free
Neilsberg
CSV, JSON
2017-2021
CC BY 4.0
About this dataset

Context

The dataset illustrates the median household income in Granite Falls, spanning the years from 2010 to 2021, with all figures adjusted to 2022 inflation-adjusted dollars. Based on the latest 2017-2021 5-Year Estimates from the American Community Survey, it displays how income varied over the last decade. The dataset can be utilized to gain insights into median household income trends and explore income variations.

Key observations:

From 2010 to 2021, the median household income for Granite Falls increased by $3,488 (4.46%), as per the American Community Survey estimates. In comparison, median household income for the United States increased by $4,559 (6.51%) between 2010 and 2021.

Analyzing the trend in median household income between the years 2010 and 2021, spanning 11 annual cycles, we observed that median household income, when adjusted for 2022 inflation using the Consumer Price Index retroactive series (R-CPI-U-RS), experienced growth year by year for 6 years and declined for 5 years.

Granite Falls, WA median household income trend (2010-2021, in 2022 inflation-adjusted dollars)

Content

When available, the data consists of estimates from the U.S. Census Bureau American Community Survey (ACS) 2017-2021 5-Year Estimates. All incomes have been adjusting for inflation and are presented in 2022-inflation-adjusted dollars.

Years for which data is available:

  • 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021

Variables / Data Columns

  • Year: This column presents the data year from 2010 to 2021
  • Median Household Income: Median household income, in 2022 inflation-adjusted dollars for the specific year
  • YOY Change($): Change in median household income between the current and the previous year, in 2022 inflation-adjusted dollars
  • YOY Change(%): Percent change in median household income between current and the previous year

Good to know

Margin of Error

Data in the dataset are based on the estimates and are subject to sampling variability and thus a margin of error. Neilsberg Research recommends using caution when presening these estimates in your research.

Custom data

If you do need custom data for any of your research project, report or presentation, you can contact our research staff at research@neilsberg.com for a feasibility of a custom tabulation on a fee-for-service basis.

Inspiration

Neilsberg Research Team curates, analyze and publishes demographics and economic data from a variety of public and proprietary sources, each of which often includes multiple surveys and programs. The large majority of Neilsberg Research aggregated datasets and insights is made available for free download at https://www.neilsberg.com/research/.

Recommended for further research

This dataset is a part of the main dataset for Granite Falls median household income. You can refer the same here

Income Distribution by Quintile: Mean Household Income in Granite Falls, WA
Last updated January 11, 2024
ACS
Free
Neilsberg
CSV, JSON
2017-2021
CC BY 4.0
About this dataset

Context

The dataset presents the mean household income for each of the five quintiles in Granite Falls, WA, as reported by the U.S. Census Bureau. The dataset highlights the variation in mean household income across quintiles, offering valuable insights into income distribution and inequality.

Key observations

  • Income disparities: The mean income of the lowest quintile (20% of households with the lowest income) is 14,086, while the mean income for the highest quintile (20% of households with the highest income) is 172,536. This indicates that the top earners earn 12 times compared to the lowest earners.
  • *Top 5%: * The mean household income for the wealthiest population (top 5%) is 214,589, which is 124.37% higher compared to the highest quintile, and 1523.42% higher compared to the lowest quintile.

Mean household income by quintiles in Granite Falls, WA (in 2022 inflation-adjusted dollars))

Content

When available, the data consists of estimates from the U.S. Census Bureau American Community Survey (ACS) 2017-2021 5-Year Estimates.

Income Levels:

  • Lowest Quintile
  • Second Quintile
  • Third Quintile
  • Fourth Quintile
  • Highest Quintile
  • Top 5 Percent

Variables / Data Columns

  • Income Level: This column showcases the income levels (As mentioned above).
  • Mean Household Income: Mean household income, in 2022 inflation-adjusted dollars for the specific income level.

Good to know

Margin of Error

Data in the dataset are based on the estimates and are subject to sampling variability and thus a margin of error. Neilsberg Research recommends using caution when presening these estimates in your research.

Custom data

If you do need custom data for any of your research project, report or presentation, you can contact our research staff at research@neilsberg.com for a feasibility of a custom tabulation on a fee-for-service basis.

Inspiration

Neilsberg Research Team curates, analyze and publishes demographics and economic data from a variety of public and proprietary sources, each of which often includes multiple surveys and programs. The large majority of Neilsberg Research aggregated datasets and insights is made available for free download at https://www.neilsberg.com/research/.

Recommended for further research

This dataset is a part of the main dataset for Granite Falls median household income. You can refer the same here

Median Household Income Variation by Family Size in Granite Falls, WA: Comparative analysis across 7 household sizes
Last updated January 11, 2024
ACS
Free
Neilsberg
CSV, JSON
2017-2021
CC BY 4.0
About this dataset

Context

The dataset presents median household incomes for various household sizes in Granite Falls, WA, as reported by the U.S. Census Bureau. The dataset highlights the variation in median household income with the size of the family unit, offering valuable insights into economic trends and disparities within different household sizes, aiding in data analysis and decision-making.

Key observations

  • Of the 7 household sizes (1 person to 7-or-more person households) reported by the census bureau, Granite Falls did not include 6-person households. Across the different household sizes in Granite Falls the mean income is $97,880, and the standard deviation is $42,709. The coefficient of variation (CV) is 43.63%. This high CV indicates high relative variability, suggesting that the incomes vary significantly across different sizes of households.
  • In the most recent year, 2021, The smallest household size for which the bureau reported a median household income was 1-person households, with an income of $25,942. It then further increased to $124,991 for 7-person households, the largest household size for which the bureau reported a median household income.

Granite Falls, WA median household income, by household size (in 2022 inflation-adjusted dollars)

Content

When available, the data consists of estimates from the U.S. Census Bureau American Community Survey (ACS) 2017-2021 5-Year Estimates.

Household Sizes:

  • 1-person households
  • 2-person households
  • 3-person households
  • 4-person households
  • 5-person households
  • 6-person households
  • 7-or-more-person households

Variables / Data Columns

  • Household Size: This column showcases 7 household sizes ranging from 1-person households to 7-or-more-person households (As mentioned above).
  • Median Household Income: Median household income, in 2022 inflation-adjusted dollars for the specific household size.

Good to know

Margin of Error

Data in the dataset are based on the estimates and are subject to sampling variability and thus a margin of error. Neilsberg Research recommends using caution when presening these estimates in your research.

Custom data

If you do need custom data for any of your research project, report or presentation, you can contact our research staff at research@neilsberg.com for a feasibility of a custom tabulation on a fee-for-service basis.

Inspiration

Neilsberg Research Team curates, analyze and publishes demographics and economic data from a variety of public and proprietary sources, each of which often includes multiple surveys and programs. The large majority of Neilsberg Research aggregated datasets and insights is made available for free download at https://www.neilsberg.com/research/.

Recommended for further research

This dataset is a part of the main dataset for Granite Falls median household income. You can refer the same here

If you're looking for datasets from another year, please feel free to contact us at research@neilsberg.com and we'll be happy to assist you further.

Explore more

Median household income of places that contain Granite Falls (in 2022 dollars)

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Neilsberg Research team are data scientists with expertise in processing, analysis and visualization of big data helping small businesses make right decisions.

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