Norwood Young America, MN Income

The inflation-adjusted median household income in Norwood Young America was $79,703, based on U.S. Census Bureau ACS estimates.
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Updated Dec 15, 2023
Overview
$79,703
Median household income
0.3458
Gini coefficient
25 to 44 years ($107,609)
Highest median income age group
$207,766
Income of top 5%

All incomes in 2022 inflation-adjusted dollars using R-CPI-U-RS. Sources: U.S. Census Bureau, American Community Survey (ACS) 2017-2021 5-Year Estimates

Age of householder

Per the latest American Community Survey by the Census Bureau, Norwood Young America sees its highest median household income among householders in the age group of 25 to 44 years old, at $107,609. Here are the key highlights for income distribution by age:

  • In terms of income distribution across age cohorts, in Norwood Young America, the median household income stands at $107,609 for householders within the 25 to 44 years age group, followed by $77,826 for the 45 to 64 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $45,151.
  • Notably, household income for individuals within the 25 to 44 years age group demonstrated a remarkable increase of $7,131(7.10%), escalating from a median of $100,478 in 2011 to $107,609 in 2021.
  • 24(1.79%) households where the householder is under 25 years old.
  • 579(43.08%) households with a householder aged between 25 and 44 years.
  • 414(30.80%) households with a householder aged between 45 and 64 years.
  • 327(24.33%) households where the householder is over 65 years old.
The bar chart shows Norwood Young America, MN median household income by age of householder. All incomes have been adjusted for 2022 inflation using the Consumer Price Index retroactive series (R-CPI-U-RS).
Norwood Young America, MN median household income by age of householder: It offers a clear illustration of the differences in median household incomes in Norwood Young America, based on the age of householders divided into four cohorts : Under 25 years, 25 - 44 years, 45 to 64 years and 65 years and over. Source: U.S. Census Bureau American Community Survey (ACS) 2017-2021 5-Year Estimates

Read more about Norwood Young America, MN median household income by age ➔

Gender

In Norwood Young America, the population consists of 1,998 males (52.06%) and 1,840 females (47.94%). Here are the primary highlights from the gender-based income distribution analysis:

  • In Norwood Young America, the median income for all workers aged 15 years and older, regardless of work hours, was $53,869 for males and $29,534 for females.
  • However, when specifically considering full-time, year-round workers within the same age group, the median income was $65,097 for males and $49,576 for females.
  • In Norwood Young America, the median income for all workers aged 15 years and older, regardless of work hours, was $53,869 for males and $29,534 for females.
  • In Norwood Young America, among full-time, year-round workers aged 15 years and older, males earned a median income of $65,097, while females earned $49,576, leading to a 24% gender pay gap among full-time workers. This illustrates that women earn 76 cents for each dollar earned by men in full-time roles. This analysis indicates a widening gender pay gap, showing a substantial income disparity where women, despite working full-time, face a more significant wage discrepancy compared to men in the same roles.
Line chart showing the annual median income trends in Norwood Young America, MN for males and females across four employment categories: (1) Males in full-time year-round positions, (2) Males in non-full-time roles (part-time and other employment types), (3) Females in full-time year-round positions, and (4) Females in non-full-time roles (part-time and other employment types).
Norwood Young America, MN gender based income disparity: Gain insights into gender-based pay disparity trends and explore the variations in income for male and female individuals, in 2022 inflation adjusted dollars. Source: U.S. Census Bureau American Community Survey (ACS) 2017-2021 5-Year Estimates

Read more about Norwood Young America, MN income by gender ➔

Race

In Norwood Young America, the population is predominantly White, constituting 84.31% 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 $78,622.
  • In Norwood Young America, White is both the largest group and the one with the highest median household income, which stands at $78,622.
  • In Norwood Young America, the median household income for the households where the householder is White decreased by $5,583(6.63%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $84,205 in 2011 and $78,622 in 2021.
  • Even though there is a population where the householder is Black or African American, there was no median household income reported by the U.S. Census Bureau for both 2011 and 2021.
The bar chart shows Norwood Young America, MN median household income across all racial categories identified by the U.S. Census Bureau.
Norwood Young America, MN median household income diversity across racial categories: Gain insights into economic disparities and trends and explore the variations in median houshold income for diverse racial categories. Source: U.S. Census Bureau American Community Survey (ACS) 2017-2021 5-Year Estimates

Read more about Norwood Young America, MN median household income by race ➔

Year by year

Norwood Young America, MN median household income trends by year, family type and household size (2010-2021):

  • From 2010 to 2021, the median household income for Norwood Young America increased by $4,602 (6.13%), as per the American Community Survey estimates.
  • Between 2010 and 2021, median household income, adjusted for 2022 inflation, experienced growth year by year for 5 years and declined for 6 years.
  • The most significant year-by-year growth occured from 2011 to 2012, when the median household income increased by 9,154 (from $79,828 to $88,982). Similarly the most substantial year-by-year decline occured from 2012 to 2013, when the median household income decreased by 5,189 (from $88,982 to $83,793).
  • It then further increased to $124,060 for 7-person households, the largest household size for which the bureau reported a median household income.
  • With a Gini coefficient of 0.3458, it is evident that income distribution in Norwood Young America, MN exihibits characterstics of moderate equality .
  • For the family households, the median income (in 2022 inflation-adjusted dollars) was $99,134. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $35,971.
The line chart shows Norwood Young America, MN 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.
Norwood Young America, MN median household income trends: 2010 to 2021. The chart illustrates income fluctuations over the years, highlighting the impact of inflation on economic trends. Source: U.S. Census Bureau American Community Survey (ACS) 2017-2021 5-Year Estimates

Read more about Norwood Young America, MN median household income ➔

References

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Median household income of places that contain Norwood Young America (in 2022 dollars)
Insights for Norwood Young America, by topic

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Neilsberg Research
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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