Lake Benton Minnesota Income Charts

This section shows the Lake Benton Minnesota economy using the most recent economic analysis from the 2022 Census Bureau. Starting with Figure 1 which shows the median earnings per worker, Lake Benton depicts it has a Median earnings of $47,981 which is the second most median earnings of all the places in the greater Lake Benton region. The city with the highest median earnings per worker in the area is Arco which depicts a median earnings of $60,417 (25.9% larger). Comparing median earnings per worker to the United States average of $53,269, Lake Benton is about 11.0% smaller. Also, in contrast to the state of Minnesota, median earnings per worker of $57,586, Lake Benton is about 20.0% smaller.

In Figure 2 a more complete view of income is shown which aggregates income from all members in the household and it has a Median household income of $52,750 which is in the center range of other places in the greater region. The city with the highest median household income in the area is Elkton which depicts a median income of $65,625 (24.4% larger). Comparing median household income to the United States average of $69,021, Lake Benton is approximately three-fourths the size. Also, measured against the state of Minnesota, median household income of $77,706, Lake Benton is approximately three-fourths the size.

Figure 5 has the Average number of hours worked in a typical work week during the year, it has a Avg Hours Worked of 39.2 which is the second smallest as measured by average hours of all the other places in the local area. The city with the highest average hours in the area is Arco which depicts an average hours of 43.0 (9.7% larger). Dividing median annual worker earnings by the average number of hours worked in a year in Figure 6 shows that it has a Avg Hrly Earnings of $23.54 which is the third most of all other places in the surrounding region. The city with the highest average hourly earnings in the area is Arco which depicts an average hourly earnings of $27.02 (14.8% larger). Comparing average hourly earnings to the United States average of $26.40, Lake Benton is about 12.2% smaller. Also, in contrast to the state of Minnesota, average hourly earnings of $28.99, Lake Benton is about 23.2% smaller.

Figure 7 examines the number of self employed people in the Lake Benton metro area based on the number of people who reported any self employment income. Lake Benton depicts it has a Self Employed of 15.7% which is the second most of all the places in the surrounding region. The city with the highest percentage of people self employed in the area is Holland which shows a percentage self employed of 16.5% (only about 4.7% larger).

Turning our attention to Figure 8, the median household income by age group, it has one of the largest proportions of median income-under 25 years at $83,750 of the total and is ranked #2. The only larger city being Arco with $91,250. Second, it has one of the largest proportions of median income-25 to 44 years at $63,750 of the total and is ranked #3. Only #2 Elkton ($68,750), and #1 Ruthton ($76,563) are larger. Third, it has less than most other places in the metro area in terms of median income-45 to 64 years at $36,071 of the total.

Figure 9 breaks down the source of income and Lake Benton has the largest proportion of investment and retirement income at 12.7% of the total and is ranked #1. Second, it has the largest proportion of social security at 1.5% of the total and is ranked #1.

The next chart (Figure 11) shows the percentage of households that had retirement income over the last 12 months and it has a With Retirement Income of 13.3% which is less than most other places in the greater region. The city with the highest households with retirement income in the area is Ivanhoe which shows a households with retirement income of 23.2% (74.7% larger).

In the next chart, Figure 12, the median family income is shown for families broken down by racial group and it has the largest proportion of overall family income at $90,938 of the total and is ranked #1.

Figure 13 shows the cost of living and other consumer spending categories for a variety of cost components from the Bureau of Labor Statistics. Lake Benton depicts it has the hightest cost of 102.2 for the cost of healthcare group.

Lake Benton Minnesota Labor Force Charts

The next two charts look at monthly trended employment related performance using data estimated by economists at the Bureau of Labor Statistics (BLS). The BLS tracks unemployment statistics for a large number of areas throughout the country on a month to month basis. However, not every location in the U.S. is tracked by the BLS so the chart will only show the closest location available (which may be the same location.) Figure 14 shows the monthly unemployment rate for the area as well as a comparison to the overall national economy measure for the United States. Note that in March to April 2022, the Covid 19 recession occurred and affects this metric. The monthly unemployment rate depicts that from February 2017 to before the Coronavirus Pandemic it went from 3.2% to 3.1% in December 2019. This represents a decrease in the monthly unemployment rate of 3.1%. Since that time, the monthly unemployment rate has gone to 3.1%. This represents an increase in the monthly unemployment rate of very little. In Figure 15 the monthly labor force participation which are people actively looking for work are also defined as unemployed but do not include people who have given up looking for work. The monthly labor force participation depicts that from January 2017 to before the disasterous Covid-19 virus Pandemic it went from 101,380 to 107,630 in November 2019. This represents an increase in the monthly labor force participation of 6.2%. Since that time, the monthly labor force participation has gone to 107,630. This represents an increase in the monthly labor force participation of very little.

The next two charts look at the annual unemployment rate/eligible for unemployment benefits and is based on the American Community survey. Figure 16 shows Lake Benton depicts it has a Unemployment Rate of 0.7% which is in the middle range of other places in the greater region. The city with the highest unemployment rate in the area is Elkton which shows a rate of 7.9% ( substantially bigger). Figure 17 shows the labor force participation using the estimated percentage of people either working or actively looking for work. Lake Benton shows it has a Labor Force Participation of 59.9% which is the second smallest in terms of participation rate of all the other places in the metro area.

The percentage of full-time workers are compared to the number of part-time workers in Figure 19. Lake Benton shows full time employees approximately 3.4 times bigger as the part time employees.

The next employment related data item is shown in Figure 21 which is the percentage of families with only a single earner in the greater Lake Benton area. Lake Benton shows it has a Single Earner Families of 21.5% which is in the center range of other places in the greater region. The city with the highest families with a single earner in the area is Tyler which depicts a single earners rate of 28.9% (34.8% larger). The percentage of families with no one working is depicted in Figure 22. Lake Benton shows it has a Families with No One Working of 14.8% which is at the top of all other places in the greater Lake Benton region.

Lake Benton Minnesota Poverty Charts

The next section details economy analysis about poverty for residents of the Lake Benton community. This performance can be enhanced by government programs such as economic opportunity zone to influence manufacturing, job growth, economic opportunity an hopefully lead to economic recovery after the recent Covid 19 recession. In Figure 23 the total number of people earning less than the poverty level are shown. Lake Benton shows it has a Total In Poverty of 81 which is the third most total people earning less than the poverty level of all other places in the greater Lake Benton region. The city with the highest total people earning less than the poverty level in the area is Elkton which depicts a total people earning less than the poverty level of 189 (approximately 2.3 times bigger).

In Figure 24 the percentage of people earning less than the poverty level is shown and compared across the group of places. Lake Benton depicts it has a Percent of Population In Poverty of 12.0% which is less than most other places in the local area. The city with the highest percent of people earning less than the poverty level in the area is Elkton which depicts a percent of people in poverty of 21.3% (76.8% larger).

In Figure 25 people who are in poverty are broken out by age group. Lake Benton has one of the largest proportions of person in poverty 18 to 34 years at 25% of the total and is ranked #3. Only #2 Ivanhoe (28%), and #1 Tyler (31%) are larger. Second, it has the largest proportion of person in poverty 55 to 64 years at 47% of the total and is ranked #1.

The next chart looks at the percentage of people in poverty based on their education level in Figure 28 marriage status. Lake Benton has the largest proportion of less than highschool in poverty at 19% of the total and is ranked #1. Second, it has the largest proportion of highschool graduate and in poverty at 20% of the total and is ranked #1. Additionally, Figure 30 looks at the percentage of people who receive some form of public assistance including general assistance, temporary assistance or food stamps (i.e. SNAP.) Lake Benton depicts it has a Public Assistance Percent of 15.7% which is the second most households with public assistance of all the places in the greater Lake Benton region. The city with the highest households with public assistance in the area is Arco which shows a households with public assistance of 18.4% (17.0% larger).

Figure 31 shows the "Gini Index of Income Inequality" with a range from zero (perfect equality) to one (perfect inequality). Lake Benton depicts it has a Gini Index of 41.2% which is more than all other places in the greater Lake Benton region.

Lake Benton Minnesota Work Commute Charts

The following set of charts detail a variety of metrics that have economic impact, economic grow factors and economic development metrics in the Lake Benton community and has an impact on other factors such as economic growth, population growth, economic recovery, job growth, etc.. Figure 32 shows a high level view of how the population commutes to work (including the percent of people who work from home.) Lake Benton has the largest proportion of people who bicycle or walk to work at 11% of the total and is ranked #1. Figure 33 shows a more detailed view of how the population commutes to work for (for example to downtown Lake Benton or elsewhere.) Lake Benton has the percentage of people who drove alone the second smallest as measured by people who drove alone of all the other places in the area at 73% of the total. Second, it has the largest proportion of people who work from home at 11% of the total and is ranked #1.

In Figure 35 is shown a frequency distribution of the time that people leave for work. Lake Benton has one of the largest proportions of people who leave for work between 12am to 5am at 6% of the total and is ranked #2. The only larger city being Elkton with 11%. Second, it has the largest proportion of people who leave for work between 8am to 830am at 5% of the total and is ranked #1. Third, it has the largest proportion of people who leave for work between 11am to 12noon at 12% of the total and is ranked #1.

The next graph in Figure 36 shows the average number of minutes that it takes for people to commute to work. Lake Benton has the largest proportion of people with commute time of less than 5 minutesutes at 19% of the total and is ranked #1. Second, it has in the mid range of other places in the local area when ranked by people with commute time between 5 to 9 minutes at 8% of the total. Third, it has less than most other places in the greater region in terms of people with commute time between 10 to 14 minutes at 12% of the total. Also, it has the smallest proportion of people with commute time between 15 to 19 minutes at 7% of the total. In addition, it has the smallest proportion of people with commute time between 20 to 24 minutes at 3% of the total. Furthermore, it has the largest proportion of people with commute time between 35 to 39 minutes at 10% of the total and is ranked #1.

The average commute time is shown in Figure 37. Lake Benton depicts it has a Avg Commute Time of 22 which is in the mid range of other places in the local area. Figure 38 shows the difference between male versus female commuting time. Lake Benton shows average commute time in minutes for men 62.7% larger as the average commute time in minutes for women. Figure 40 shows the total number of vehicles available for transportation and Lake Benton has one of the largest proportions of no vehicle available at 20% of the total and is ranked #2. The only larger city being Tyler with 23%. Second, it has the largest proportion of 1 vehicle available at 45% of the total and is ranked #1. Third, it has the second smallest in terms of no vehicle available of all the other places in the local area when sorted by 2 vehicles available at 20% of the total. Also, it has in the center range of other places in the area when sorted by 4 vehicles available at 7% of the total. Figure 41 shows the percentage of people who both work and live in the same city (town or place.) Lake Benton depicts it has a Work in city or place where live of 29% which is in the middle range of other places in the local area. The city with the highest people who both work and live in the same city in the area is Elkton which depicts a people who both work and live in the same city of 40% (36.1% larger). Comparing people who both work and live in the same city to the United States average of 44%, Lake Benton is approximately three-fourths the size. Also, versus the state of Minnesota, people who both work and live in the same city of 38%, Lake Benton is approximately three-fourths the size.

Lake Benton Minnesota Jobs Charts

The next to charts break out the median earnings for major job categories for men and women. Figure 46 shows the median earnings of men for the job categories. Lake Benton shows it has the hightest median earnings of $54,375 for the earnings-education, legal, community service, arts, media occupations aggregate. Similarly, Figure 47 shows the median earnings of women for the job categories and Lake Benton shows it has the hightest median earnings of $73,438 for the earnings-education, legal, community service, arts, media occupations category. The table in Figure 48, shows Lake Benton employment data in terms of job categories and salary data.

Lake Benton Minnesota Self Employment Charts

Figure 49 shows economic activity in terms of the number of people who are self employed in incorporated local business by industry. Lake Benton shows it has the hightest entrepreneurs of 40% for the self employed in natural resources, construction, and maintenance businesses aggregate.

Similar to the last chart is Figure 50 which shows the number of people who are self employed but in more detailed industry categories such as manufacturing, retail sales, residential real estate, commercial real estate, health care, exports/imports, and advanced industries, etc. Lake Benton depicts it has the hightest entrepreneurs of 35% for the self employed in educational services, health care and social assistance classification.

In Figure 51 the average annual self employment/entrepreneur income is shown. Lake Benton shows it has a Self Employment Income of $23,171 which is in the mid range of other places in the area. The city with the highest average annual self employment income in the area is Holland which shows an average annual self employment income of $68,767 (approximately 3.0 times bigger). Comparing average annual self employment income to the United States average of $42,141, Lake Benton is approximately half the size. Also, in comparison with the state of Minnesota, average annual self employment income of $39,413, Lake Benton is approximately half the size.

Figure 52 shows the difference between the number of self employed men and self employed women (i.e. entrepreneurs.) Lake Benton shows total number of self-employed men about 13.6% smaller as the total number of self-employed women.