Lake Wilson Minnesota Income Charts

This section shows the Lake Wilson 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 Wilson shows it has a Median earnings of $46,786 which is the third most median earnings of all other places in the greater Lake Wilson region. The city with the highest median earnings per worker in the area is Woodstock which depicts a median earnings of $51,023 (9.1% larger). Comparing median earnings per worker to the United States average of $53,269, Lake Wilson is about 13.9% smaller. Also, compared to the state of Minnesota, median earnings per worker of $57,586, Lake Wilson is about 23.1% 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 $59,750 which is the third most of all other places in the greater region. The city with the highest median household income in the area is Hadley which shows a median income of $74,375 (24.5% larger). Comparing median household income to the United States average of $69,021, Lake Wilson is about 15.5% smaller. Also, measured against the state of Minnesota, median household income of $77,706, Lake Wilson is approximately three-fourths the size.

The next section examines a variety of different income statistics for the Lake Wilson metropolitan area. In Figure 3 we see that it it has the largest proportion of earnings less than $10,000 at 7.4% of the total and is ranked #1.

Figure 5 has the Average number of hours worked in a typical work week during the year, it has a Avg Hours Worked of 44.7 which is ranked #1 of all places in the area. 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 $20.13 which is in the mid range of other places in the metro area. The city with the highest average hourly earnings in the area is Woodstock which shows an average hourly earnings of $25.49 (26.6% larger). Comparing average hourly earnings to the United States average of $26.40, Lake Wilson is approximately three-fourths the size. Also, compared to the state of Minnesota, average hourly earnings of $28.99, Lake Wilson is approximately three-fourths the size.

Figure 7 examines the number of self employed people in the Lake Wilson metro area based on the number of people who reported any self employment income. Lake Wilson shows it has a Self Employed of 13.9% which is the third most people self employed of all other places in the greater Lake Wilson region. The city with the highest percentage of people self employed in the area is Iona which shows a percentage self employed of 17.5% (25.8% 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 $73,438 of the total and is ranked #2. The only larger city being Slayton with $75,595. Second, it has the second smallest in terms of median income for those under 25 years of age of all the other places in the metro area as measured by median income-25 to 44 years at $69,375 of the total. Third, it has one of the largest proportions of median income-45 to 64 years at $38,750 of the total and is ranked #3. Only #2 Chandler ($57,500), and #1 Hadley ($78,750) are larger.

Figure 9 breaks down the source of income and Lake Wilson has the largest proportion of investment and retirement income at 12.9% 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 25.2% which is the highest of all places in the greater Lake Wilson region.

In the next chart, Figure 12, the median family income is shown for families broken down by racial group and it has one of the largest proportions of overall family income at $79,688 of the total and is ranked #3. Only #2 Edgerton ($82,083), and #1 Slayton ($88,824) are larger.

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 Wilson depicts it has the hightest cost of 102.2 for the cost of healthcare aggregate.

Lake Wilson 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 shows that from February 2017 to before the COVID-19 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 Coronavirus 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 Wilson shows it has a Unemployment Rate of 1.0% which is in the mid point range of other places in the local area. The city with the highest unemployment rate in the area is Iona which depicts a rate of 3.6% (approximately 3.6 times bigger). Figure 17 shows the labor force participation using the estimated percentage of people either working or actively looking for work. Lake Wilson depicts it has a Labor Force Participation of 57.5% which is the second smallest when sorted by participation rate of all the other places in the metropolitan area.

The percentage of full-time workers are compared to the number of part-time workers in Figure 19. Lake Wilson shows full time employees markedly 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 Wilson area. Lake Wilson depicts it has a Single Earner Families of 35.9% which is in the mid point range of other places in the metro area. The city with the highest families with a single earner in the area is Woodstock which shows a single earners rate of 75.0% (about twice as large). The percentage of families with no one working is depicted in Figure 22. Lake Wilson depicts it has a Families with No One Working of 20.3% which is the third most families with no one working of all other places in the greater Lake Wilson region. The city with the highest families with no one working in the area is Chandler which depicts a families with no worker of 36.7% (about twice as large).

Lake Wilson Minnesota Poverty Charts

The next section details economy analysis about poverty for residents of the Lake Wilson 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 Wilson shows it has a Total In Poverty of 17 which is in the middle range of other places in the metro area. The city with the highest total people earning less than the poverty level in the area is Slayton which depicts a total people earning less than the poverty level of 188 ( considerably bigger).

In Figure 24 the percentage of people earning less than the poverty level is shown and compared across the group of places. Lake Wilson depicts it has a Percent of Population In Poverty of 7.5% which is the third most percent of people earning less than the poverty level of all other places in the greater Lake Wilson region. The city with the highest percent of people earning less than the poverty level in the area is Chandler which depicts a percent of people in poverty of 19.1% (approximately 2.6 times bigger).

In Figure 25 people who are in poverty are broken out by age group. Lake Wilson has the largest proportion of person in poverty 18 to 34 years at 29% of the total and is ranked #1. Second, it has the largest proportion of person in poverty 35 to 54 years at 53% of the total and is ranked #1. Third, it has in the mid range of other places in the metro area in terms of person in poverty 55 to 64 years at 18% of the total.

The next chart looks at the percentage of people in poverty based on their education level in Figure 28 marriage status. Lake Wilson has the largest proportion of less than highschool in poverty at 11% of the total and is ranked #1. Second, it has the largest proportion of highschool graduate and in poverty at 9% 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 Wilson depicts it has a Public Assistance Percent of 0.9% which is the smallest in terms of households with public assistance of all the other places in the surrounding region. The city with the highest households with public assistance in the area is Slayton which depicts a households with public assistance of 14.5% ( appreciably bigger).

Figure 31 shows the "Gini Index of Income Inequality" with a range from zero (perfect equality) to one (perfect inequality). Lake Wilson depicts it has a Gini Index of 37.9% which is less than most other places in the metro area.

Lake Wilson Minnesota Work Commute Charts

Figure 33 shows a more detailed view of how the population commutes to work for (for example to downtown Lake Wilson or elsewhere.) Lake Wilson has the largest proportion of people who drove alone at 89% of the total and is ranked #1.

In Figure 35 is shown a frequency distribution of the time that people leave for work. Lake Wilson has the percentage of people who leave for work between 12am to 5am in the mid range of other places in the metro area at 3% of the total. Second, it has the largest proportion of people who leave for work between 7am to 730am at 21% 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 Wilson has the percentage of people with commute time of less than 5 minutesutes less than most other places in the metro area at 15% of the total. Second, it has one of the largest proportions of people with commute time between 5 to 9 minutes at 22% of the total and is ranked #2. The only larger city being Iona with 37%. Third, it has the largest proportion of people with commute time between 20 to 24 minutes at 5% of the total and is ranked #1. Also, it has the largest proportion of people with commute time between 45 to 59 minutes at 7% of the total and is ranked #1. In addition, it has the largest proportion of people with commute time between 60 to 89 minutes at 4% of the total and is ranked #1.

The average commute time is shown in Figure 37. Lake Wilson shows it has a Avg Commute Time of 25 which is the largest of all places in the greater Lake Wilson region. Figure 38 shows the difference between male versus female commuting time. Lake Wilson depicts average commute time in minutes for men about twice as large as the average commute time in minutes for women. Figure 40 shows the total number of vehicles available for transportation and Lake Wilson has the percentage of no vehicle available the second smallest as measured by no vehicle available of all the other places in the metro area at 11% of the total. Second, it has one of the largest proportions of 4 vehicles available at 8% of the total and is ranked #2. The only larger city being Chandler with 24%. Figure 41 shows the percentage of people who both work and live in the same city (town or place.) Lake Wilson depicts it has a Work in city or place where live of 12% which is the smallest when ranked by people who both work and live in the same city of all the 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 Slayton which depicts a people who both work and live in the same city of 54% (approximately 4.7 times bigger). Comparing people who both work and live in the same city to the United States average of 44%, Lake Wilson is approximately a quarter the size. Also, measured against the state of Minnesota, people who both work and live in the same city of 38%, Lake Wilson is approximately a third the size.

Lake Wilson 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 Wilson depicts it has the hightest median earnings of $81,250 for the management, business, and financial occupations category. Similarly, Figure 47 shows the median earnings of women for the job categories and Lake Wilson shows it has the hightest median earnings of $46,250 for the management, business, and financial occupations grouping. The table in Figure 48, shows Lake Wilson employment data in terms of job categories and salary data.

Lake Wilson 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 Wilson depicts it has the hightest entrepreneurs of 44% for the self employed in sales and office related businesses group.

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 Wilson depicts it has the hightest entrepreneurs of 33% for the self employed in finance, insurance, real estate, rental and leasing classification.

In Figure 51 the average annual self employment/entrepreneur income is shown. Lake Wilson depicts it has a Self Employment Income of $24,719 which is in the mid point range of other places in the metro area. The city with the highest average annual self employment income in the area is Iona which depicts an average annual self employment income of $130,379 ( markedly bigger). Comparing average annual self employment income to the United States average of $42,141, Lake Wilson is approximately half the size. Also, compared with the state of Minnesota, average annual self employment income of $39,413, Lake Wilson is approximately three-fourths the size.

Figure 52 shows the difference between the number of self employed men and self employed women (i.e. entrepreneurs.) Lake Wilson shows total number of self-employed men approximately 3.2 times bigger as the total number of self-employed women.