The Lakes CDP Minnesota Income Charts

This section shows the The Lakes CDP Minnesota economy using the most recent economic analysis from the 2021 Census Bureau. Starting with Figure 1 which shows the median earnings per worker, The Lakes CDP shows it has a Median earnings of $59,583 which is the most of all places in the greater The Lakes CDP region. Comparing median earnings per worker to the United States average of $50,459, The Lakes CDP is 18.1% larger. Also, measured against the state of Minnesota, median earnings per worker of $54,146, The Lakes CDP is 10.0% larger.

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 $86,000 which is the highest of all places in the greater The Lakes CDP region. Comparing median household income to the United States average of $64,994, The Lakes CDP is 32.3% larger. Also, in comparison with the state of Minnesota, median household income of $73,382, The Lakes CDP is 17.2% larger.

The next section examines a variety of different income statistics for the The Lakes CDP metropolitan area. In Figure 3 we see that it it has one of the largest proportions of earnings less than $10,000 at 7.1% of the total and is ranked #3. Only #2 Slayton (7.8%), and #1 Avoca (10.6%) are larger. Second, it has the second smallest when sorted by median earnings of less than $10,000 of all the other places in the metro area as measured by earnings between $10,000 and $14,999 at 2.9% of the total. Third, it has the smallest proportion of earnings between $15,000 and $19,999 at 21.8% of the total. Also, it has the largest proportion of earnings between $50,000 and $74,999 at 10.2% of the total and is ranked #1. In addition, it has the largest proportion of earnings between $75,000 and $99,999 at 15.0% 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 40.4 which is in the center range of other places in the metro area. The place with the highest average hours in the area is Hadley which shows an average hours of 43.6 (7.9% 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 $28.36 which is more than all other places in the greater The Lakes CDP region. Comparing average hourly earnings to the United States average of $25.01, The Lakes CDP is 13.4% larger. Also, compared with the state of Minnesota, average hourly earnings of $27.19, The Lakes CDP is only about 4.3% larger.

Figure 7 examines the number of self employed people in the The Lakes CDP metro area based on the number of people who reported any self employment income. The Lakes CDP depicts it has a Self Employed of 20.1% which is the second most people self employed of all the places in the greater The Lakes CDP region. The place with the highest percentage of people self employed in the area is Avoca which shows a percentage self employed of 24.1% (20.0% 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 $68,750 of the total and is ranked #3. Only #2 Slayton ($87,396), and #1 Avoca ($93,750) are larger. Second, it has the largest proportion of median income-25 to 44 years at $109,464 of the total and is ranked #1. Third, it has one of the largest proportions of median income-45 to 64 years at $67,222 of the total and is ranked #2. The only larger place being Hadley with $69,375.

Figure 9 breaks down the source of income and The Lakes CDP has the largest proportion of income from wages at 11.2% 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 31.8% which is the largest of all places in the surrounding region.

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 $105,500 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. The Lakes CDP depicts it has the hightest cost of 128.6 for the cost of housing classification.

The Lakes CDP Minnesota Labor Force Charts

The next two charts look at very recent, 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 2020, the Covid 19 recession or great recession occurred and affects this metric. . It shows that from January 2010 to before the disasterous COVID-19 Pandemic the monthly unemployment rate went from 6.0% to 3.0% in March 2020. This represents a decrease in the monthly unemployment rate of 50.0%. Since that time, the monthly unemployment rate has gone to 2.4% This represents a decrease in the monthly unemployment rate of 20.0%. 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. . It depicts that from January 2010 to before the disasterous COVID-19 Pandemic the monthly labor force participation went from 90,270 to 106,267 in March 2020. This represents an increase in the monthly labor force participation of 17.7%. Since that time, the monthly labor force participation has gone to 109,065 This represents an increase in the monthly labor force participation of 2.6%.

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 The Lakes CDP depicts it has a Unemployment Rate of 1.8% which is the second smallest in order of unemployment rate of all the other places in the local area. The place with the highest unemployment rate in the area is Garvin which depicts a rate of 4.1% (approximately 2.3 times bigger). Figure 17 shows the labor force participation using the estimated percentage of people either working or actively looking for work. The Lakes CDP depicts it has a Labor Force Participation of 51.0% which is the second smallest when ranked by participation rate of all the other places in the area.

The percentage of full-time workers are compared to the number of part-time workers in Figure 19. The Lakes CDP depicts full time employees approximately 2.6 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 The Lakes CDP area. The Lakes CDP depicts it has a Single Earner Families of 27.3% which is more than all other places in the greater The Lakes CDP region. The percentage of families with no one working is depicted in Figure 22. The Lakes CDP depicts it has a Families with No One Working of 29.6% which is the third most families with no one working of all other places in the greater The Lakes CDP region. The place with the highest families with no one working in the area is Garvin which depicts a families with no worker of 41.7% (40.6% larger).

The Lakes CDP Minnesota Poverty Charts

The next section details economy analysis about poverty for residents of the The Lakes CDP 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. The Lakes CDP depicts it has a Total In Poverty of 13 which is less than most other places in the greater region. The place with the highest total people earning less than the poverty level in the area is Tracy which indicates a total people earning less than the poverty level of 235 ( considerably bigger).

In Figure 24 the percentage of people earning less than the poverty level is shown and compared across the group of places. The Lakes CDP depicts it has a Percent of Population In Poverty of 2.0% which is the second smallest in order of percent of people earning less than the poverty level of all the other places in the area. The place with the highest percent of people earning less than the poverty level in the area is Currie which shows a percent of people in poverty of 13.0% ( substantially bigger).

In Figure 25 people who are in poverty are broken out by age group. The Lakes CDP has the largest proportion of person in poverty under 12 years at 15% of the total and is ranked #1. Second, it has the largest proportion of person in poverty 18 to 34 years at 31% of the total and is ranked #1. Third, it has one of the largest proportions of person in poverty 55 to 64 years at 46% of the total and is ranked #2. The only larger place being Hadley with 100%.

The next chart, Figure 26, shows the percentage of people in poverty by racial group. The Lakes CDP has the largest proportion of white poverty rate at 100% of the total and is ranked #1.

Figure 27 shows key poverty statistics for groups based on marriage status. The Lakes CDP has one of the largest proportions of unmarried female with children and in poverty at 40% of the total and is ranked #2. The only larger place being Garvin with 100%. Figure 29 looks at only those people who make less than the poverty level of income and breaks down there employment status. The Lakes CDP has the largest proportion of people who are in poverty and employed at 15.4% 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.) The Lakes CDP shows it has a Public Assistance Percent of 2.2% which is the smallest in order of households with public assistance of all the other places in the greater region. The place with the highest households with public assistance in the area is Avoca which shows a households with public assistance of 18.5% ( markedly bigger).

Figure 31 shows the "Gini Index of Income Inequality" with a range from zero (perfect equality) to one (perfect inequality). The Lakes CDP depicts it has a Gini Index of 40.8% which is the third most the gini index of all other places in the greater The Lakes CDP region.

The Lakes CDP 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 The Lakes CDP 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.) The Lakes CDP has the largest proportion of people who bicycle or walk to work at 9% 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 The Lakes CDP or elsewhere.) The Lakes CDP 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 local area at 75% of the total. Second, it has the largest proportion of people who work from home at 9% of the total and is ranked #1.

In Figure 35 is shown a frequency distribution of the time that people leave for work. The Lakes CDP has the smallest proportion of people who leave for work between 5am to 530am at 2% of the total.

The next graph in Figure 36 shows the average number of minutes that it takes for people to commute to work. The Lakes CDP has the smallest proportion of people with commute time of less than 5 minutesutes at 9% of the total. Second, it has one of the largest proportions of people with commute time between 5 to 9 minutes at 15% of the total and is ranked #2. The only larger place being Hadley with 21%. Third, it has the largest proportion of people with commute time between 10 to 14 minutes at 27% of the total and is ranked #1. Also, it has the largest proportion of people with commute time between 45 to 59 minutes at 3% of the total and is ranked #1.

The average commute time is shown in Figure 37. The Lakes CDP shows it has a Avg Commute Time of 25 which is the third most of all other places in the greater region. Figure 38 shows the difference between male versus female commuting time. The Lakes CDP shows average commute time in minutes for men 22.7% larger as the average commute time in minutes for women. Figure 40 shows the total number of vehicles available for transportation and The Lakes CDP has the percentage of no vehicle available the second smallest in terms of no vehicle available of all the other places in the surrounding region at 6% of the total. Second, it has the second smallest when sorted by no vehicle available of all the other places in the metropolitan area as measured by 1 vehicle available at 44% of the total. Third, it has the largest proportion of 2 vehicles available at 32% of the total and is ranked #1. Also, it has one of the largest proportions of 3 vehicles available at 14% of the total and is ranked #2. The only larger place being Avoca with 20%. Figure 41 shows the percentage of people who both work and live in the same city (town or place.) The Lakes CDP depicts it has a Work in city or place where live of 13% which is the second smallest as measured by people who both work and live in the same city of all the other places in the surrounding region. The place 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 58% (approximately 4.3 times bigger). Comparing people who both work and live in the same city to the United States average of 43%, The Lakes CDP is approximately a third the size. Also, measured against the state of Minnesota, people who both work and live in the same city of 36%, The Lakes CDP is approximately a third the size.

The Lakes CDP 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. The Lakes CDP depicts it has the hightest median earnings of $97,500 for the earnings-computer, engineering, and science occupations group. Similarly, Figure 47 shows the median earnings of women for the job categories and The Lakes CDP depicts it has the hightest median earnings of $84,375 for the earnings-healthcare practitioners and tech occupations aggregate. The table in Figure 48, shows The Lakes CDP employment data in terms of job categories and salary data.

The Lakes CDP 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. The Lakes CDP depicts it has the hightest entrepreneurs of 54% for the self employed in sales and office related businesses category.

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. The Lakes CDP depicts it has the hightest entrepreneurs of 38% for the self employed in retail trade group.

In Figure 51 the average annual self employment/entrepreneur income is shown. The Lakes CDP shows it has a Self Employment Income of $56,640 which is at the top of all other places in the greater The Lakes CDP region. Comparing average annual self employment income to the United States average of $40,101, The Lakes CDP is 41.2% larger. Also, in comparison with the state of Minnesota, average annual self employment income of $37,348, The Lakes CDP is 51.7% larger.

Figure 52 shows the difference between the number of self employed men and self employed women (i.e. entrepreneurs.) The Lakes CDP depicts total number of self-employed men substantially bigger as the total number of self-employed women.