Lake Forest Park Washington Income Charts

This section shows the Lake Forest Park Washington economy using the most recent economic analysis from the 2020 Census Bureau. Starting with Figure 1 which shows the median earnings per worker, Lake Forest Park shows it has a Median earnings of $84,643 which is more than all other places in the metro area. Comparing median earnings per worker to the United States average of $49,041, Lake Forest Park is 72.6% larger. Also, benchmarked against the state of Washington, median earnings per worker of $56,651, Lake Forest Park is 49.4% 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 $126,750 which is the second most of all the places in the surrounding region. The city with the highest median household income in the area is Brier which shows a median income of $131,293 (only about 3.6% larger). Comparing median household income to the United States average of $62,843, Lake Forest Park is about twice as large. Also, compared to the state of Washington, median household income of $73,775, Lake Forest Park is 71.8% larger.

The next section examines a variety of different income statistics for the Lake Forest Park metropolitan area. In Figure 3 we see that it has the smallest proportion of earnings between $15,000 and $19,999 at 18.8% of the total. Second, it has the largest proportion of earnings between $50,000 and $74,999 at 13.6% of the total and is ranked #1. Third, it has the largest proportion of earnings between $75,000 and $99,999 at 28.2% 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 39.0 which is the second most of all the places in the metro area. The city with the highest average hours in the area is Brier which depicts an average hours of 39.1 ( about the same size). 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 $41.74 which is more than all other places in the greater Lake Forest Park region. Comparing average hourly earnings to the United States average of $24.31, Lake Forest Park is 71.7% larger. Also, in comparison with the state of Washington, average hourly earnings of $28.22, Lake Forest Park is 47.9% larger.

Figure 7 examines the number of self employed people in the Lake Forest Park metro area based on the number of people who reported any self employment income. Lake Forest Park depicts it has a Self Employed of 15.4% which is the second most people self employed of all the places in the greater Lake Forest Park region. The city with the highest percentage of people self employed in the area is Shoreline which depicts a percentage self employed of 16.1% (only about 4.8% larger).

Turning our attention to Figure 8, the median household income by age group, it has the largest proportion of median income-under 25 years at $159,950 of the total and is ranked #1. Second, it has one of the largest proportions of median income-25 to 44 years at $136,707 of the total and is ranked #2. The only larger city being Brier with $148,188. Third, it has the largest proportion of median income-45 to 64 years at $95,926 of the total and is ranked #1.

Figure 9 breaks down the source of income and Lake Forest Park has the largest proportion of income from wages at 5.1% of the total and is ranked #1. Second, it has the largest proportion of self employment income at 14.4% of the total and is ranked #1. Third, it has the smallest proportion of social security at 0.2% of the total.

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 18.7% which is in the mid range of other places in the greater region. The city with the highest households with retirement income in the area is Brier which shows a households with retirement income of 27.7% (48.2% larger).

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 $146,909 of the total and is ranked #2. The only larger city being Brier with $150,172. Second, it has one of the largest proportions of american indian family income at $130,852 of the total and is ranked #3. Only #2 Kenmore ($142,171), and #1 Bothell West CDP ($147,250) are larger. Third, it has one of the largest proportions of hawaiian family income at $97,690 of the total and is ranked #2. The only larger city being Brier with $125,139.

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 Forest Park depicts it has the hightest cost of 259.1 for the cost of housing group.

Lake Forest Park Washington 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 depicts that from February 2010 to before the disasterous Covid-19 virus Pandemic the monthly unemployment rate went from 9.5% to 2.6% in February 2020. This represents a decrease in the monthly unemployment rate of 72.6%. Since that time, the monthly unemployment rate has gone to 5.2% This represents an increase in the monthly unemployment rate of 100.0%. 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 February 2010 to before the disasterous COVID Pandemic the monthly labor force participation went from 29,004 to 31,732 in February 2020. This represents an increase in the monthly labor force participation of 9.4%. Since that time, the monthly labor force participation has gone to 30,729 This represents a decrease in the monthly labor force participation of 3.2%.

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 Forest Park depicts it has a Unemployment Rate of 2.8% which is the highest of all places in the greater region. Figure 17 shows the labor force participation using the estimated percentage of people either working or actively looking for work. Lake Forest Park indicates it has a Labor Force Participation of 70.3% which is the second most of all the places in the metro area.

The Components of Employment Status graph in Figure 18 shows the composition of the labor force broken down by employed, unemployed, and not in the labor force (but 16 years of age or older). Lake Forest Park has the largest proportion of employed at 2.8% of the total and is ranked #1.

The percentage of full-time workers are compared to the number of part-time workers in Figure 19. Lake Forest Park depicts full time employees approximately 3.5 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 Forest Park area. Lake Forest Park depicts it has a Single Earner Families of 25.8% which is in the middle range of other places in the metro area. The city with the highest families with a single earner in the area is Mountlake Terrace which depicts a single earners rate of 30.8% (19.3% larger). The percentage of families with no one working is depicted in Figure 22. Lake Forest Park shows it has a Families with No One Working of 12.9% which is in the middle range of other places in the local area. The city with the highest families with no one working in the area is Esperance CDP which depicts a families with no worker of 18.4% (42.2% larger).

Lake Forest Park Washington Poverty Charts

The next section details economy analysis about poverty for residents of the Lake Forest Park 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 Forest Park shows it has a Total In Poverty of 451 which is less than most other places in the greater region. The city with the highest total people earning less than the poverty level in the area is Shoreline which depicts a total people earning less than the poverty level of 4,270 ( appreciably bigger).

In Figure 24 the percentage of people earning less than the poverty level is shown and compared across the group of places. Lake Forest Park shows it has a Percent of Population In Poverty of 3.4% which is the smallest in order of percent of people earning less than the poverty level of all the other places in the greater region. The city with the highest percent of people earning less than the poverty level in the area is Shoreline which depicts a percent of people in poverty of 7.7% (approximately 2.3 times bigger).

In Figure 25 people who are in poverty are broken out by age group. Lake Forest Park has the largest proportion of person in poverty 55 to 64 years at 28% of the total and is ranked #1.

The next chart, Figure 26, shows the percentage of people in poverty by racial group. Lake Forest Park has one of the largest proportions of asian poverty rate at 29% of the total and is ranked #2. The only larger city being Shoreline with 71%.

Figure 27 shows key poverty statistics for groups based on marriage status. Lake Forest Park has the percentage of married with children and in poverty less than most other places in the greater region at 9% 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 Forest Park has the smallest proportion of has some college and in poverty at 2% of the total. Figure 29 looks at only those people who make less than the poverty level of income and breaks down there employment status. Lake Forest Park has the percentage of people who are in poverty and unemployed the second smallest when sorted by people who are in poverty and employed of all the other places in the metropolitan area at 18.0% of the total. 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 Forest Park shows it has a Public Assistance Percent of 4.2% which is the second smallest when ranked by 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 Mountlake Terrace which shows a households with public assistance of 12.1% (approximately 2.9 times bigger).

Figure 31 shows the "Gini Index of Income Inequality" with a range from zero (perfect equality) to one (perfect inequality). Lake Forest Park depicts it has a Gini Index of 37.3% which is in the middle range of other places in the surrounding region.

Lake Forest Park Washington Work Commute Charts

Figure 33 shows a more detailed view of how the population commutes to work for (for example to downtown Lake Forest Park or elsewhere.) Lake Forest Park has the largest proportion of people who take the ferry at 0% of the total and is ranked #1. Second, it has the largest proportion of people who bike at 2% of the total and is ranked #1.

In Figure 35 is shown a frequency distribution of the time that people leave for work. Lake Forest Park has the smallest proportion of people who leave for work between 6am to 630am at 9% of the total. Second, it has the largest proportion of people who leave for work between 630 am to 7am at 18% of the total and is ranked #1. Third, it has the largest proportion of people who leave for work between 7am to 730am at 13% of the total and is ranked #1. Also, it has the largest proportion of people who leave for work between 9am to 10am at 4% 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 Forest Park has the percentage of people with commute time of less than 5 minutesutes less than most other places in the local area at 3% of the total. Second, it has the largest proportion of people with commute time between 40 to 44 minutes at 19% of the total and is ranked #1.

The average commute time is shown in Figure 37. Lake Forest Park shows it has a Avg Commute Time of 32 which is the third most average commute time of all other places in the greater Lake Forest Park region. Figure 38 shows the difference between male versus female commuting time. Lake Forest Park depicts average commute time in minutes for men 35.1% larger as the average commute time in minutes for women. Figure 40 shows the total number of vehicles available for transportation and Lake Forest Park has one of the largest proportions of 1 vehicle available at 48% of the total and is ranked #3. Only #2 Kenmore (48%), and #1 Bothell West CDP (49%) are larger. Second, it has the second smallest when ranked by no vehicle available of all the other places in the local area when sorted by 4 vehicles available at 4% of the total. Figure 41 shows the percentage of people who both work and live in the same city (town or place.) Lake Forest Park shows it has a Work in city or place where live of 11% which is the third most people who both work and live in the same city of all other places in the greater Lake Forest Park region. The city with the highest people who both work and live in the same city in the area is Shoreline which shows a people who both work and live in the same city of 17% (57.3% larger). Comparing people who both work and live in the same city to the United States average of 42%, Lake Forest Park is approximately a quarter the size. Also, versus the state of Washington, people who both work and live in the same city of 37%, Lake Forest Park is approximately a third the size.

Lake Forest Park Washington 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 Forest Park depicts it has the hightest median earnings of $120,599 for the earnings-computer, engineering, and science occupations aggregate. Similarly, Figure 47 shows the median earnings of women for the job categories and Lake Forest Park shows it has the hightest median earnings of $99,569 for the management, business, and financial occupations category. The table in Figure 48, shows Lake Forest Park employment data in terms of job categories and salary data.

Lake Forest Park Washington 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 Forest Park shows it has the hightest entrepreneurs of 59% for the self employed management, business, science, and arts 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 Forest Park depicts it has the hightest entrepreneurs of 30% for the self employed in educational services, health care and social assistance grouping.

In Figure 51 the average annual self employment/entrepreneur income is shown. Lake Forest Park depicts it has a Self Employment Income of $48,610 which is at the top of all other places in the greater Lake Forest Park region. Comparing average annual self employment income to the United States average of $39,154, Lake Forest Park is 24.2% larger. Also, measured against the state of Washington, average annual self employment income of $39,075, Lake Forest Park is 24.4% larger.

Figure 52 shows the difference between the number of self employed men and self employed women (i.e. entrepreneurs.) Lake Forest Park depicts total number of self-employed men 55.4% larger as the total number of self-employed women.