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Demographic Analysis of Zip Code 56327: Racial Composition and Economic Trends
CATEGORY
Demographics
DATA
Population
Median Income
Racial Distributions
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Demographics
Population
Median Income
Racial Distributions
The zip code 56327 in Farwell, Minnesota, is classified as having Low Diversity as of 2022. The population is 94% white, which meets the criteria for a racial group dominating with over 75% representation. The median income for 2022 was $65,206.
Over the past decade, Farwell has maintained its Low Diversity status. The white population has remained above 94% from 2013 to 2022, indicating minimal change in racial composition. The Hispanic population increased from 1% in 2013 to 3% in 2022. The "Two or More Races" category emerged in 2017 at 1% and increased to 2% by 2022. Other racial categories have maintained minimal or no representation throughout the decade.
The median income in Farwell has shown an overall upward trend from 2013 to 2021, with fluctuations. In 2013, it was $57,503. By 2017, it increased to $64,043, an 11.4% increase. In 2021, it reached $77,846, a 21.6% increase from 2017. However, in 2022, it decreased to $65,206, a 16.2% drop from 2021.
The population of Farwell has shown a gradual decline from 899 in 2010 to 803 in 2022, a decrease of about 10.7% over 12 years. This decline may be influencing or be influenced by economic changes in the area.
The persistent Low Diversity categorization of Farwell contrasts with many areas in the United States that have been experiencing increasing diversity over the past decade. The overall upward trend in median income until 2021 aligns with general economic growth seen in many parts of the country post-2008 recession. However, the sharp decline in 2022 might be related to broader economic challenges such as inflation or pandemic-related economic disruptions. The population decline in Farwell goes against the trend of urban growth seen in many parts of the country, suggesting it might be facing challenges common to rural or small-town America, such as outmigration of younger residents.
In conclusion, Farwell has maintained its status as a Low Diversity community over the past decade. Subtle shifts in demographics and more pronounced changes in economic indicators suggest a community in slow transition. The interplay between declining population, fluctuating income levels, and minimal increases in diversity indicates a small town grappling with broader socio-economic trends affecting rural America.
