Median Household Income by Age of Householder in Burnt Prairie, IL (2021, in 2022 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Burnt Prairie. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Burnt Prairie.
Age Of The Head Of Household | Median Household Income |
---|---|
Under 25 years | - |
25 to 44 years | $125,179 |
45 to 64 years | $39,183 |
65 years and over | $51,343 |
TABLE OF CONTENTS
Burnt Prairie, IL median household income by age of householder
As one can expect, household incomes typically rise as the head of the household gets older. However, this upward trend reaches a peak at a certain point, and beyond that, it tends to level off or even decrease. Based on our analysis of the distribution of Burnt Prairie population by age, the median age in Burnt Prairie is 23.9 years.
Typically for a location with median age in this range, it likely boasts a youthful population, indication a potential hub for emerging workforce. Interestingly, according to the latest American Community Survey data, the US Census Bureau did not report the median household income for householders in the Under 25 years age group in Burnt Prairie. This absence could be attributed to a smaller working population or fewer household heads within this age range, potentially resulting in less reliable or unavailable data for reporting.
In terms of income distribution across age cohorts, in Burnt Prairie, the median household income stands at $125,179 for householders within the 25 to 44 years age group, followed by $51,343 for the 65 years and over age group. Notably, householders within the 45 to 64 years age group, had the lowest median household income at $39,183.
For a better visual representation of these income disparities, refer to the bar chart below. It offers a clear illustration of the differences in median household incomes based on the age of householders, derived from most current ACS data provided by the Census Bureau for the village of Burnt Prairie.
Analysis of income trends over the past decade highlights notable shifts across various age groups. Among the three age groups with available Census data in both 2011 and 2021, two groups encountered a decline in their median household income, while the remaining one experienced an increase during this period. Notably, household income for individuals within the 25 to 44 years age group demonstrated a remarkable increase of $87,041(228.23%), escalating from a median of $38,138 in 2011 to $125,179 in 2021. Conversely, the age group of 45 to 64 years years witnessed the most significant decline in household income across the same span. Their median income saw a substantial drop of $46,219(54.12%), declining from a median of $85,402 in 2011 to $39,183 in 2021.
Burnt Prairie, IL household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Burnt Prairie population, we conducted an analysis of household incomes across 16 distinct brackets within four age cohorts: under 25 years, 25 to 44 years, 45 to 64 years, and over 65 years.
Upon closer examination of the distribution of households among age brackets, it reveals that there are 0 households where the householder is under 25 years old, 23(67.65%) households with a householder aged between 25 and 44 years, 3(8.82%) households with a householder aged between 45 and 64 years, and 8(23.53%) households where the householder is over 65 years old.
In Burnt Prairie, the age group of 25 to 44 years stands out with both the highest median income and the maximum share of households. This alignment suggests a financially stable demographic, indicating an established community with stable careers and higher incomes.
Age-wise distribution of Burnt Prairie household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Burnt Prairie: Under 25 years, 25-44 years, 45-64 years, and over 65 years. This table highlights the variation in household income, offering valuable insights into economic trends and disparities within different age categories.
Household Income Age of Householder | Under 25 years | 25 to 44 years | 45 to 64 years | 65 years and over |
---|---|---|---|---|
Less than $10,000 | - | 1 | 1 | - |
$10,000 - $14,999 | - | - | - | 2 |
$15,000 - $19,999 | - | - | - | - |
$20,000 - $24,999 | - | 3 | - | - |
$25,000 - $29,999 | - | - | - | 1 |
$30,000 - $34,999 | - | - | - | - |
$35,000 - $39,999 | - | - | 1 | - |
$40,000 - $44,999 | - | - | - | 1 |
$45,000 - $49,999 | - | - | - | - |
$50,000 - $59,999 | - | - | - | 3 |
$60,000 - $74,999 | - | 2 | 1 | 1 |
$75,000 - $99,999 | - | - | - | - |
$100,000 - $124,999 | - | 17 | - | - |
$125,000 - $149,999 | - | - | - | - |
$150,000 - $199,999 | - | - | - | - |
$200,000 or more | - | - | - | - |
To further explore the income distribution and gain insights into financial landscape of Burnt Prairie when compared to the state of Illinois and The United States, we analyzed household incomes across various age cohorts and their corresponding income brackets. Here, are our key findings:
- Householder under 25 years: In Burnt Prairie, the comparison with the median income of the state and the nation remains inapplicable as there are no households headed by individuals under 25 years old.
- Householder 25 to 44 years: In Burnt Prairie, among households headed by individuals aged 25 to 44, an impressive 73.91% match or surpass the state of Illinois median income of $76,708. These 17 households, represent a significant portion of the total 23 households in Burnt Prairie within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Burnt Prairie, among households led by individuals aged 45 to 64 years, there are no households that meet or surpass the state of Illinois median income of $76,708. Hence, of the total 3 households in this age group, none achieved an income higher than the Illinois state median income range.
- Householder 65 years and over: In Burnt Prairie, within the over 65 years age cohort, there are no households that meet or exceed the state of Illinois median income of $76,708. Therefore, among the total number of households in this senior demographic, none have an income higher than the Illinois state median income range.
Things to know
Which age group reports the highest median household income in Burnt Prairie, IL?
In Burnt Prairie, households led by individuals aged 25 to 44 years report the highest median household income of $125,179 according to the American Community Survey 2017-2021 5-Year Estimates by the US Census Bureau.
How does the median household income vary by age in Burnt Prairie, IL?
In terms of income distribution across age cohorts, in Burnt Prairie, the median household income stands at $125,179 for householders within the 25 to 44 years age group, followed by $51,343 for the 65 years and over age group. Notably, householders within the 45 to 64 years age group, had the lowest median household income at $39,183..
How does the median household income for households led by individuals of median age compare in Burnt Prairie, IL?
The median age in Burnt Prairie is 23.9, which falls within the Under 25 years range among the four age groups defined by the US Census Bureau. This demographic likely boasts a youthful population, indication a potential hub for emerging workforce. Interestingly, according to the latest American Community Survey data, the US Census Bureau did not report the median household income for householders in the Under 25 years age group in Burnt Prairie. This absence could be attributed to a smaller working population or fewer household heads within this age range, potentially resulting in less reliable or unavailable data for reporting.
References
- U.S. Census Bureau American Community Survey (ACS) 2017-2021 5-Year Estimates
- Consumer Price Index retroactive series using current methods (R-CPI-U-RS)