Median Household Income by Age of Householder in Elmwood, IL (2021, in 2022 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Elmwood. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Elmwood.
Age Of The Head Of Household | Median Household Income |
---|---|
Under 25 years | - |
25 to 44 years | $85,662 |
45 to 64 years | $95,781 |
65 years and over | $53,033 |
TABLE OF CONTENTS
Elmwood, 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 Elmwood population by age, the median age in Elmwood is 36.7 years.
Typically for a location with median age in this range, it suggests a dynamic mix of young professionals, often indicative of family formation and career advancement. Interestingly, within Elmwood, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $85,662.
In terms of income distribution across age cohorts, in Elmwood, the median household income stands at $95,781 for householders within the 45 to 64 years age group, followed by $85,662 for the 25 to 44 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $53,033.
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 city of Elmwood.
![Elmwood, IL median household income by age of householder The bar chart shows Elmwood, IL median household income by age of householder. All incomes have been adjusted for 2022 inflation using the Consumer Price Index retroactive series (R-CPI-U-RS).](https://i.neilsberg.com/ch/elmwood-il-median-household-income-by-age.jpeg)
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 $2,576(3.10%), escalating from a median of $83,086 in 2011 to $85,662 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 $9,114(8.69%), declining from a median of $104,895 in 2011 to $95,781 in 2021.
Elmwood, IL household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Elmwood 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 9(1.03%) households where the householder is under 25 years old, 299(34.09%) households with a householder aged between 25 and 44 years, 342(39%) households with a householder aged between 45 and 64 years, and 227(25.88%) households where the householder is over 65 years old.
In Elmwood, the age group of 45 to 64 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.
![>Elmwood, IL household income distribution across age groups The bar chart displays the distribution of household income in Elmwood, IL across different age groups as categorized by the U.S. Census Bureau. It illustrates the number of households within each income bracket across age categories. This visualization offers valuable insights into income disparities and variations across age groups, facilitating data analysis and informed decision-making. It enables the identification of demographics with specific financial statuses within distinct age brackets.](https://i.neilsberg.com/ch/elmwood-il-household-income-by-age-groups.jpeg)
Age-wise distribution of Elmwood household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Elmwood: 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 | - | 19 | 4 | 3 |
$10,000 - $14,999 | - | 5 | 4 | 21 |
$15,000 - $19,999 | - | 38 | 11 | 10 |
$20,000 - $24,999 | - | - | 5 | 8 |
$25,000 - $29,999 | - | 7 | 5 | 21 |
$30,000 - $34,999 | - | 8 | 5 | 9 |
$35,000 - $39,999 | - | 10 | 20 | 11 |
$40,000 - $44,999 | - | - | 6 | 28 |
$45,000 - $49,999 | - | 5 | 14 | 4 |
$50,000 - $59,999 | - | - | - | 36 |
$60,000 - $74,999 | 9 | 11 | 39 | 13 |
$75,000 - $99,999 | - | 99 | 79 | 37 |
$100,000 - $124,999 | - | 31 | 45 | 8 |
$125,000 - $149,999 | - | 34 | 49 | 12 |
$150,000 - $199,999 | - | 4 | 23 | - |
$200,000 or more | - | 28 | 33 | 6 |
To further explore the income distribution and gain insights into financial landscape of Elmwood 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: It is noteworthy that no households in Elmwood, where householders are under 25 years old, fall within or exceed the income bracket representing the median income of $76,708 for the state of Illinois. This indicates an income disparity among households headed by individuals under 25 years old when compared to the median income of the state.
- Householder 25 to 44 years: In Elmwood, among households headed by individuals aged 25 to 44, an impressive 65.55% match or surpass the state of Illinois median income of $76,708. These 196 households, represent a significant portion of the total 299 households in Elmwood within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Elmwood, within the age group of 45 to 64 years, a remarkable 66.96% of households meet or exceed the state of Illinois median income of $76,708. These 229 households, out of the total 342 households in this age cohort, signify a substantial portion of mature demographic of Elmwood, showcasing commendable financial stability in comparison to the Illinois state median income benchmark.
- Householder 65 years and over: In Elmwood, among the over 65 years age group, a noteworthy 27.75% of households either match or surpass the state of Illinois median income of $76,708. These 63 households, constituting notable portion of the Elmwood city senior population, showcase commendable financial stability compared to the Illinois state median income benchmark.
Things to know
Which age group reports the highest median household income in Elmwood, IL?
In Elmwood, households led by individuals aged 45 to 64 years report the highest median household income of $95,781 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 Elmwood, IL?
In terms of income distribution across age cohorts, in Elmwood, the median household income stands at $95,781 for householders within the 45 to 64 years age group, followed by $85,662 for the 25 to 44 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $53,033..
How does the median household income for households led by individuals of median age compare in Elmwood, IL?
The median age in Elmwood is 36.7, which falls within the 25 to 44 years range among the four age groups defined by the US Census Bureau. This demographic suggests a dynamic mix of young professionals, often indicative of family formation and career advancement. Interestingly, within Elmwood, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $85,662.
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)