Median Household Income by Age of Householder in Mulberry Grove, IL (2021, in 2022 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Mulberry Grove. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Mulberry Grove.
Age Of The Head Of Household | Median Household Income |
---|---|
Under 25 years | - |
25 to 44 years | $78,501 |
45 to 64 years | $62,152 |
65 years and over | - |
TABLE OF CONTENTS
Mulberry Grove, 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 Mulberry Grove population by age, the median age in Mulberry Grove is 37.9 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 Mulberry Grove, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $78,501.
In terms of income distribution across age cohorts, in Mulberry Grove, where there exist only two delineated age groups, the median household income is $78,501 for householders within the 25 to 44 years age group, compared to $62,152 for the 45 to 64 years age group.
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 Mulberry Grove.
Analysis of income trends over the past decade highlights notable shifts across various age groups. Among the two age groups with available Census data in both 2011 and 2021, none had a decline during this time period. Notably, household income for individuals within the 25 to 44 years age group demonstrated a remarkable increase of $26,347(50.52%), escalating from a median of $52,154 in 2011 to $78,501 in 2021. Conversely, the age group of 45 to 64 years years witnessed the smallest growth in household income across the same span. Their median income saw a small increase of $859(1.40%), increasing from a median of $61,293 in 2011 to $62,152 in 2021.
Mulberry Grove, IL household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Mulberry Grove 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 5(1.67%) households where the householder is under 25 years old, 92(30.77%) households with a householder aged between 25 and 44 years, 72(24.08%) households with a householder aged between 45 and 64 years, and 130(43.48%) households where the householder is over 65 years old.
The age group of 25 to 44 years exhibits the highest median household income, while the largest number of households falls within the 65 years and over bracket. This distribution hints at economic disparities within the village of Mulberry Grove, showcasing varying income levels among different age demographics.
Age-wise distribution of Mulberry Grove household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Mulberry Grove: 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 | 6 | 2 | 51 |
$10,000 - $14,999 | 1 | 3 | 2 | 8 |
$15,000 - $19,999 | - | 5 | - | 4 |
$20,000 - $24,999 | - | 3 | 9 | 7 |
$25,000 - $29,999 | - | - | - | 2 |
$30,000 - $34,999 | - | - | 10 | 7 |
$35,000 - $39,999 | - | - | - | 4 |
$40,000 - $44,999 | - | 4 | 8 | 15 |
$45,000 - $49,999 | - | 21 | 5 | 9 |
$50,000 - $59,999 | 2 | 1 | - | 4 |
$60,000 - $74,999 | - | 22 | 14 | 2 |
$75,000 - $99,999 | - | 11 | 8 | 12 |
$100,000 - $124,999 | - | 14 | 2 | - |
$125,000 - $149,999 | - | - | 6 | - |
$150,000 - $199,999 | - | 2 | 6 | 5 |
$200,000 or more | 1 | - | - | - |
To further explore the income distribution and gain insights into financial landscape of Mulberry Grove 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 only 20% of the households in Mulberry Grove, where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $76,708 for the state of Illinois. These 1 Mulberry Grove households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
- Householder 25 to 44 years: In Mulberry Grove, among households headed by individuals aged 25 to 44,worth noting that 29.35% match or surpass the state of Illinois median income of $76,708. These 27 households, represent a notable portion of the total 92 households in Mulberry Grove within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Mulberry Grove, within the age group of 45 to 64 years, a noteworthy 30.56% of households meet or exceed the state of Illinois median income of $76,708. These 22 households, out of the total 72 households in this age cohort, signify a notable portion of mature demographic of Mulberry Grove, showcasing commendable financial stability in comparison to the Illinois state median income benchmark.
- Householder 65 years and over: In Mulberry Grove, among the over 65 years age group, only 13.08% of households either match or surpass the state of Illinois median income of $76,708. These 17 households, constituting low portion of the Mulberry Grove village 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 Mulberry Grove, IL?
In Mulberry Grove, households led by individuals aged 25 to 44 years report the highest median household income of $78,501 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 Mulberry Grove, IL?
In terms of income distribution across age cohorts, in Mulberry Grove, where there exist only two delineated age groups, the median household income is $78,501 for householders within the 25 to 44 years age group, compared to $62,152 for the 45 to 64 years age group..
How does the median household income for households led by individuals of median age compare in Mulberry Grove, IL?
The median age in Mulberry Grove is 37.9, 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 Mulberry Grove, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $78,501.
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)