Median Household Income by Age of Householder in River Forest, IL (2021, in 2022 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in River Forest. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in River Forest.
Age Of The Head Of Household | Median Household Income |
---|---|
Under 25 years | - |
25 to 44 years | $157,675 |
45 to 64 years | $186,457 |
65 years and over | $84,909 |
TABLE OF CONTENTS
River Forest, 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 River Forest population by age, the median age in River Forest is 40.6 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 River Forest, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $157,675.
In terms of income distribution across age cohorts, in River Forest, the median household income stands at $186,457 for householders within the 45 to 64 years age group, followed by $157,675 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 $84,909.
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 River Forest.
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 45 to 64 years age group demonstrated a remarkable increase of $4,097(2.25%), escalating from a median of $182,360 in 2011 to $186,457 in 2021. Conversely, the age group of 25 to 44 years years witnessed the most significant decline in household income across the same span. Their median income saw a substantial drop of $23,261(12.86%), declining from a median of $180,936 in 2011 to $157,675 in 2021.
River Forest, IL household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the River Forest 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, 1,102(24.89%) households with a householder aged between 25 and 44 years, 1,946(43.95%) households with a householder aged between 45 and 64 years, and 1,380(31.17%) households where the householder is over 65 years old.
In River Forest, 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.
Age-wise distribution of River Forest household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in River Forest: 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 | - | 8 | 12 | 30 |
$10,000 - $14,999 | - | - | - | 47 |
$15,000 - $19,999 | - | - | - | 26 |
$20,000 - $24,999 | - | - | 18 | 137 |
$25,000 - $29,999 | - | - | 42 | 95 |
$30,000 - $34,999 | - | - | - | 35 |
$35,000 - $39,999 | - | - | - | 44 |
$40,000 - $44,999 | - | 208 | - | 30 |
$45,000 - $49,999 | - | - | 29 | 23 |
$50,000 - $59,999 | - | 22 | 43 | 72 |
$60,000 - $74,999 | - | 117 | 139 | 128 |
$75,000 - $99,999 | - | 73 | 237 | 103 |
$100,000 - $124,999 | - | 18 | 153 | 165 |
$125,000 - $149,999 | - | 133 | 278 | 46 |
$150,000 - $199,999 | - | 92 | 80 | 108 |
$200,000 or more | - | 431 | 915 | 291 |
To further explore the income distribution and gain insights into financial landscape of River Forest 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 River Forest, 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 River Forest, among households headed by individuals aged 25 to 44, an impressive 67.79% match or surpass the state of Illinois median income of $76,708. These 747 households, represent a significant portion of the total 1,102 households in River Forest within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In River Forest, within the age group of 45 to 64 years, a remarkable 85.46% of households meet or exceed the state of Illinois median income of $76,708. These 1,663 households, out of the total 1,946 households in this age cohort, signify a substantial portion of mature demographic of River Forest, showcasing commendable financial stability in comparison to the Illinois state median income benchmark.
- Householder 65 years and over: In River Forest, among the over 65 years age group, an impressive 51.67% of households either match or surpass the state of Illinois median income of $76,708. These 713 households, constituting a significant portion of the River Forest 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 River Forest, IL?
In River Forest, households led by individuals aged 45 to 64 years report the highest median household income of $186,457 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 River Forest, IL?
In terms of income distribution across age cohorts, in River Forest, the median household income stands at $186,457 for householders within the 45 to 64 years age group, followed by $157,675 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 $84,909..
How does the median household income for households led by individuals of median age compare in River Forest, IL?
The median age in River Forest is 40.6, 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 River Forest, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $157,675.
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)