Median Household Income by Age of Householder in Bay View Gardens, IL (2022, in 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Bay View Gardens. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Bay View Gardens.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | - |
| 25 to 44 years | $60,306 |
| 45 to 64 years | $31,672 |
| 65 years and over | $33,118 |
TABLE OF CONTENTS
Bay View Gardens, 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 Bay View Gardens population by age, the median age in Bay View Gardens is 41.2 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 Bay View Gardens, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $60,306.
In terms of income distribution across age cohorts, in Bay View Gardens, the median household income stands at $60,306 for householders within the 25 to 44 years age group, followed by $33,118 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 $31,672.
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 Bay View Gardens.
FIGURE 1
Bay View Gardens, IL median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Bay View Gardens, based on the age of householders divided into four cohorts : Under 25 years, 25 - 44 years, 45 to 64 years and 65 years and over.
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 2012 and 2022, none had an increase in this time period. Notably, household income for individuals within the 65 years and over age group demonstrated the smallest decline of $4,509(11.98%), declining from a median of $37,627 in 2012 to $33,118 in 2022. 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 $40,011(55.82%), declining from a median of $71,683 in 2012 to $31,672 in 2022.
Bay View Gardens, IL household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Bay View Gardens 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 2(1.39%) households where the householder is under 25 years old, 45(31.25%) households with a householder aged between 25 and 44 years, 68(47.22%) households with a householder aged between 45 and 64 years, and 29(20.14%) 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 45 to 64 years bracket. This distribution hints at economic disparities within the village of Bay View Gardens, showcasing varying income levels among different age demographics.
FIGURE 2
Bay View Gardens, IL household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Bay View Gardens: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Bay View Gardens household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Bay View Gardens: 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 | 13 | 1 |
| $10,000 - $14,999 | - | - | 2 | 1 |
| $15,000 - $19,999 | - | 2 | 4 | - |
| $20,000 - $24,999 | - | - | 7 | 5 |
| $25,000 - $29,999 | - | - | 6 | 1 |
| $30,000 - $34,999 | - | - | 12 | 10 |
| $35,000 - $39,999 | - | 1 | - | - |
| $40,000 - $44,999 | - | 13 | 5 | - |
| $45,000 - $49,999 | - | 4 | - | - |
| $50,000 - $59,999 | - | 4 | 3 | 5 |
| $60,000 - $74,999 | 2 | 9 | 5 | 1 |
| $75,000 - $99,999 | - | 3 | 5 | 3 |
| $100,000 - $124,999 | - | 7 | - | 2 |
| $125,000 - $149,999 | - | - | 3 | - |
| $150,000 - $199,999 | - | 1 | 3 | - |
| $200,000 or more | - | - | - | - |
To further explore the income distribution and gain insights into financial landscape of Bay View Gardens 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 Bay View Gardens, where householders are under 25 years old, fall within or exceed the income bracket representing the median income of $81,668 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 Bay View Gardens, among households headed by individuals aged 25 to 44,noteworthy that only 24.44% match or surpass the state of Illinois median income of $81,668. These 11 households, represent a low portion of the total 45 households in Bay View Gardens within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Bay View Gardens, within the age group of 45 to 64 years, only 16.18% of households meet or exceed the state of Illinois median income of $81,668. These 11 households, out of the total 68 households in this age cohort, signify a low portion of mature demographic of Bay View Gardens, showcasing commendable financial stability in comparison to the Illinois state median income benchmark.
- Householder 65 years and over: In Bay View Gardens, among the over 65 years age group, only 17.24% of households either match or surpass the state of Illinois median income of $81,668. These 5 households, constituting low portion of the Bay View Gardens 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 Bay View Gardens, IL?
In Bay View Gardens, households led by individuals aged 25 to 44 years report the highest median household income of $60,306 according to the American Community Survey 2018-2022 5-Year Estimates by the US Census Bureau.
How does the median household income vary by age in Bay View Gardens, IL?
In terms of income distribution across age cohorts, in Bay View Gardens, the median household income stands at $60,306 for householders within the 25 to 44 years age group, followed by $33,118 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 $31,672..
How does the median household income for households led by individuals of median age compare in Bay View Gardens, IL?
The median age in Bay View Gardens is 41.2, 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 Bay View Gardens, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $60,306.
References
- U.S. Census Bureau American Community Survey (ACS) 2018-2022 5-Year Estimates
- Consumer Price Index retroactive series using current methods (R-CPI-U-RS)