Clear Lake, IL Median Household Income By Age

Clear Lake, 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 Clear Lake population by age, the median age in Clear Lake is 36.2 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 Clear Lake, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $71,803.

In terms of income distribution across age cohorts, Clear Lake only reports a median household income of $71,803 among householders in the 25 to 44 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 Clear Lake.

FIGURE 1

Clear Lake, IL median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Clear Lake, 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. Notably, household income for individuals within the 25 to 44 years age group demonstrated a remarkable increase of $25,126(53.83%), escalating from a median of $46,677 in 2012 to $71,803 in 2022. Conversely, the age group of 25 to 44 years years witnessed the smallest growth in household income across the same span. Their median income saw a small increase of $25,126(53.83%), increasing from a median of $46,677 in 2012 to $71,803 in 2022.

Clear Lake, IL household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Clear Lake 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, 52(36.62%) households with a householder aged between 25 and 44 years, 65(45.77%) households with a householder aged between 45 and 64 years, and 25(17.61%) 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 Clear Lake, showcasing varying income levels among different age demographics.

FIGURE 2

Clear Lake, IL household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Clear Lake: under 25 years, 25-44 years, 45-64 years, and over 65 years

To further explore the income distribution and gain insights into financial landscape of Clear Lake 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 Clear Lake, 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 Clear Lake, among households headed by individuals aged 25 to 44,worth noting that 40.38% match or surpass the state of Illinois median income of $81,668. These 21 households, represent a notable portion of the total 52 households in Clear Lake within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Clear Lake, within the age group of 45 to 64 years, a noteworthy 26.15% of households meet or exceed the state of Illinois median income of $81,668. These 17 households, out of the total 65 households in this age cohort, signify a notable portion of mature demographic of Clear Lake, showcasing commendable financial stability in comparison to the Illinois state median income benchmark.
• Householder 65 years and over: In Clear Lake, among the over 65 years age group, only 16% of households either match or surpass the state of Illinois median income of $81,668. These 4 households, constituting low portion of the Clear Lake 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 Clear Lake, IL?

In Clear Lake, households led by individuals aged 25 to 44 years report the highest median household income of $71,803 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 Clear Lake, IL?

In terms of income distribution across age cohorts, Clear Lake only reports a median household income of $71,803 among householders in the 25 to 44 years age group..

How does the median household income for households led by individuals of median age compare in Clear Lake, IL?

The median age in Clear Lake is 36.2, 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 Clear Lake, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $71,803.

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