Median Household Income by Age of Householder in Fox River Grove, IL (In 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Fox River Grove. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Fox River Grove.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | - |
| 25 to 44 years | $131,875 |
| 45 to 64 years | $130,560 |
| 65 years and over | $84,038 |
TABLE OF CONTENTS
Fox River 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 Fox River Grove population by age, the median age in Fox River Grove is 39 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 Fox River Grove, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $131,875.
In terms of income distribution across age cohorts, in Fox River Grove, the median household income stands at $131,875 for householders within the 25 to 44 years age group, followed by $130,560 for the 45 to 64 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $84,038.
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 Fox River Grove.
FIGURE 1
Fox River Grove, IL median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Fox River Grove, 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 2013 and 2023, one groups encountered a decline in their median household income, while the remaining two experienced an increase during this period. Notably, household income for individuals within the 65 years and over age group demonstrated a remarkable increase of $32,192(62.09%), escalating from a median of $51,846 in 2013 to $84,038 in 2023. 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 $13,275(9.23%), declining from a median of $143,835 in 2013 to $130,560 in 2023.
Fox River Grove, IL household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Fox River 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 0 households where the householder is under 25 years old, 422(27.03%) households with a householder aged between 25 and 44 years, 867(55.54%) households with a householder aged between 45 and 64 years, and 272(17.42%) 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 Fox River Grove, showcasing varying income levels among different age demographics.
FIGURE 2
Fox River Grove, IL household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Fox River Grove: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Fox River Grove household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Fox River 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 | - | - | 28 | - |
| $10,000 - $14,999 | - | - | 36 | - |
| $15,000 - $19,999 | - | - | - | - |
| $20,000 - $24,999 | - | - | 11 | 25 |
| $25,000 - $29,999 | - | - | - | - |
| $30,000 - $34,999 | - | 13 | - | 40 |
| $35,000 - $39,999 | - | - | - | 13 |
| $40,000 - $44,999 | - | - | - | - |
| $45,000 - $49,999 | - | 12 | 28 | 5 |
| $50,000 - $59,999 | - | - | - | 30 |
| $60,000 - $74,999 | - | 13 | 23 | 15 |
| $75,000 - $99,999 | - | 110 | 110 | 52 |
| $100,000 - $124,999 | - | 30 | 166 | 20 |
| $125,000 - $149,999 | - | 59 | 54 | 10 |
| $150,000 - $199,999 | - | 123 | 103 | 37 |
| $200,000 or more | - | 62 | 308 | 25 |
To further explore the income distribution and gain insights into financial landscape of Fox River 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: In Fox River Grove, 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 Fox River Grove, among households headed by individuals aged 25 to 44, an impressive 91% match or surpass the state of Illinois median income of $81,702. These 384 households, represent a significant portion of the total 422 households in Fox River Grove within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Fox River Grove, within the age group of 45 to 64 years, a remarkable 85.47% of households meet or exceed the state of Illinois median income of $81,702. These 741 households, out of the total 867 households in this age cohort, signify a substantial portion of mature demographic of Fox River Grove, showcasing commendable financial stability in comparison to the Illinois state median income benchmark.
- Householder 65 years and over: In Fox River Grove, among the over 65 years age group, an impressive 52.94% of households either match or surpass the state of Illinois median income of $81,702. These 144 households, constituting a significant portion of the Fox River 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 Fox River Grove, IL?
In Fox River Grove, households led by individuals aged 25 to 44 years report the highest median household income of $131,875 according to the American Community Survey 2019-2023 5-Year Estimates by the US Census Bureau.
How does the median household income vary by age in Fox River Grove, IL?
In terms of income distribution across age cohorts, in Fox River Grove, the median household income stands at $131,875 for householders within the 25 to 44 years age group, followed by $130,560 for the 45 to 64 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $84,038..
How does the median household income for households led by individuals of median age compare in Fox River Grove, IL?
The median age in Fox River Grove is 39, 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 Fox River Grove, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $131,875.
References
- U.S. Census Bureau American Community Survey (ACS) 2019-2023 5-Year Estimates
- Consumer Price Index retroactive series using current methods (R-CPI-U-RS)
