Median Household Income by Age of Householder in Grand Tower, IL (In 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Grand Tower. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Grand Tower.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | - |
| 25 to 44 years | $68,250 |
| 45 to 64 years | $65,795 |
| 65 years and over | $34,643 |
TABLE OF CONTENTS
Grand Tower, 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 Grand Tower population by age, the median age in Grand Tower is 24.1 years.
Typically for a location with median age in this range, it likely boasts a youthful population, indication a potential hub for emerging workforce. Interestingly, according to the latest American Community Survey data, the US Census Bureau did not report the median household income for householders in the Under 25 years age group in Grand Tower. This absence could be attributed to a smaller working population or fewer household heads within this age range, potentially resulting in less reliable or unavailable data for reporting.
In terms of income distribution across age cohorts, in Grand Tower, the median household income stands at $68,250 for householders within the 25 to 44 years age group, followed by $65,795 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 $34,643.
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 city of Grand Tower.
FIGURE 1
Grand Tower, IL median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Grand Tower, 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 25 to 44 years age group demonstrated a remarkable increase of $41,702(157.08%), escalating from a median of $26,548 in 2013 to $68,250 in 2023. Conversely, the age group of 65 years and over years witnessed the most significant decline in household income across the same span. Their median income saw a substantial drop of $14,622(29.68%), declining from a median of $49,265 in 2013 to $34,643 in 2023.
Grand Tower, IL household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Grand Tower 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 41(20.40%) households where the householder is under 25 years old, 57(28.36%) households with a householder aged between 25 and 44 years, 75(37.31%) households with a householder aged between 45 and 64 years, and 28(13.93%) 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 city of Grand Tower, showcasing varying income levels among different age demographics.
FIGURE 2
Grand Tower, IL household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Grand Tower: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Grand Tower household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Grand Tower: 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 | 3 | 1 | 5 | - |
| $10,000 - $14,999 | - | 4 | 4 | 1 |
| $15,000 - $19,999 | 18 | 2 | 4 | 2 |
| $20,000 - $24,999 | - | - | 2 | 1 |
| $25,000 - $29,999 | - | 2 | 5 | 2 |
| $30,000 - $34,999 | - | 6 | - | 9 |
| $35,000 - $39,999 | - | - | - | 3 |
| $40,000 - $44,999 | - | - | 4 | 3 |
| $45,000 - $49,999 | - | 2 | - | 1 |
| $50,000 - $59,999 | 9 | 10 | - | - |
| $60,000 - $74,999 | 11 | 5 | 22 | 1 |
| $75,000 - $99,999 | - | 7 | 14 | 5 |
| $100,000 - $124,999 | - | 18 | - | - |
| $125,000 - $149,999 | - | - | 9 | - |
| $150,000 - $199,999 | - | - | - | - |
| $200,000 or more | - | - | 6 | - |
To further explore the income distribution and gain insights into financial landscape of Grand Tower 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 Grand Tower, where householders are under 25 years old, fall within or exceed the income bracket representing the median income of $81,702 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 Grand Tower, among households headed by individuals aged 25 to 44,worth noting that 43.86% match or surpass the state of Illinois median income of $81,702. These 25 households, represent a notable portion of the total 57 households in Grand Tower within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Grand Tower, within the age group of 45 to 64 years, a noteworthy 38.67% of households meet or exceed the state of Illinois median income of $81,702. These 29 households, out of the total 75 households in this age cohort, signify a notable portion of mature demographic of Grand Tower, showcasing commendable financial stability in comparison to the Illinois state median income benchmark.
- Householder 65 years and over: In Grand Tower, among the over 65 years age group, only 17.86% of households either match or surpass the state of Illinois median income of $81,702. These 5 households, constituting low portion of the Grand Tower city 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 Grand Tower, IL?
In Grand Tower, households led by individuals aged 25 to 44 years report the highest median household income of $68,250 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 Grand Tower, IL?
In terms of income distribution across age cohorts, in Grand Tower, the median household income stands at $68,250 for householders within the 25 to 44 years age group, followed by $65,795 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 $34,643..
How does the median household income for households led by individuals of median age compare in Grand Tower, IL?
The median age in Grand Tower is 24.1, which falls within the Under 25 years range among the four age groups defined by the US Census Bureau. This demographic likely boasts a youthful population, indication a potential hub for emerging workforce. Interestingly, according to the latest American Community Survey data, the US Census Bureau did not report the median household income for householders in the Under 25 years age group in Grand Tower. This absence could be attributed to a smaller working population or fewer household heads within this age range, potentially resulting in less reliable or unavailable data for reporting.
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)
