Median Household Income by Age of Householder in Hancock County, IL (2022, in 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Hancock County. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Hancock County.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | $43,993 |
| 25 to 44 years | $80,650 |
| 45 to 64 years | $73,565 |
| 65 years and over | $47,750 |
TABLE OF CONTENTS
Hancock County, 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 Hancock County population by age, the median age in Hancock County is 45.9 years.
Typically for a location with median age in this range, it tends to house more established professionals, possibly reflecting stable households and higher earning poptential. Interestingly, within Hancock County, the age group of 45 to 64 years exhibited the second-highest median household income, recorded at $73,565.
In terms of income distribution across age cohorts, in Hancock County, householders within the 25 to 44 years age group have the highest median household income at $80,650, followed by those in the 45 to 64 years age group with an income of $73,565. Meanwhile householders within the 65 years and over age group report the second lowest median household income of $47,750. Notably, householders within the under 25 years age group, had the lowest median household income at $43,993.
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 county of Hancock County.
FIGURE 1
Hancock County, IL median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Hancock County, 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 four age groups with available Census data in both 2012 and 2022, none had a decline during this time period. Notably, household income for individuals within the Under 25 years age group demonstrated a remarkable increase of $12,786(40.97%), escalating from a median of $31,207 in 2012 to $43,993 in 2022. Conversely, the age group of 65 years and over years witnessed the smallest growth in household income across the same span. Their median income saw a small increase of $3,196(7.17%), increasing from a median of $44,554 in 2012 to $47,750 in 2022.
Hancock County, IL household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Hancock County 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 207(2.76%) households where the householder is under 25 years old, 1,867(24.86%) households with a householder aged between 25 and 44 years, 2,716(36.17%) households with a householder aged between 45 and 64 years, and 2,720(36.22%) 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 65 years and over bracket. This distribution hints at economic disparities within the county of Hancock County, showcasing varying income levels among different age demographics.
FIGURE 2
Hancock County, IL household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Hancock County: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Hancock County household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Hancock County: 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 | 18 | 140 | 89 | 162 |
| $10,000 - $14,999 | - | 34 | 139 | 67 |
| $15,000 - $19,999 | 15 | 38 | 111 | 227 |
| $20,000 - $24,999 | 26 | 86 | 82 | 160 |
| $25,000 - $29,999 | 11 | 87 | 121 | 229 |
| $30,000 - $34,999 | 16 | 60 | 65 | 91 |
| $35,000 - $39,999 | 4 | 43 | 150 | 193 |
| $40,000 - $44,999 | 17 | 52 | 112 | 208 |
| $45,000 - $49,999 | 1 | 99 | 74 | 164 |
| $50,000 - $59,999 | 28 | 110 | 186 | 185 |
| $60,000 - $74,999 | 38 | 157 | 311 | 298 |
| $75,000 - $99,999 | 20 | 293 | 424 | 316 |
| $100,000 - $124,999 | 5 | 385 | 311 | 122 |
| $125,000 - $149,999 | 8 | 73 | 246 | 92 |
| $150,000 - $199,999 | - | 122 | 128 | 121 |
| $200,000 or more | - | 88 | 167 | 85 |
To further explore the income distribution and gain insights into financial landscape of Hancock County 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 only 15.94% of the households in Hancock County, where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $81,668 for the state of Illinois. These 33 Hancock County households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
- Householder 25 to 44 years: In Hancock County, among households headed by individuals aged 25 to 44, an impressive 51.47% match or surpass the state of Illinois median income of $81,668. These 961 households, represent a significant portion of the total 1,867 households in Hancock County within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Hancock County, within the age group of 45 to 64 years, a noteworthy 46.98% of households meet or exceed the state of Illinois median income of $81,668. These 1,276 households, out of the total 2,716 households in this age cohort, signify a notable portion of mature demographic of Hancock County, showcasing commendable financial stability in comparison to the Illinois state median income benchmark.
- Householder 65 years and over: In Hancock County, among the over 65 years age group, a noteworthy 27.06% of households either match or surpass the state of Illinois median income of $81,668. These 736 households, constituting notable portion of the Hancock County county 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 Hancock County, IL?
In Hancock County, households led by individuals aged 25 to 44 years report the highest median household income of $80,650 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 Hancock County, IL?
In terms of income distribution across age cohorts, in Hancock County, householders within the 25 to 44 years age group have the highest median household income at $80,650, followed by those in the 45 to 64 years age group with an income of $73,565. Meanwhile householders within the 65 years and over age group report the second lowest median household income of $47,750. Notably, householders within the under 25 years age group, had the lowest median household income at $43,993..
How does the median household income for households led by individuals of median age compare in Hancock County, IL?
The median age in Hancock County is 45.9, which falls within the 45 to 64 years range among the four age groups defined by the US Census Bureau. This demographic tends to house more established professionals, possibly reflecting stable households and higher earning poptential. Interestingly, within Hancock County, the age group of 45 to 64 years exhibited the second-highest median household income, recorded at $73,565.
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)