Median Household Income by Age of Householder in La Grange Park, IL (2022, in 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in La Grange Park. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in La Grange Park.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | - |
| 25 to 44 years | $128,938 |
| 45 to 64 years | $146,580 |
| 65 years and over | $80,552 |
TABLE OF CONTENTS
La Grange Park, 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 La Grange Park population by age, the median age in La Grange Park is 41.6 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 La Grange Park, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $128,938.
In terms of income distribution across age cohorts, in La Grange Park, the median household income stands at $146,580 for householders within the 45 to 64 years age group, followed by $128,938 for the 25 to 44 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $80,552.
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 La Grange Park.
FIGURE 1
La Grange Park, IL median household income by age of householder
It offers a clear illustration of the differences in median household incomes in La Grange Park, 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 a decline during this time period. Notably, household income for individuals within the 65 years and over age group demonstrated a remarkable increase of $33,840(72.44%), escalating from a median of $46,712 in 2012 to $80,552 in 2022. Conversely, the age group of 45 to 64 years years witnessed the smallest growth in household income across the same span. Their median income saw a small increase of $26,121(21.68%), increasing from a median of $120,459 in 2012 to $146,580 in 2022.
La Grange Park, IL household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the La Grange Park 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 8(0.16%) households where the householder is under 25 years old, 1,590(30.82%) households with a householder aged between 25 and 44 years, 1,922(37.26%) households with a householder aged between 45 and 64 years, and 1,639(31.77%) households where the householder is over 65 years old.
In La Grange Park, the age group of 45 to 64 years stands out with both the highest median income and the maximum share of households. This alignment suggests a financially stable demographic, indicating an established community with stable careers and higher incomes.
FIGURE 2
La Grange Park, IL household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in La Grange Park: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of La Grange Park household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in La Grange Park: 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 | - | 10 | 41 | 53 |
| $10,000 - $14,999 | - | - | - | 127 |
| $15,000 - $19,999 | - | 15 | - | 9 |
| $20,000 - $24,999 | - | - | 23 | 35 |
| $25,000 - $29,999 | 8 | 4 | 79 | 70 |
| $30,000 - $34,999 | - | - | 24 | 76 |
| $35,000 - $39,999 | - | 32 | 8 | 68 |
| $40,000 - $44,999 | - | 97 | 41 | 63 |
| $45,000 - $49,999 | - | 32 | 35 | 72 |
| $50,000 - $59,999 | - | 94 | 87 | 131 |
| $60,000 - $74,999 | - | 64 | 78 | 107 |
| $75,000 - $99,999 | - | 132 | 128 | 307 |
| $100,000 - $124,999 | - | 359 | 275 | 168 |
| $125,000 - $149,999 | - | 72 | 259 | 111 |
| $150,000 - $199,999 | - | 302 | 302 | 118 |
| $200,000 or more | - | 377 | 542 | 124 |
To further explore the income distribution and gain insights into financial landscape of La Grange Park 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 La Grange Park, 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 La Grange Park, among households headed by individuals aged 25 to 44, an impressive 78.11% match or surpass the state of Illinois median income of $81,668. These 1,242 households, represent a significant portion of the total 1,590 households in La Grange Park within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In La Grange Park, within the age group of 45 to 64 years, a remarkable 78.36% of households meet or exceed the state of Illinois median income of $81,668. These 1,506 households, out of the total 1,922 households in this age cohort, signify a substantial portion of mature demographic of La Grange Park, showcasing commendable financial stability in comparison to the Illinois state median income benchmark.
- Householder 65 years and over: In La Grange Park, among the over 65 years age group, an impressive 50.52% of households either match or surpass the state of Illinois median income of $81,668. These 828 households, constituting a significant portion of the La Grange Park 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 La Grange Park, IL?
In La Grange Park, households led by individuals aged 45 to 64 years report the highest median household income of $146,580 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 La Grange Park, IL?
In terms of income distribution across age cohorts, in La Grange Park, the median household income stands at $146,580 for householders within the 45 to 64 years age group, followed by $128,938 for the 25 to 44 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $80,552..
How does the median household income for households led by individuals of median age compare in La Grange Park, IL?
The median age in La Grange Park is 41.6, 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 La Grange Park, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $128,938.
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)