Little York, IL Median Household Income By Age

Little York, 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 Little York population by age, the median age in Little York is 27.3 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 Little York, the age group of 25 to 44 years had the second lowest median household income, recorded at $51,900.

In terms of income distribution across age cohorts, in Little York, the median household income stands at $60,523 for householders within the 65 years and over age group, followed by $56,618 for the 45 to 64 years age group. Notably, householders within the 25 to 44 years age group, had the lowest median household income at $51,900.

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 Little York.

FIGURE 1

Little York, IL median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Little York, 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 25 to 44 years age group demonstrated a remarkable increase of $13,558(35.36%), escalating from a median of $38,342 in 2012 to $51,900 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 $4,940(9.56%), increasing from a median of $51,678 in 2012 to $56,618 in 2022.

Little York, IL household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Little York 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 10(6.13%) households where the householder is under 25 years old, 71(43.56%) households with a householder aged between 25 and 44 years, 52(31.90%) households with a householder aged between 45 and 64 years, and 30(18.40%) households where the householder is over 65 years old.

The age group of 65 years and over exhibits the highest median household income, while the largest number of households falls within the 25 to 44 years bracket. This distribution hints at economic disparities within the village of Little York, showcasing varying income levels among different age demographics.

FIGURE 2

Little York, IL household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Little York: 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 Little York 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 worth noting that 30% of the households in Little York, 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 3 Little York households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
• Householder 25 to 44 years: In Little York, among households headed by individuals aged 25 to 44,worth noting that 28.17% match or surpass the state of Illinois median income of $81,668. These 20 households, represent a notable portion of the total 71 households in Little York within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Little York, within the age group of 45 to 64 years, a noteworthy 38.46% of households meet or exceed the state of Illinois median income of $81,668. These 20 households, out of the total 52 households in this age cohort, signify a notable portion of mature demographic of Little York, showcasing commendable financial stability in comparison to the Illinois state median income benchmark.
• Householder 65 years and over: In Little York, among the over 65 years age group, a noteworthy 40% of households either match or surpass the state of Illinois median income of $81,668. These 12 households, constituting notable portion of the Little York 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 Little York, IL?

In Little York, households led by individuals aged 65 years and over report the highest median household income of $60,523 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 Little York, IL?

In terms of income distribution across age cohorts, in Little York, the median household income stands at $60,523 for householders within the 65 years and over age group, followed by $56,618 for the 45 to 64 years age group. Notably, householders within the 25 to 44 years age group, had the lowest median household income at $51,900..

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

The median age in Little York is 27.3, 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 Little York, the age group of 25 to 44 years had the second lowest median household income, recorded at $51,900.

References

Notes