Median Household Income by Age of Householder in Mount Prospect, IL (2022, in 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Mount Prospect. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Mount Prospect.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | $64,922 |
| 25 to 44 years | $110,684 |
| 45 to 64 years | $128,188 |
| 65 years and over | $65,577 |
TABLE OF CONTENTS
Mount Prospect, 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 Mount Prospect population by age, the median age in Mount Prospect is 41.2 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 Mount Prospect, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $110,684.
In terms of income distribution across age cohorts, in Mount Prospect, householders within the 45 to 64 years age group have the highest median household income at $128,188, followed by those in the 25 to 44 years age group with an income of $110,684. Meanwhile householders within the 65 years and over age group report the second lowest median household income of $65,577. Notably, householders within the under 25 years age group, had the lowest median household income at $64,922.
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 Mount Prospect.
FIGURE 1
Mount Prospect, IL median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Mount Prospect, 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 25 to 44 years age group demonstrated a remarkable increase of $21,479(24.08%), escalating from a median of $89,205 in 2012 to $110,684 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 $3,609(5.82%), increasing from a median of $61,968 in 2012 to $65,577 in 2022.
Mount Prospect, IL household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Mount Prospect 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 364(1.66%) households where the householder is under 25 years old, 7,048(32.16%) households with a householder aged between 25 and 44 years, 8,119(37.04%) households with a householder aged between 45 and 64 years, and 6,386(29.14%) households where the householder is over 65 years old.
In Mount Prospect, 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
Mount Prospect, IL household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Mount Prospect: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Mount Prospect household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Mount Prospect: 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 | 119 | 184 | 356 |
| $10,000 - $14,999 | 19 | 42 | 132 | 242 |
| $15,000 - $19,999 | 13 | 147 | 45 | 306 |
| $20,000 - $24,999 | 15 | 133 | 56 | 250 |
| $25,000 - $29,999 | - | 140 | 208 | 310 |
| $30,000 - $34,999 | - | 129 | 55 | 252 |
| $35,000 - $39,999 | - | 166 | 157 | 208 |
| $40,000 - $44,999 | 29 | 126 | 165 | 463 |
| $45,000 - $49,999 | - | 264 | 107 | 266 |
| $50,000 - $59,999 | 31 | 482 | 524 | 466 |
| $60,000 - $74,999 | 129 | 488 | 496 | 404 |
| $75,000 - $99,999 | 31 | 1,007 | 922 | 765 |
| $100,000 - $124,999 | 28 | 915 | 1,224 | 475 |
| $125,000 - $149,999 | 10 | 781 | 633 | 544 |
| $150,000 - $199,999 | - | 1,250 | 1,477 | 554 |
| $200,000 or more | 31 | 859 | 1,734 | 525 |
To further explore the income distribution and gain insights into financial landscape of Mount Prospect 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 27.47% of the households in Mount Prospect, 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 100 Mount Prospect households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
- Householder 25 to 44 years: In Mount Prospect, among households headed by individuals aged 25 to 44, an impressive 68.27% match or surpass the state of Illinois median income of $81,668. These 4,812 households, represent a significant portion of the total 7,048 households in Mount Prospect within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Mount Prospect, within the age group of 45 to 64 years, a remarkable 73.78% of households meet or exceed the state of Illinois median income of $81,668. These 5,990 households, out of the total 8,119 households in this age cohort, signify a substantial portion of mature demographic of Mount Prospect, showcasing commendable financial stability in comparison to the Illinois state median income benchmark.
- Householder 65 years and over: In Mount Prospect, among the over 65 years age group, a noteworthy 44.83% of households either match or surpass the state of Illinois median income of $81,668. These 2,863 households, constituting notable portion of the Mount Prospect 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 Mount Prospect, IL?
In Mount Prospect, households led by individuals aged 45 to 64 years report the highest median household income of $128,188 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 Mount Prospect, IL?
In terms of income distribution across age cohorts, in Mount Prospect, householders within the 45 to 64 years age group have the highest median household income at $128,188, followed by those in the 25 to 44 years age group with an income of $110,684. Meanwhile householders within the 65 years and over age group report the second lowest median household income of $65,577. Notably, householders within the under 25 years age group, had the lowest median household income at $64,922..
How does the median household income for households led by individuals of median age compare in Mount Prospect, IL?
The median age in Mount Prospect is 41.2, 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 Mount Prospect, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $110,684.
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)