North Riverside, IL Median Household Income By Age

North Riverside, 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 North Riverside population by age, the median age in North Riverside is 39.7 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 North Riverside, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $120,629.

In terms of income distribution across age cohorts, in North Riverside, the median household income stands at $120,629 for householders within the 25 to 44 years age group, followed by $56,322 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 $47,418.

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 North Riverside.

FIGURE 1

North Riverside, IL median household income by age of householder

It offers a clear illustration of the differences in median household incomes in North Riverside, 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, 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 $30,474(33.80%), escalating from a median of $90,155 in 2012 to $120,629 in 2022. Conversely, the age group of 45 to 64 years years witnessed the most significant decline in household income across the same span. Their median income saw a substantial drop of $23,393(29.35%), declining from a median of $79,715 in 2012 to $56,322 in 2022.

North Riverside, IL household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the North Riverside 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 17(0.58%) households where the householder is under 25 years old, 813(27.67%) households with a householder aged between 25 and 44 years, 1,156(39.35%) households with a householder aged between 45 and 64 years, and 952(32.40%) 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 village of North Riverside, showcasing varying income levels among different age demographics.

FIGURE 2

North Riverside, IL household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in North Riverside: 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 North Riverside 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 North Riverside, 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 North Riverside, among households headed by individuals aged 25 to 44, an impressive 71.71% match or surpass the state of Illinois median income of $81,668. These 583 households, represent a significant portion of the total 813 households in North Riverside within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In North Riverside, within the age group of 45 to 64 years, a noteworthy 44.81% of households meet or exceed the state of Illinois median income of $81,668. These 518 households, out of the total 1,156 households in this age cohort, signify a notable portion of mature demographic of North Riverside, showcasing commendable financial stability in comparison to the Illinois state median income benchmark.
• Householder 65 years and over: In North Riverside, among the over 65 years age group, a noteworthy 27.42% of households either match or surpass the state of Illinois median income of $81,668. These 261 households, constituting notable portion of the North Riverside 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 North Riverside, IL?

In North Riverside, households led by individuals aged 25 to 44 years report the highest median household income of $120,629 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 North Riverside, IL?

In terms of income distribution across age cohorts, in North Riverside, the median household income stands at $120,629 for householders within the 25 to 44 years age group, followed by $56,322 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 $47,418..

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

The median age in North Riverside is 39.7, 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 North Riverside, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $120,629.

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