Oakland, IL Median Household Income By Age

Oakland, 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 Oakland population by age, the median age in Oakland is 43.4 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 Oakland, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $54,294.

In terms of income distribution across age cohorts, in Oakland, the median household income stands at $64,644 for householders within the 45 to 64 years age group, followed by $54,294 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 $31,238.

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 city of Oakland.

FIGURE 1

Oakland, IL median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Oakland, 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 an increase in this time period. Notably, household income for individuals within the 25 to 44 years age group demonstrated the smallest decline of $2,385(4.21%), declining from a median of $56,679 in 2012 to $54,294 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 $19,541(23.21%), declining from a median of $84,185 in 2012 to $64,644 in 2022.

Oakland, IL household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Oakland 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 14(3.18%) households where the householder is under 25 years old, 112(25.45%) households with a householder aged between 25 and 44 years, 156(35.45%) households with a householder aged between 45 and 64 years, and 158(35.91%) households where the householder is over 65 years old.

The age group of 45 to 64 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 city of Oakland, showcasing varying income levels among different age demographics.

FIGURE 2

Oakland, IL household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Oakland: 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 Oakland 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 Oakland, 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 Oakland, among households headed by individuals aged 25 to 44,worth noting that 33.04% match or surpass the state of Illinois median income of $81,668. These 37 households, represent a notable portion of the total 112 households in Oakland within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Oakland, within the age group of 45 to 64 years, a noteworthy 39.10% of households meet or exceed the state of Illinois median income of $81,668. These 61 households, out of the total 156 households in this age cohort, signify a notable portion of mature demographic of Oakland, showcasing commendable financial stability in comparison to the Illinois state median income benchmark.
• Householder 65 years and over: In Oakland, among the over 65 years age group, only 18.99% of households either match or surpass the state of Illinois median income of $81,668. These 30 households, constituting low portion of the Oakland city 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 Oakland, IL?

In Oakland, households led by individuals aged 45 to 64 years report the highest median household income of $64,644 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 Oakland, IL?

In terms of income distribution across age cohorts, in Oakland, the median household income stands at $64,644 for householders within the 45 to 64 years age group, followed by $54,294 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 $31,238..

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

The median age in Oakland is 43.4, 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 Oakland, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $54,294.

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