Old Mill Creek, IL Median Household Income By Age

Old Mill Creek, 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 Old Mill Creek population by age, the median age in Old Mill Creek is 49.5 years.

Typically for a location with median age in this range, it tends to house more established professionals, possibly reflecting stable households and higher earning poptential. Interestingly, within Old Mill Creek, the age group of 45 to 64 years exhibited the second-highest median household income, recorded at $64,211.

In terms of income distribution across age cohorts, in Old Mill Creek, where there exist only two delineated age groups, the median household income is $85,903 for householders within the 65 years and over age group, compared to $64,211 for the 45 to 64 years age group.

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 Old Mill Creek.

FIGURE 1

Old Mill Creek, IL median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Old Mill Creek, 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 two age groups with available Census data in both 2012 and 2022, one groups encountered a decline in their median household income, while the remaining one experienced an increase during this period. Notably, household income for individuals within the 65 years and over age group demonstrated a remarkable increase of $37,320(76.82%), escalating from a median of $48,583 in 2012 to $85,903 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 $90,157(58.40%), declining from a median of $154,368 in 2012 to $64,211 in 2022.

Old Mill Creek, IL household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Old Mill Creek 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 2(3.64%) households where the householder is under 25 years old, 9(16.36%) households with a householder aged between 25 and 44 years, 16(29.09%) households with a householder aged between 45 and 64 years, and 28(50.91%) households where the householder is over 65 years old.

In Old Mill Creek, the age group of 65 years and over 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

Old Mill Creek, IL household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Old Mill Creek: 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 Old Mill Creek 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 Old Mill Creek, 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 Old Mill Creek, among households headed by individuals aged 25 to 44,worth noting that 44.44% match or surpass the state of Illinois median income of $81,668. These 4 households, represent a notable portion of the total 9 households in Old Mill Creek within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Old Mill Creek, within the age group of 45 to 64 years, a noteworthy 31.25% of households meet or exceed the state of Illinois median income of $81,668. These 5 households, out of the total 16 households in this age cohort, signify a notable portion of mature demographic of Old Mill Creek, showcasing commendable financial stability in comparison to the Illinois state median income benchmark.
• Householder 65 years and over: In Old Mill Creek, among the over 65 years age group, an impressive 57.14% of households either match or surpass the state of Illinois median income of $81,668. These 16 households, constituting a significant portion of the Old Mill Creek 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 Old Mill Creek, IL?

In Old Mill Creek, households led by individuals aged 65 years and over report the highest median household income of $85,903 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 Old Mill Creek, IL?

In terms of income distribution across age cohorts, in Old Mill Creek, where there exist only two delineated age groups, the median household income is $85,903 for householders within the 65 years and over age group, compared to $64,211 for the 45 to 64 years age group..

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

The median age in Old Mill Creek is 49.5, which falls within the 45 to 64 years range among the four age groups defined by the US Census Bureau. This demographic tends to house more established professionals, possibly reflecting stable households and higher earning poptential. Interestingly, within Old Mill Creek, the age group of 45 to 64 years exhibited the second-highest median household income, recorded at $64,211.

References

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