Median Household Income by Age of Householder in Rankin, IL (2022, in 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Rankin. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Rankin.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | - |
| 25 to 44 years | - |
| 45 to 64 years | $66,380 |
| 65 years and over | $31,888 |
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Rankin, 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 Rankin population by age, the median age in Rankin is 32.5 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, according to the latest American Community Survey data, the US Census Bureau did not report the median household income for householders in the 25 to 44 years age group in Rankin. This absence could be attributed to a smaller working population or fewer household heads within this age range, potentially resulting in less reliable or unavailable data for reporting.
In terms of income distribution across age cohorts, in Rankin, where there exist only two delineated age groups, the median household income is $66,380 for householders within the 45 to 64 years age group, compared to $31,888 for the 65 years and over 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 Rankin.
FIGURE 1
Rankin, IL median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Rankin, 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, none had a decline during this time period. Notably, household income for individuals within the 45 to 64 years age group demonstrated a remarkable increase of $32,206(94.24%), escalating from a median of $34,174 in 2012 to $66,380 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 $4,938(18.32%), increasing from a median of $26,950 in 2012 to $31,888 in 2022.
Rankin, IL household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Rankin 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(5.65%) households where the householder is under 25 years old, 73(41.24%) households with a householder aged between 25 and 44 years, 58(32.77%) households with a householder aged between 45 and 64 years, and 36(20.34%) 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 25 to 44 years bracket. This distribution hints at economic disparities within the village of Rankin, showcasing varying income levels among different age demographics.
FIGURE 2
Rankin, IL household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Rankin: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Rankin household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Rankin: 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 | 5 | 6 | 2 | - |
| $10,000 - $14,999 | - | 2 | - | 2 |
| $15,000 - $19,999 | - | 25 | 6 | 2 |
| $20,000 - $24,999 | - | - | 2 | 7 |
| $25,000 - $29,999 | - | 2 | - | 6 |
| $30,000 - $34,999 | - | 9 | 4 | 4 |
| $35,000 - $39,999 | 2 | - | 3 | 2 |
| $40,000 - $44,999 | - | 2 | - | - |
| $45,000 - $49,999 | 2 | - | 1 | - |
| $50,000 - $59,999 | - | 9 | 10 | 1 |
| $60,000 - $74,999 | 1 | 1 | 9 | 2 |
| $75,000 - $99,999 | - | 10 | 4 | 3 |
| $100,000 - $124,999 | - | - | 14 | 4 |
| $125,000 - $149,999 | - | 2 | 3 | - |
| $150,000 - $199,999 | - | 5 | - | 3 |
| $200,000 or more | - | - | - | - |
To further explore the income distribution and gain insights into financial landscape of Rankin 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 Rankin, 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 Rankin, among households headed by individuals aged 25 to 44,noteworthy that only 23.29% match or surpass the state of Illinois median income of $81,668. These 17 households, represent a low portion of the total 73 households in Rankin within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Rankin, within the age group of 45 to 64 years, only 36.21% of households meet or exceed the state of Illinois median income of $81,668. These 21 households, out of the total 58 households in this age cohort, signify a low portion of mature demographic of Rankin, showcasing commendable financial stability in comparison to the Illinois state median income benchmark.
- Householder 65 years and over: In Rankin, among the over 65 years age group, a noteworthy 27.78% of households either match or surpass the state of Illinois median income of $81,668. These 10 households, constituting notable portion of the Rankin 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 Rankin, IL?
In Rankin, households led by individuals aged 45 to 64 years report the highest median household income of $66,380 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 Rankin, IL?
In terms of income distribution across age cohorts, in Rankin, where there exist only two delineated age groups, the median household income is $66,380 for householders within the 45 to 64 years age group, compared to $31,888 for the 65 years and over age group..
How does the median household income for households led by individuals of median age compare in Rankin, IL?
The median age in Rankin is 32.5, 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, according to the latest American Community Survey data, the US Census Bureau did not report the median household income for householders in the 25 to 44 years age group in Rankin. This absence could be attributed to a smaller working population or fewer household heads within this age range, potentially resulting in less reliable or unavailable data for reporting.
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)