Round Lake Park, IL Median Household Income By Age

Round Lake Park, 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 Round Lake Park population by age, the median age in Round Lake Park is 45.8 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 Round Lake Park, the age group of 45 to 64 years exhibited the second-highest median household income, recorded at $75,427.

In terms of income distribution across age cohorts, in Round Lake Park, householders within the under 25 years age group have the highest median household income at $99,720, followed by those in the 45 to 64 years age group with an income of $75,427. Meanwhile householders within the 25 to 44 years age group report the second lowest median household income of $69,031. Notably, householders within the 65 years and over age group, had the lowest median household income at $45,356.

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 Round Lake Park.

FIGURE 1

Round Lake Park, IL median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Round Lake Park, 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, one groups encountered a decline in their median household income, while the remaining three experienced an increase during this period. Notably, household income for individuals within the Under 25 years age group demonstrated a remarkable increase of $31,021(45.15%), escalating from a median of $68,699 in 2012 to $99,720 in 2022. Conversely, the age group of 65 years and over years witnessed the most significant decline in household income across the same span. Their median income saw a substantial drop of $6,337(12.26%), declining from a median of $51,693 in 2012 to $45,356 in 2022.

Round Lake Park, IL household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Round Lake Park 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 92(3.03%) households where the householder is under 25 years old, 646(21.26%) households with a householder aged between 25 and 44 years, 833(27.41%) households with a householder aged between 45 and 64 years, and 1,468(48.31%) households where the householder is over 65 years old.

The age group of under 25 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 village of Round Lake Park, showcasing varying income levels among different age demographics.

FIGURE 2

Round Lake Park, IL household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Round Lake Park: 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 Round Lake Park 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 impressive that 58.70% of the households in Round Lake Park, 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 54 Round Lake Park households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
• Householder 25 to 44 years: In Round Lake Park, among households headed by individuals aged 25 to 44,worth noting that 30.34% match or surpass the state of Illinois median income of $81,668. These 196 households, represent a notable portion of the total 646 households in Round Lake Park within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Round Lake Park, within the age group of 45 to 64 years, a noteworthy 46.46% of households meet or exceed the state of Illinois median income of $81,668. These 387 households, out of the total 833 households in this age cohort, signify a notable portion of mature demographic of Round Lake Park, showcasing commendable financial stability in comparison to the Illinois state median income benchmark.
• Householder 65 years and over: In Round Lake Park, among the over 65 years age group, only 21.05% of households either match or surpass the state of Illinois median income of $81,668. These 309 households, constituting low portion of the Round Lake Park 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 Round Lake Park, IL?

In Round Lake Park, households led by individuals aged under 25 years report the highest median household income of $99,720 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 Round Lake Park, IL?

In terms of income distribution across age cohorts, in Round Lake Park, householders within the under 25 years age group have the highest median household income at $99,720, followed by those in the 45 to 64 years age group with an income of $75,427. Meanwhile householders within the 25 to 44 years age group report the second lowest median household income of $69,031. Notably, householders within the 65 years and over age group, had the lowest median household income at $45,356..

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

The median age in Round Lake Park is 45.8, 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 Round Lake Park, the age group of 45 to 64 years exhibited the second-highest median household income, recorded at $75,427.

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