Median Household Income by Age of Householder in Schram City, IL (2022, in 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Schram City. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Schram City.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | $34,361 |
| 25 to 44 years | $86,090 |
| 45 to 64 years | $68,116 |
| 65 years and over | $46,856 |
TABLE OF CONTENTS
Schram City, 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 Schram City population by age, the median age in Schram City is 44.8 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 Schram City, the age group of 45 to 64 years exhibited the second-highest median household income, recorded at $68,116.
In terms of income distribution across age cohorts, in Schram City, householders within the 25 to 44 years age group have the highest median household income at $86,090, followed by those in the 45 to 64 years age group with an income of $68,116. Meanwhile householders within the 65 years and over age group report the second lowest median household income of $46,856. Notably, householders within the under 25 years age group, had the lowest median household income at $34,361.
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 Schram City.
FIGURE 1
Schram City, IL median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Schram City, 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, three 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 25 to 44 years age group demonstrated a remarkable increase of $12,370(16.78%), escalating from a median of $73,720 in 2012 to $86,090 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 $16,347(19.35%), declining from a median of $84,463 in 2012 to $68,116 in 2022.
Schram City, IL household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Schram City 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 8(2.94%) households where the householder is under 25 years old, 81(29.78%) households with a householder aged between 25 and 44 years, 83(30.51%) households with a householder aged between 45 and 64 years, and 100(36.76%) 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 65 years and over bracket. This distribution hints at economic disparities within the village of Schram City, showcasing varying income levels among different age demographics.
FIGURE 2
Schram City, IL household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Schram City: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Schram City household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Schram City: 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 | - | - | - | - |
| $10,000 - $14,999 | - | - | 2 | 15 |
| $15,000 - $19,999 | - | 11 | 4 | - |
| $20,000 - $24,999 | 3 | - | - | 2 |
| $25,000 - $29,999 | - | 1 | 2 | 19 |
| $30,000 - $34,999 | 5 | 8 | - | 1 |
| $35,000 - $39,999 | - | 3 | - | 10 |
| $40,000 - $44,999 | - | 9 | 5 | 3 |
| $45,000 - $49,999 | - | - | 2 | 14 |
| $50,000 - $59,999 | - | 2 | 4 | 16 |
| $60,000 - $74,999 | - | 3 | 31 | 5 |
| $75,000 - $99,999 | - | 21 | 6 | 8 |
| $100,000 - $124,999 | - | 15 | 23 | - |
| $125,000 - $149,999 | - | 5 | - | 5 |
| $150,000 - $199,999 | - | 3 | 4 | - |
| $200,000 or more | - | - | - | 2 |
To further explore the income distribution and gain insights into financial landscape of Schram City 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 Schram City, 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 Schram City, among households headed by individuals aged 25 to 44, an impressive 54.32% match or surpass the state of Illinois median income of $81,668. These 44 households, represent a significant portion of the total 81 households in Schram City within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Schram City, within the age group of 45 to 64 years, a noteworthy 39.76% of households meet or exceed the state of Illinois median income of $81,668. These 33 households, out of the total 83 households in this age cohort, signify a notable portion of mature demographic of Schram City, showcasing commendable financial stability in comparison to the Illinois state median income benchmark.
- Householder 65 years and over: In Schram City, among the over 65 years age group, only 15% of households either match or surpass the state of Illinois median income of $81,668. These 15 households, constituting low portion of the Schram City 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 Schram City, IL?
In Schram City, households led by individuals aged 25 to 44 years report the highest median household income of $86,090 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 Schram City, IL?
In terms of income distribution across age cohorts, in Schram City, householders within the 25 to 44 years age group have the highest median household income at $86,090, followed by those in the 45 to 64 years age group with an income of $68,116. Meanwhile householders within the 65 years and over age group report the second lowest median household income of $46,856. Notably, householders within the under 25 years age group, had the lowest median household income at $34,361..
How does the median household income for households led by individuals of median age compare in Schram City, IL?
The median age in Schram City is 44.8, 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 Schram City, the age group of 45 to 64 years exhibited the second-highest median household income, recorded at $68,116.
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)