All incomes in 2022 inflation-adjusted dollars using R-CPI-U-RS. Sources: U.S. Census Bureau, American Community Survey (ACS) 2017-2021 5-Year Estimates
TABLE OF CONTENTS
Age of householder
Per the latest American Community Survey by the Census Bureau, Albion sees its highest median household income among householders in the age group of 25 to 44 years old, at $68,233. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Albion, the median household income stands at $68,233 for householders within the 25 to 44 years age group, followed by $51,682 for the 65 years and over age group. Notably, householders within the 45 to 64 years age group, had the lowest median household income at $46,569.
- Notably, household income for individuals within the 65 years and over age group demonstrated a remarkable increase of $25,530(97.62%), escalating from a median of $26,152 in 2011 to $51,682 in 2021.
- 12(1.39%) households where the householder is under 25 years old.
- 349(40.44%) households with a householder aged between 25 and 44 years.
- 295(34.18%) households with a householder aged between 45 and 64 years.
- 207(23.99%) households where the householder is over 65 years old.
![Albion, IL median household income by age of householder The bar chart shows Albion, IL median household income by age of householder. All incomes have been adjusted for 2022 inflation using the Consumer Price Index retroactive series (R-CPI-U-RS).](https://i.neilsberg.com/ch/albion-il-median-household-income-by-age.jpeg)
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Gender
In Albion, the population consists of 1,003 males (47.27%) and 1,119 females (52.73%). Here are the primary highlights from the gender-based income distribution analysis:
- In Albion, the median income for all workers aged 15 years and older, regardless of work hours, was $37,360 for males and $25,987 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $52,115 for males and $43,631 for females.
- In Albion, the median income for all workers aged 15 years and older, regardless of work hours, was $37,360 for males and $25,987 for females.
- In Albion, among full-time, year-round workers aged 15 years and older, males earned a median income of $52,115, while females earned $43,631, leading to a 16% gender pay gap among full-time workers. This illustrates that women earn 84 cents for each dollar earned by men in full-time roles. This analysis indicates a widening gender pay gap, showing a substantial income disparity where women, despite working full-time, face a more significant wage discrepancy compared to men in the same roles.
![Albion, IL gender based income disparity Line chart showing the annual median income trends in Albion, IL for males and females across four employment categories: (1) Males in full-time year-round positions, (2) Males in non-full-time roles (part-time and other employment types), (3) Females in full-time year-round positions, and (4) Females in non-full-time roles (part-time and other employment types).](https://i.neilsberg.com/ch/albion-il-income-by-gender.jpeg)
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Race
In Albion, the population is predominantly White, constituting 95.81% of the total residents. Here are the key highlights from the analysis of income distribution by race:
- The median household income for White households is $51,006.
- In Albion, White is both the largest group and the one with the highest median household income, which stands at $51,006.
- In Albion, the median household income for the households where the householder is White increased by $4,073(8.68%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $46,933 in 2011 and $51,006 in 2021.
- As per the U.S. Census Bureau population data, in Albion, there are no households where the householder is Black or African American; hence, the median household income for the Black or African American population is not applicable.
![Albion, IL median household income diversity across racial categories The bar chart shows Albion, IL median household income across all racial categories identified by the U.S. Census Bureau.](https://i.neilsberg.com/ch/albion-il-median-household-income-by-race.jpeg)
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Year by year
Albion, IL median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Albion increased by $6,871 (15.05%), as per the American Community Survey estimates.
- Between 2010 and 2021, median household income, adjusted for 2022 inflation, experienced growth year by year for 7 years and declined for 4 years.
- The most significant year-by-year growth occured from 2013 to 2014, when the median household income increased by 4,657 (from $41,284 to $45,941). Similarly the most substantial year-by-year decline occured from 2012 to 2013, when the median household income decreased by 3,806 (from $45,090 to $41,284).
- It then further increased to $109,442 for 6-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.3704, it is evident that income distribution in Albion, IL exihibits characterstics of moderate equality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $69,072. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $38,484.
![Albion, IL median household income trend (2010-2021, in 2022 inflation-adjusted dollars) The line chart shows Albion, IL median household income from 2010 to 2021. The orange line represents Census Bureau data for median household income (without adjusting for any inflation), while the blue line shows inflation-adjusted median household income for 2022.](https://i.neilsberg.com/ch/albion-il-median-household-income-trend.jpeg)
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References
- U.S. Census Bureau American Community Survey (ACS) 2017-2021 5-Year Estimates
- Consumer Price Index retroactive series using current methods (R-CPI-U-RS)