Age of householder
Per the latest American Community Survey by the Census Bureau, Colp sees its highest median household income among householders in the age group of 25 to 44 years old, at $49,992. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Colp, where there exist only two delineated age groups, the median household income is $49,992 for householders within the 25 to 44 years age group, compared to $14,863 for the 65 years and over age group.
- Notably, household income for individuals within the 25 to 44 years age group demonstrated a remarkable increase of $9,402(23.16%), escalating from a median of $40,590 in 2011 to $49,992 in 2021.
- 15(13.04%) households where the householder is under 25 years old.
- 29(25.22%) households with a householder aged between 25 and 44 years.
- 38(33.04%) households with a householder aged between 45 and 64 years.
- 33(28.70%) households where the householder is over 65 years old.
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Gender
In Colp, the population consists of 143 males (49.48%) and 146 females (50.52%). Here are the primary highlights from the gender-based income distribution analysis:
- In Colp, the median income for all workers aged 15 years and older, regardless of work hours, was $13,241 for males and $16,117 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $44,588 for males and $40,264 for females.
- In Colp, the median income for all workers aged 15 years and older, regardless of work hours, was $13,241 for males and $16,117 for females.
- In Colp, among full-time, year-round workers aged 15 years and older, males earned a median income of $44,588, while females earned $40,264, resulting in a 10% gender pay gap among full-time workers. This illustrates that women earn 90 cents for each dollar earned by men in full-time positions. While this gap shows a trend where women are inching closer to wage parity with men, it also exhibits a noticeable income difference for women working full-time in the village of Colp.
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Race
In Colp, the population is predominantly White, constituting 66.78% 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 not available from the U.S. Census Bureau, possibly due to insufficient sample size, confidentiality or privacy constraints..
- In Colp, despite the White population being the most populous, there is no income data available in the latest American Community Survey for it. Based on analysis from all of the data that is available, it is worth noting that Black or African American households actually reports the highest median household income, with a median income of $15,476. This reveals that, while Whites may be the most numerous in Colp, Black or African American households experience greater economic prosperity in terms of median household income.
- In Colp, the median household income for White households was $38,864 in 2011(2022 inflation-adjusted dollars). However there is no reported data for 2021, indicating a lack of information for this specific year.
- In Colp, the median household income for the households where the householder is Black or African American increased by $1,420(10.10%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $14,056 in 2011 and $15,476 in 2021.
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Year by year
Colp, IL median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Colp decreased by $21,005 (57.48%), as per the American Community Survey estimates.
- Between 2010 and 2021, median household income, adjusted for 2022 inflation, experienced growth year by year for 5 years and declined for 6 years.
- The most significant year-by-year growth occured from 2014 to 2015, when the median household income increased by 2,591 (from $37,230 to $39,821). Similarly the most substantial year-by-year decline occured from 2017 to 2018, when the median household income decreased by 22,751 (from $41,018 to $18,267).
- Additionally, the Census Bureau did not report a median household income for larger household sizes.
- With a Gini coefficient of 0.5576, it is evident that income distribution in Colp, IL exihibits characterstics of moderate inequality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $17,295. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $14,750.
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