Age of householder
Per the latest American Community Survey by the Census Bureau, Farmer City sees its highest median household income among householders in the age group of 45 to 64 years old, at $68,908. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Farmer City, householders within the 45 to 64 years age group have the highest median household income at $68,908, followed by those in the 25 to 44 years age group with an income of $56,337. Meanwhile householders within the 65 years and over age group report the second lowest median household income of $49,287. Notably, householders within the under 25 years age group, had the lowest median household income at $17,835.
- Notably, household income for individuals within the 45 to 64 years age group demonstrated a remarkable increase of $7,343(11.93%), escalating from a median of $61,565 in 2011 to $68,908 in 2021.
- 18(2.28%) households where the householder is under 25 years old.
- 161(20.41%) households with a householder aged between 25 and 44 years.
- 379(48.04%) households with a householder aged between 45 and 64 years.
- 231(29.28%) households where the householder is over 65 years old.
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Gender
In Farmer City, the population consists of 891 males (47.14%) and 999 females (52.86%). Here are the primary highlights from the gender-based income distribution analysis:
- In Farmer City, the median income for all workers aged 15 years and older, regardless of work hours, was $34,516 for males and $34,184 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $46,711 for males and $52,694 for females.
- In Farmer City, the median income for all workers aged 15 years and older, regardless of work hours, was $34,516 for males and $34,184 for females.
- In Farmer City, among full-time, year-round workers aged 15 years and older, males earned a median income of $46,711, while females earned $52,694
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Race
In Farmer City, the population is predominantly White, constituting 99.52% 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 $55,443.
- In Farmer City, White is both the largest group and the one with the highest median household income, which stands at $55,443.
- In Farmer City, the median household income for the households where the householder is White decreased by $4,020(6.76%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $59,463 in 2011 and $55,443 in 2021.
- As per the U.S. Census Bureau population data, in Farmer City, 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.
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Year by year
Farmer City, IL median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Farmer City decreased by $3,634 (6.16%), as per the American Community Survey estimates.
- Between 2010 and 2021, median household income, adjusted for 2022 inflation, experienced growth year by year for 8 years and declined for 3 years.
- The most significant year-by-year growth occured from 2019 to 2020, when the median household income increased by 8,401 (from $67,056 to $75,457). Similarly the most substantial year-by-year decline occured from 2020 to 2021, when the median household income decreased by 20,060 (from $75,457 to $55,397).
- It then further increased to $109,713 for 5-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.3727, it is evident that income distribution in Farmer City, IL exihibits characterstics of moderate equality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $71,498. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $34,218.
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