Age of householder
Per the latest American Community Survey by the Census Bureau, Loves Park sees its highest median household income among householders in the age group of 45 to 64 years old, at $82,393. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Loves Park, householders within the 45 to 64 years age group have the highest median household income at $82,393, followed by those in the 25 to 44 years age group with an income of $74,475. Meanwhile householders within the under 25 years age group report the second lowest median household income of $46,666. Notably, householders within the 65 years and over age group, had the lowest median household income at $43,366.
- Notably, household income for individuals within the 65 years and over age group demonstrated a remarkable increase of $5,220(13.68%), escalating from a median of $38,146 in 2011 to $43,366 in 2021.
- 427(4.34%) households where the householder is under 25 years old.
- 3,158(32.11%) households with a householder aged between 25 and 44 years.
- 3,311(33.67%) households with a householder aged between 45 and 64 years.
- 2,939(29.88%) households where the householder is over 65 years old.
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Gender
In Loves Park, the population consists of 10,932 males (47.07%) and 12,291 females (52.93%). Here are the primary highlights from the gender-based income distribution analysis:
- In Loves Park, the median income for all workers aged 15 years and older, regardless of work hours, was $45,346 for males and $26,819 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $61,297 for males and $44,541 for females.
- In Loves Park, the median income for all workers aged 15 years and older, regardless of work hours, was $45,346 for males and $26,819 for females.
- In Loves Park, among full-time, year-round workers aged 15 years and older, males earned a median income of $61,297, while females earned $44,541, leading to a 27% gender pay gap among full-time workers. This illustrates that women earn 73 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.
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Race
In Loves Park, the population is predominantly White, constituting 80.92% 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 $62,689.
- In Loves Park, despite the White population being the most populous, it is worth noting that Asian households actually reports the highest median household income, with a median income of $132,201. This reveals that, while Whites may be the most numerous in Loves Park, Asian households experience greater economic prosperity in terms of median household income.
- In Loves Park, the median household income for the households where the householder is White decreased by $4,171(6.24%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $66,860 in 2011 and $62,689 in 2021.
- In Loves Park, the median household income for the households where the householder is Black or African American decreased by $61,584(68.36%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $90,088 in 2011 and $28,504 in 2021.
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Year by year
Loves Park, IL median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Loves Park decreased by $4,215 (6.31%), as per the American Community Survey estimates.
- Between 2010 and 2021, median household income, adjusted for 2022 inflation, experienced growth year by year for 4 years and declined for 7 years.
- The most significant year-by-year growth occured from 2018 to 2019, when the median household income increased by 5,729 (from $62,084 to $67,813). Similarly the most substantial year-by-year decline occured from 2019 to 2020, when the median household income decreased by 3,115 (from $67,813 to $64,698).
- It then further increased to $77,426 for 5-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.4317, it is evident that income distribution in Loves Park, IL exihibits characterstics of moderate inequality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $77,015. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $44,317.
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