Age of householder
Per the latest American Community Survey by the Census Bureau, New Grand Chain sees its highest median household income among householders in the age group of 25 to 44 years old, at $47,830. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in New Grand Chain, where there exist only two delineated age groups, the median household income is $47,830 for householders within the 25 to 44 years age group, compared to $27,173 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 $23,721(98.39%), escalating from a median of $24,109 in 2011 to $47,830 in 2021.
- 0 households where the householder is under 25 years old.
- 13(18.31%) households with a householder aged between 25 and 44 years.
- 27(38.03%) households with a householder aged between 45 and 64 years.
- 31(43.66%) households where the householder is over 65 years old.
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Gender
In New Grand Chain, the population consists of 75 males (50.00%) and 75 females (50.00%). Here are the primary highlights from the gender-based income distribution analysis:
- In New Grand Chain, while the Census reported a median income of $25,672 for all female workers aged 15 years and older, data for males in the same category was unavailable due to an insufficient number of sample observations.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $58,775 for males and $45,263 for females.
- In New Grand Chain, while the Census reported a median income of $25,672 for all female workers aged 15 years and older, data for males in the same category was unavailable due to an insufficient number of sample observations.
- In New Grand Chain, among full-time, year-round workers aged 15 years and older, males earned a median income of $58,775, while females earned $45,263, leading to a 23% gender pay gap among full-time workers. This illustrates that women earn 77 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 New Grand Chain, the population is predominantly White, constituting 80.67% 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 $28,975.
- In New Grand Chain, despite the White population being the most populous, it is worth noting that Two or More Races households actually reports the highest median household income, with a median income of $78,366. This reveals that, while Whites may be the most numerous in New Grand Chain, Two or More Races households experience greater economic prosperity in terms of median household income.
- In New Grand Chain, the median household income for the households where the householder is White increased by $100(0.35%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $28,875 in 2011 and $28,975 in 2021.
- Even though there is a population where the householder is Black or African American, there was no median household income reported by the U.S. Census Bureau for both 2011 and 2021.
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Year by year
New Grand Chain, IL median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for New Grand Chain decreased by $4,336 (13.02%), as per the American Community Survey estimates.
- Between 2010 and 2021, median household income, adjusted for 2022 inflation, experienced growth year by year for 3 years and declined for 8 years.
- The most significant year-by-year growth occured from 2013 to 2014, when the median household income increased by 22,881 (from $23,657 to $46,538). Similarly the most substantial year-by-year decline occured from 2020 to 2021, when the median household income decreased by 9,977 (from $38,952 to $28,975).
- It then further increased to $42,561 for 2-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.4596, it is evident that income distribution in New Grand Chain, IL exihibits characterstics of moderate inequality .
- NA. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $56,674.
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