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, Palmer sees its highest median household income among householders in the age group of 45 to 64 years old, at $77,691. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Palmer, the median household income stands at $77,691 for householders within the 45 to 64 years age group, followed by $77,015 for the 25 to 44 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $31,383.
- Notably, household income for individuals within the 45 to 64 years age group demonstrated a remarkable increase of $23,344(42.95%), escalating from a median of $54,347 in 2011 to $77,691 in 2021.
- 6(5.50%) households where the householder is under 25 years old.
- 21(19.27%) households with a householder aged between 25 and 44 years.
- 31(28.44%) households with a householder aged between 45 and 64 years.
- 51(46.79%) households where the householder is over 65 years old.
![Palmer, IL median household income by age of householder The bar chart shows Palmer, 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/palmer-il-median-household-income-by-age.jpeg)
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Gender
In Palmer, the population consists of 139 males (49.47%) and 142 females (50.53%). Here are the primary highlights from the gender-based income distribution analysis:
- In Palmer, while the Census reported a median income of $28,104 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 $61,252 for males and $52,019 for females.
- In Palmer, while the Census reported a median income of $28,104 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 Palmer, among full-time, year-round workers aged 15 years and older, males earned a median income of $61,252, while females earned $52,019, resulting in a 15% gender pay gap among full-time workers. This illustrates that women earn 85 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 Palmer.
![Palmer, IL gender based income disparity Line chart showing the annual median income trends in Palmer, 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/palmer-il-income-by-gender.jpeg)
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Race
In Palmer, the population is predominantly White, constituting 100% 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 $53,370.
- In Palmer, White is both the largest group and the one with the highest median household income, which stands at $53,370.
- In Palmer, the median household income for the households where the householder is White decreased by $77(0.14%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $53,447 in 2011 and $53,370 in 2021.
- As per the U.S. Census Bureau population data, in Palmer, 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.
![Palmer, IL median household income diversity across racial categories The bar chart shows Palmer, IL median household income across all racial categories identified by the U.S. Census Bureau.](https://i.neilsberg.com/ch/palmer-il-median-household-income-by-race.jpeg)
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Year by year
Palmer, IL median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Palmer increased by $319 (0.60%), 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 2011 to 2012, when the median household income increased by 16,997 (from $53,447 to $70,444). Similarly the most substantial year-by-year decline occured from 2020 to 2021, when the median household income decreased by 20,992 (from $74,362 to $53,370).
- It then further increased to $77,691 for 5-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.3723, it is evident that income distribution in Palmer, IL exihibits characterstics of moderate equality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $65,936. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $23,355.
![Palmer, IL median household income trend (2010-2021, in 2022 inflation-adjusted dollars) The line chart shows Palmer, 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/palmer-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)