Age of householder
Per the latest American Community Survey by the Census Bureau, Tower Hill sees its highest median household income among householders in the age group of 25 to 44 years old, at $71,949. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Tower Hill, the median household income stands at $71,949 for householders within the 25 to 44 years age group, followed by $63,279 for the 45 to 64 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $42,336.
- Notably, household income for individuals within the 45 to 64 years age group demonstrated a remarkable increase of $24,519(63.26%), escalating from a median of $38,760 in 2011 to $63,279 in 2021.
- 8(4.40%) households where the householder is under 25 years old.
- 55(30.22%) households with a householder aged between 25 and 44 years.
- 65(35.71%) households with a householder aged between 45 and 64 years.
- 54(29.67%) households where the householder is over 65 years old.
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Gender
In Tower Hill, the population consists of 287 males (57.17%) and 215 females (42.83%). Here are the primary highlights from the gender-based income distribution analysis:
- In Tower Hill, the median income for all workers aged 15 years and older, regardless of work hours, was $35,901 for males and $21,618 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $45,359 for males and $41,210 for females.
- In Tower Hill, the median income for all workers aged 15 years and older, regardless of work hours, was $35,901 for males and $21,618 for females.
- In Tower Hill, among full-time, year-round workers aged 15 years and older, males earned a median income of $45,359, while females earned $41,210, resulting in a 9% gender pay gap among full-time workers. This illustrates that women earn 91 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 Tower Hill.
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Race
In Tower Hill, the population is predominantly White, constituting 94.02% 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 $59,180.
- In Tower Hill, White is both the largest group and the one with the highest median household income, which stands at $59,180.
- In Tower Hill, the median household income for the households where the householder is White increased by $8,511(16.80%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $50,669 in 2011 and $59,180 in 2021.
- As per the U.S. Census Bureau population data, in Tower Hill, 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
Tower Hill, IL median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Tower Hill increased by $6,098 (11.55%), as per the American Community Survey estimates.
- Between 2010 and 2021, median household income, adjusted for 2022 inflation, experienced growth year by year for 6 years and declined for 5 years.
- The most significant year-by-year growth occured from 2018 to 2019, when the median household income increased by 8,156 (from $54,278 to $62,434). Similarly the most substantial year-by-year decline occured from 2020 to 2021, when the median household income decreased by 4,079 (from $62,989 to $58,910).
- It then further increased to $95,255 for 5-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.4022, it is evident that income distribution in Tower Hill, IL exihibits characterstics of moderate inequality .
- NA. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $37,381.
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