Age of householder
Per the latest American Community Survey by the Census Bureau, Wood Dale sees its highest median household income among householders in the age group of 45 to 64 years old, at $112,299. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Wood Dale, householders within the 45 to 64 years age group have the highest median household income at $112,299, followed by those in the 25 to 44 years age group with an income of $90,125. Meanwhile householders within the 65 years and over age group report the second lowest median household income of $63,788. Notably, householders within the under 25 years age group, had the lowest median household income at $58,099.
- Notably, household income for individuals within the 25 to 44 years age group demonstrated a remarkable increase of $13,480(17.59%), escalating from a median of $76,645 in 2011 to $90,125 in 2021.
- 118(2.30%) households where the householder is under 25 years old.
- 1,602(31.25%) households with a householder aged between 25 and 44 years.
- 2,008(39.17%) households with a householder aged between 45 and 64 years.
- 1,399(27.29%) households where the householder is over 65 years old.
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Gender
In Wood Dale, the population consists of 7,228 males (51.50%) and 6,806 females (48.50%). Here are the primary highlights from the gender-based income distribution analysis:
- In Wood Dale, the median income for all workers aged 15 years and older, regardless of work hours, was $47,631 for males and $33,545 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $59,202 for males and $59,422 for females.
- In Wood Dale, the median income for all workers aged 15 years and older, regardless of work hours, was $47,631 for males and $33,545 for females.
- In Wood Dale, for all full-time workers aged 15 years and older, the median income was equal at, $59,422 for both males and females. This indicates a gender income balance in Wood Dale, where both men and women, in full-time year-round roles, earn an equal income.
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Race
In Wood Dale, the population is predominantly White, constituting 73.76% 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 $84,319.
- In Wood Dale, despite the White population being the most populous, it is worth noting that Some Other Race households actually reports the highest median household income, with a median income of $130,533. This reveals that, while Whites may be the most numerous in Wood Dale, Some Other Race households experience greater economic prosperity in terms of median household income.
- In Wood Dale, the median household income for the households where the householder is White increased by $2,371(2.89%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $81,948 in 2011 and $84,319 in 2021.
- In Wood Dale, the median household income for the households where the householder is Black or African American decreased by $18,116(13.59%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $133,272 in 2011 and $115,156 in 2021.
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Year by year
Wood Dale, IL median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Wood Dale increased by $1,537 (1.81%), as per the American Community Survey estimates.
- Between 2010 and 2021, median household income, adjusted for 2022 inflation, experienced growth year by year for 5 years and declined for 6 years.
- The most significant year-by-year growth occured from 2016 to 2017, when the median household income increased by 5,086 (from $77,849 to $82,935). Similarly the most substantial year-by-year decline occured from 2017 to 2018, when the median household income decreased by 3,566 (from $82,935 to $79,369).
- It then further increased to $152,979 for 7-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.3813, it is evident that income distribution in Wood Dale, IL exihibits characterstics of moderate equality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $99,019. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $52,539.
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