Median Household Income by Age of Householder in Troy Grove, IL (2022, in 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Troy Grove. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Troy Grove.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | - |
| 25 to 44 years | $79,472 |
| 45 to 64 years | $92,671 |
| 65 years and over | - |
TABLE OF CONTENTS
Troy Grove, IL median household income by age of householder
As one can expect, household incomes typically rise as the head of the household gets older. However, this upward trend reaches a peak at a certain point, and beyond that, it tends to level off or even decrease. Based on our analysis of the distribution of Troy Grove population by age, the median age in Troy Grove is 32.3 years.
Typically for a location with median age in this range, it suggests a dynamic mix of young professionals, often indicative of family formation and career advancement. Interestingly, within Troy Grove, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $79,472.
In terms of income distribution across age cohorts, in Troy Grove, where there exist only two delineated age groups, the median household income is $92,671 for householders within the 45 to 64 years age group, compared to $79,472 for the 25 to 44 years age group.
For a better visual representation of these income disparities, refer to the bar chart below. It offers a clear illustration of the differences in median household incomes based on the age of householders, derived from most current ACS data provided by the Census Bureau for the village of Troy Grove.
FIGURE 1
Troy Grove, IL median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Troy Grove, based on the age of householders divided into four cohorts : Under 25 years, 25 - 44 years, 45 to 64 years and 65 years and over.
Analysis of income trends over the past decade highlights notable shifts across various age groups. Among the two age groups with available Census data in both 2012 and 2022, one groups encountered a decline in their median household income, while the remaining one experienced an increase during this period. Notably, household income for individuals within the 25 to 44 years age group demonstrated a remarkable increase of $3,204(4.20%), escalating from a median of $76,268 in 2012 to $79,472 in 2022. Conversely, the age group of 45 to 64 years years witnessed the most significant decline in household income across the same span. Their median income saw a substantial drop of $25,689(21.70%), declining from a median of $118,360 in 2012 to $92,671 in 2022.
Troy Grove, IL household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Troy Grove population, we conducted an analysis of household incomes across 16 distinct brackets within four age cohorts: under 25 years, 25 to 44 years, 45 to 64 years, and over 65 years.
Upon closer examination of the distribution of households among age brackets, it reveals that there are 0 households where the householder is under 25 years old, 42(47.73%) households with a householder aged between 25 and 44 years, 24(27.27%) households with a householder aged between 45 and 64 years, and 22(25%) households where the householder is over 65 years old.
The age group of 45 to 64 years exhibits the highest median household income, while the largest number of households falls within the 25 to 44 years bracket. This distribution hints at economic disparities within the village of Troy Grove, showcasing varying income levels among different age demographics.
FIGURE 2
Troy Grove, IL household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Troy Grove: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Troy Grove household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Troy Grove: Under 25 years, 25-44 years, 45-64 years, and over 65 years. This table highlights the variation in household income, offering valuable insights into economic trends and disparities within different age categories.
| Household Income Age of Householder | Under 25 years | 25 to 44 years | 45 to 64 years | 65 years and over |
|---|---|---|---|---|
| Less than $10,000 | - | 1 | - | - |
| $10,000 - $14,999 | - | - | - | 2 |
| $15,000 - $19,999 | - | 2 | - | - |
| $20,000 - $24,999 | - | 1 | - | - |
| $25,000 - $29,999 | - | 2 | - | 1 |
| $30,000 - $34,999 | - | - | - | 7 |
| $35,000 - $39,999 | - | 4 | - | - |
| $40,000 - $44,999 | - | - | - | 1 |
| $45,000 - $49,999 | - | - | - | - |
| $50,000 - $59,999 | - | - | 4 | - |
| $60,000 - $74,999 | - | 2 | 4 | 4 |
| $75,000 - $99,999 | - | 19 | 6 | 6 |
| $100,000 - $124,999 | - | 4 | 1 | 1 |
| $125,000 - $149,999 | - | 2 | 4 | - |
| $150,000 - $199,999 | - | 1 | 5 | - |
| $200,000 or more | - | 4 | - | - |
To further explore the income distribution and gain insights into financial landscape of Troy Grove when compared to the state of Illinois and The United States, we analyzed household incomes across various age cohorts and their corresponding income brackets. Here, are our key findings:
- Householder under 25 years: In Troy Grove, the comparison with the median income of the state and the nation remains inapplicable as there are no households headed by individuals under 25 years old.
- Householder 25 to 44 years: In Troy Grove, among households headed by individuals aged 25 to 44, an impressive 71.43% match or surpass the state of Illinois median income of $81,668. These 30 households, represent a significant portion of the total 42 households in Troy Grove within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Troy Grove, within the age group of 45 to 64 years, a remarkable 66.67% of households meet or exceed the state of Illinois median income of $81,668. These 16 households, out of the total 24 households in this age cohort, signify a substantial portion of mature demographic of Troy Grove, showcasing commendable financial stability in comparison to the Illinois state median income benchmark.
- Householder 65 years and over: In Troy Grove, among the over 65 years age group, a noteworthy 31.82% of households either match or surpass the state of Illinois median income of $81,668. These 7 households, constituting notable portion of the Troy Grove village senior population, showcase commendable financial stability compared to the Illinois state median income benchmark.
Things to know
Which age group reports the highest median household income in Troy Grove, IL?
In Troy Grove, households led by individuals aged 45 to 64 years report the highest median household income of $92,671 according to the American Community Survey 2018-2022 5-Year Estimates by the US Census Bureau.
How does the median household income vary by age in Troy Grove, IL?
In terms of income distribution across age cohorts, in Troy Grove, where there exist only two delineated age groups, the median household income is $92,671 for householders within the 45 to 64 years age group, compared to $79,472 for the 25 to 44 years age group..
How does the median household income for households led by individuals of median age compare in Troy Grove, IL?
The median age in Troy Grove is 32.3, which falls within the 25 to 44 years range among the four age groups defined by the US Census Bureau. This demographic suggests a dynamic mix of young professionals, often indicative of family formation and career advancement. Interestingly, within Troy Grove, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $79,472.
References
- U.S. Census Bureau American Community Survey (ACS) 2018-2022 5-Year Estimates
- Consumer Price Index retroactive series using current methods (R-CPI-U-RS)