Winthrop Harbor, IL Median Household Income By Age

Winthrop Harbor, 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 Winthrop Harbor population by age, the median age in Winthrop Harbor is 51.1 years.

Typically for a location with median age in this range, it tends to house more established professionals, possibly reflecting stable households and higher earning poptential. Interestingly, within Winthrop Harbor, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $126,287.

In terms of income distribution across age cohorts, in Winthrop Harbor, the median household income stands at $126,287 for householders within the 45 to 64 years age group, followed by $96,680 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 $66,860.

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 Winthrop Harbor.

FIGURE 1

Winthrop Harbor, IL median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Winthrop Harbor, 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 three age groups with available Census data in both 2012 and 2022, one groups encountered a decline in their median household income, while the remaining two experienced an increase during this period. Notably, household income for individuals within the 65 years and over age group demonstrated a remarkable increase of $11,477(20.72%), escalating from a median of $55,383 in 2012 to $66,860 in 2022. Conversely, the age group of 25 to 44 years years witnessed the most significant decline in household income across the same span. Their median income saw a substantial drop of $5,773(5.63%), declining from a median of $102,453 in 2012 to $96,680 in 2022.

Winthrop Harbor, IL household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Winthrop Harbor 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, 523(19.10%) households with a householder aged between 25 and 44 years, 1,522(55.59%) households with a householder aged between 45 and 64 years, and 693(25.31%) households where the householder is over 65 years old.

In Winthrop Harbor, the age group of 45 to 64 years stands out with both the highest median income and the maximum share of households. This alignment suggests a financially stable demographic, indicating an established community with stable careers and higher incomes.

FIGURE 2

Winthrop Harbor, IL household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Winthrop Harbor: under 25 years, 25-44 years, 45-64 years, and over 65 years

To further explore the income distribution and gain insights into financial landscape of Winthrop Harbor 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 Winthrop Harbor, 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 Winthrop Harbor, among households headed by individuals aged 25 to 44, an impressive 57.93% match or surpass the state of Illinois median income of $81,668. These 303 households, represent a significant portion of the total 523 households in Winthrop Harbor within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Winthrop Harbor, within the age group of 45 to 64 years, a remarkable 71.48% of households meet or exceed the state of Illinois median income of $81,668. These 1,088 households, out of the total 1,522 households in this age cohort, signify a substantial portion of mature demographic of Winthrop Harbor, showcasing commendable financial stability in comparison to the Illinois state median income benchmark.
• Householder 65 years and over: In Winthrop Harbor, among the over 65 years age group, a noteworthy 37.66% of households either match or surpass the state of Illinois median income of $81,668. These 261 households, constituting notable portion of the Winthrop Harbor 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 Winthrop Harbor, IL?

In Winthrop Harbor, households led by individuals aged 45 to 64 years report the highest median household income of $126,287 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 Winthrop Harbor, IL?

In terms of income distribution across age cohorts, in Winthrop Harbor, the median household income stands at $126,287 for householders within the 45 to 64 years age group, followed by $96,680 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 $66,860..

How does the median household income for households led by individuals of median age compare in Winthrop Harbor, IL?

The median age in Winthrop Harbor is 51.1, which falls within the 45 to 64 years range among the four age groups defined by the US Census Bureau. This demographic tends to house more established professionals, possibly reflecting stable households and higher earning poptential. Interestingly, within Winthrop Harbor, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $126,287.

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