The demographic shifts in Mayfair have been accompanied by economic growth. The median income increased by approximately 20% from 2013 to 2022, with a peak of $84,776 in 2021 before settling to $72,190 in 2022. This economic improvement coincides with the increase in the white population and the decrease in the Hispanic population, suggesting a possible correlation between changing demographics and economic status.

The population of Mayfair has declined steadily over the decade, from 8,637 in 2013 to 7,001 in 2022. This population decrease, coupled with rising median incomes, may indicate a trend of gentrification or changing housing preferences in the area.

The demographic shifts observed in Mayfair reflect broader trends seen in many urban neighborhoods across the United States. The increase in diversity, particularly the growth of the Asian population, aligns with national trends of increasing Asian immigration and internal migration to urban areas. The decline in the Hispanic population contrasts with the overall growth of the Hispanic population in the U.S., suggesting localized factors affecting this demographic in Mayfair.

The economic growth in Mayfair outpaces the national average, with the neighborhood's median income increasing at a faster rate than the U.S. median household income over the same period. This could indicate that Mayfair is becoming an increasingly desirable neighborhood within Chicago, potentially attracting higher-income residents and driving demographic changes.

In conclusion, Mayfair has evolved from a majority-minority community to one of moderate diversity with a white plurality over the past decade. This shift has been accompanied by significant economic growth, potentially changing the character and socioeconomic makeup of the neighborhood. These trends suggest that Mayfair is in a state of transition, balancing increased diversity with economic development, which may continue to shape its demographic and economic landscape in the coming years.