Median Household Income by Age of Householder in Bound Brook, NJ (2022, in 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Bound Brook. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Bound Brook.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | $48,328 |
| 25 to 44 years | $67,615 |
| 45 to 64 years | $122,375 |
| 65 years and over | $71,032 |
TABLE OF CONTENTS
Bound Brook, NJ 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 Bound Brook population by age, the median age in Bound Brook is 36.2 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 Bound Brook, the age group of 25 to 44 years had the second lowest median household income, recorded at $67,615.
In terms of income distribution across age cohorts, in Bound Brook, householders within the 45 to 64 years age group have the highest median household income at $122,375, followed by those in the 65 years and over age group with an income of $71,032. Meanwhile householders within the 25 to 44 years age group report the second lowest median household income of $67,615. Notably, householders within the under 25 years age group, had the lowest median household income at $48,328.
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 borough of Bound Brook.
FIGURE 1
Bound Brook, NJ median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Bound Brook, 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 four age groups with available Census data in both 2012 and 2022, two 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 45 to 64 years age group demonstrated a remarkable increase of $28,326(30.12%), escalating from a median of $94,049 in 2012 to $122,375 in 2022. Conversely, the age group of Under 25 years years witnessed the most significant decline in household income across the same span. Their median income saw a substantial drop of $39,678(45.09%), declining from a median of $88,006 in 2012 to $48,328 in 2022.
Bound Brook, NJ household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Bound Brook 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 66(1.45%) households where the householder is under 25 years old, 2,077(45.48%) households with a householder aged between 25 and 44 years, 1,371(30.02%) households with a householder aged between 45 and 64 years, and 1,053(23.06%) 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 borough of Bound Brook, showcasing varying income levels among different age demographics.
FIGURE 2
Bound Brook, NJ household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Bound Brook: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Bound Brook household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Bound Brook: 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 | - | 78 | 12 | 44 |
| $10,000 - $14,999 | - | 40 | 31 | 61 |
| $15,000 - $19,999 | - | 16 | 30 | 173 |
| $20,000 - $24,999 | - | 49 | 10 | 16 |
| $25,000 - $29,999 | 20 | 72 | 26 | 20 |
| $30,000 - $34,999 | - | 29 | 14 | 29 |
| $35,000 - $39,999 | - | 178 | 43 | - |
| $40,000 - $44,999 | - | 178 | - | 93 |
| $45,000 - $49,999 | 23 | 152 | 16 | 6 |
| $50,000 - $59,999 | - | 119 | 135 | 67 |
| $60,000 - $74,999 | - | 210 | 112 | 56 |
| $75,000 - $99,999 | 23 | 322 | 190 | 164 |
| $100,000 - $124,999 | - | 179 | 131 | 118 |
| $125,000 - $149,999 | - | 243 | 125 | 60 |
| $150,000 - $199,999 | - | 60 | 221 | 99 |
| $200,000 or more | - | 152 | 275 | 47 |
To further explore the income distribution and gain insights into financial landscape of Bound Brook when compared to the state of New Jersey 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: It is noteworthy that no households in Bound Brook, where householders are under 25 years old, fall within or exceed the income bracket representing the median income of $101,133 for the state of New Jersey. This indicates an income disparity among households headed by individuals under 25 years old when compared to the median income of the state.
- Householder 25 to 44 years: In Bound Brook, among households headed by individuals aged 25 to 44,worth noting that 30.52% match or surpass the state of New Jersey median income of $101,133. These 634 households, represent a notable portion of the total 2,077 households in Bound Brook within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Bound Brook, within the age group of 45 to 64 years, a remarkable 54.85% of households meet or exceed the state of New Jersey median income of $101,133. These 752 households, out of the total 1,371 households in this age cohort, signify a substantial portion of mature demographic of Bound Brook, showcasing commendable financial stability in comparison to the New Jersey state median income benchmark.
- Householder 65 years and over: In Bound Brook, among the over 65 years age group, a noteworthy 30.77% of households either match or surpass the state of New Jersey median income of $101,133. These 324 households, constituting notable portion of the Bound Brook borough senior population, showcase commendable financial stability compared to the New Jersey state median income benchmark.
Things to know
Which age group reports the highest median household income in Bound Brook, NJ?
In Bound Brook, households led by individuals aged 45 to 64 years report the highest median household income of $122,375 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 Bound Brook, NJ?
In terms of income distribution across age cohorts, in Bound Brook, householders within the 45 to 64 years age group have the highest median household income at $122,375, followed by those in the 65 years and over age group with an income of $71,032. Meanwhile householders within the 25 to 44 years age group report the second lowest median household income of $67,615. Notably, householders within the under 25 years age group, had the lowest median household income at $48,328..
How does the median household income for households led by individuals of median age compare in Bound Brook, NJ?
The median age in Bound Brook is 36.2, 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 Bound Brook, the age group of 25 to 44 years had the second lowest median household income, recorded at $67,615.
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)