Median Household Income by Age of Householder in Cape May Point, NJ (2022, in 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Cape May Point. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Cape May Point.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | - |
| 25 to 44 years | - |
| 45 to 64 years | - |
| 65 years and over | $86,461 |
TABLE OF CONTENTS
Cape May Point, 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 Cape May Point population by age, the median age in Cape May Point is 71.3 years.
Typically for a location with median age in this range, it suggests a significant population of retirees or older individuals. Interestingly, within Cape May Point, the age group of 65 years and over also exhibits the highest median household income, recorded at $86,461.
In terms of income distribution across age cohorts, Cape May Point only reports a median household income of $86,461 among householders in the 65 years and over 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 borough of Cape May Point.
FIGURE 1
Cape May Point, NJ median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Cape May Point, 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. Notably, household income for individuals within the 65 years and over age group demonstrated a remarkable increase of $2,276(2.70%), escalating from a median of $84,185 in 2012 to $86,461 in 2022. Conversely, the age group of 65 years and over years witnessed the smallest growth in household income across the same span. Their median income saw a small increase of $2,276(2.70%), increasing from a median of $84,185 in 2012 to $86,461 in 2022.
Cape May Point, NJ household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Cape May Point 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, 0 households with a householder aged between 25 and 44 years, 16(18.82%) households with a householder aged between 45 and 64 years, and 69(81.18%) households where the householder is over 65 years old.
In Cape May Point, the age group of 65 years and over 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
Cape May Point, NJ household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Cape May Point: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Cape May Point household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Cape May Point: 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 | - | - | - | 4 |
| $10,000 - $14,999 | - | - | - | - |
| $15,000 - $19,999 | - | - | - | - |
| $20,000 - $24,999 | - | - | - | 1 |
| $25,000 - $29,999 | - | - | - | - |
| $30,000 - $34,999 | - | - | - | - |
| $35,000 - $39,999 | - | - | 4 | - |
| $40,000 - $44,999 | - | - | - | 5 |
| $45,000 - $49,999 | - | - | - | - |
| $50,000 - $59,999 | - | - | - | 2 |
| $60,000 - $74,999 | - | - | 5 | - |
| $75,000 - $99,999 | - | - | - | 36 |
| $100,000 - $124,999 | - | - | - | 10 |
| $125,000 - $149,999 | - | - | - | 3 |
| $150,000 - $199,999 | - | - | - | - |
| $200,000 or more | - | - | 7 | 8 |
To further explore the income distribution and gain insights into financial landscape of Cape May Point 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: In Cape May Point, 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 Cape May Point there are no households where the head of the household is between 25 to 44 years old, making it impossible to compare the income with that of the state and the nation.
- Householder 45 to 64 years: In Cape May Point, within the age group of 45 to 64 years, a noteworthy 43.75% of households meet or exceed the state of New Jersey median income of $101,133. These 7 households, out of the total 16 households in this age cohort, signify a notable portion of mature demographic of Cape May Point, showcasing commendable financial stability in comparison to the New Jersey state median income benchmark.
- Householder 65 years and over: In Cape May Point, among the over 65 years age group, a noteworthy 30.43% of households either match or surpass the state of New Jersey median income of $101,133. These 21 households, constituting notable portion of the Cape May Point 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 Cape May Point, NJ?
In Cape May Point, households led by individuals aged 65 years and over report the highest median household income of $86,461 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 Cape May Point, NJ?
In terms of income distribution across age cohorts, Cape May Point only reports a median household income of $86,461 among householders in the 65 years and over age group..
How does the median household income for households led by individuals of median age compare in Cape May Point, NJ?
The median age in Cape May Point is 71.3, which falls within the 65 years and over range among the four age groups defined by the US Census Bureau. This demographic suggests a significant population of retirees or older individuals. Interestingly, within Cape May Point, the age group of 65 years and over also exhibits the highest median household income, recorded at $86,461.
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)