Median Household Income by Age of Householder in Far Hills, NJ (2022, in 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Far Hills. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Far Hills.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | - |
| 25 to 44 years | $180,267 |
| 45 to 64 years | $157,489 |
| 65 years and over | $109,766 |
TABLE OF CONTENTS
Far Hills, 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 Far Hills population by age, the median age in Far Hills is 50.4 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 Far Hills, the age group of 45 to 64 years exhibited the second-highest median household income, recorded at $157,489.
In terms of income distribution across age cohorts, in Far Hills, the median household income stands at $180,267 for householders within the 25 to 44 years age group, followed by $157,489 for the 45 to 64 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $109,766.
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 Far Hills.
FIGURE 1
Far Hills, NJ median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Far Hills, 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, two 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 $49,127(37.46%), escalating from a median of $131,140 in 2012 to $180,267 in 2022. Conversely, the age group of 65 years and over years witnessed the most significant decline in household income across the same span. Their median income saw a substantial drop of $11,512(9.49%), declining from a median of $121,278 in 2012 to $109,766 in 2022.
Far Hills, NJ household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Far Hills 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 6(1.44%) households where the householder is under 25 years old, 58(13.91%) households with a householder aged between 25 and 44 years, 202(48.44%) households with a householder aged between 45 and 64 years, and 151(36.21%) households where the householder is over 65 years old.
The age group of 25 to 44 years exhibits the highest median household income, while the largest number of households falls within the 45 to 64 years bracket. This distribution hints at economic disparities within the borough of Far Hills, showcasing varying income levels among different age demographics.
FIGURE 2
Far Hills, NJ household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Far Hills: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Far Hills household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Far Hills: 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 | - | - | 15 | 19 |
| $10,000 - $14,999 | - | - | - | - |
| $15,000 - $19,999 | - | - | - | - |
| $20,000 - $24,999 | - | 11 | - | - |
| $25,000 - $29,999 | - | - | 3 | 4 |
| $30,000 - $34,999 | - | - | - | - |
| $35,000 - $39,999 | - | - | - | 23 |
| $40,000 - $44,999 | - | - | 19 | - |
| $45,000 - $49,999 | 6 | - | 8 | 3 |
| $50,000 - $59,999 | - | 8 | - | 9 |
| $60,000 - $74,999 | - | - | 6 | 6 |
| $75,000 - $99,999 | - | - | 8 | 11 |
| $100,000 - $124,999 | - | 3 | 21 | 6 |
| $125,000 - $149,999 | - | 3 | 17 | 11 |
| $150,000 - $199,999 | - | 10 | 22 | 7 |
| $200,000 or more | - | 23 | 83 | 52 |
To further explore the income distribution and gain insights into financial landscape of Far Hills 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 Far Hills, 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 Far Hills, among households headed by individuals aged 25 to 44, an impressive 67.24% match or surpass the state of New Jersey median income of $101,133. These 39 households, represent a significant portion of the total 58 households in Far Hills within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Far Hills, within the age group of 45 to 64 years, a remarkable 70.79% of households meet or exceed the state of New Jersey median income of $101,133. These 143 households, out of the total 202 households in this age cohort, signify a substantial portion of mature demographic of Far Hills, showcasing commendable financial stability in comparison to the New Jersey state median income benchmark.
- Householder 65 years and over: In Far Hills, among the over 65 years age group, an impressive 50.33% of households either match or surpass the state of New Jersey median income of $101,133. These 76 households, constituting a significant portion of the Far Hills 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 Far Hills, NJ?
In Far Hills, households led by individuals aged 25 to 44 years report the highest median household income of $180,267 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 Far Hills, NJ?
In terms of income distribution across age cohorts, in Far Hills, the median household income stands at $180,267 for householders within the 25 to 44 years age group, followed by $157,489 for the 45 to 64 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $109,766..
How does the median household income for households led by individuals of median age compare in Far Hills, NJ?
The median age in Far Hills is 50.4, 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 Far Hills, the age group of 45 to 64 years exhibited the second-highest median household income, recorded at $157,489.
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)