Median Household Income in Florence Township, New Jersey (2010-2023, in 2023 inflation-adjusted dollars)
Below, you will find a table illustrating the median household income in Florence township, spanning the years from 2010 to 2023, with all figures adjusted to 2023 inflation-adjusted dollars.
| Year | Median Household Income | YOY Change($) | YOY Change(%) |
|---|---|---|---|
| 2010 | 105,678 | - | - |
| 2011 | 106,624 | 946 | 0.90% |
| 2012 | 105,752 | -872 | -0.82% |
| 2013 | 104,959 | -793 | -0.75% |
| 2014 | 103,360 | -1,599 | -1.52% |
| 2015 | 101,533 | -1,827 | -1.77% |
| 2016 | 98,539 | -2,994 | -2.95% |
| 2017 | 101,022 | 2,483 | 2.52% |
| 2018 | 98,237 | -2,785 | -2.76% |
| 2019 | 101,501 | 3,264 | 3.32% |
| 2020 | 112,240 | 10,739 | 10.58% |
| 2021 | 105,243 | -6,997 | -6.23% |
| 2022 | 106,661 | 1,418 | 1.35% |
| 2023 | 104,792 | -1,869 | -1.75% |
TABLE OF CONTENTS
Florence Township, New Jersey median household income trends: 2010 to 2023
From 2010 to 2023, the median household income for Florence township decreased by $886 (0.84%), as per the American Community Survey estimates. In comparison, median household income for the United States increased by $5,602 (7.68%) between 2010 and 2023.
Analyzing the trend in median household income between the years 2010 and 2023, spanning 13 annual cycles, we observed that median household income, when adjusted for 2023 inflation using the Consumer Price Index retroactive series (R-CPI-U-RS), experienced growth year by year for 5 years and declined for 8 years.
The most significant year-by-year growth occured from 2019 to 2020, when the median household income increased by 10,739 (from $101,501 to $112,240). Similarly the most substantial year-by-year decline occured from 2020 to 2021, when the median household income decreased by 6,997 (from $112,240 to $105,243).
In New Jersey, among cities with populations ranging from 10,000 to 50,000 residents, Florence township ranks 130th out of 213 for median household income. This rank indicates that it falls within the middle-income range of cities within the state of New Jersey.
Median household income in Florence Township, New Jersey by household size
To gain deeper insights into the median household income for Florence township, we conducted an analysis of the most recent available data from the U.S. Census Bureau American Community Survey 5 year Estimates (the most recent data available).
Of the 7 household sizes (1 person to 7-or-more person households) reported by the census bureau, all of the household sizes were found in Florence township. Across the different household sizes in Florence township the mean income is $108,686, and the standard deviation is $36,751. The coefficient of variation (CV) is 33.81%. This high CV indicates high relative variability, suggesting that the incomes vary significantly across different sizes of households.
In the most recent year, 2023, The smallest household size for which the bureau reported a median household income was 1-person households, with an income of $57,964. It then further increased to $103,702 for 7-person households, the largest household size for which the bureau reported a median household income.
Florence township median household income by household size
The table below displays median household incomes for various household sizes, as reported by the U.S. Census Bureau. Explore how household income varies with the size of the family unit.
| Household Size | Median Household Income |
|---|---|
| 1-person households | 57,964 |
| 2-person households | 120,169 |
| 3-person households | 130,167 |
| 4-person households | 136,046 |
| 5-person households | 151,947 |
| 6-person households | 60,804 |
| 7-or-more-person households | 103,702 |
According to the Census Bureau data, the median household income reaches its peak among 5-person households, reaching $151,947 .
Florence Township, New Jersey income distribution and inequality
To gain a comprehensive understanding of income distribution in Florence township, we conducted an analysis of quintiles data from the U.S. Census Bureau. While the bureau does not categorize income into subjective classes like lower-income, middle-class, or upper-class, they instead divide the population into five quintiles, ensuring that each quintile represents nearly the same number of households. This classification allows us to analyze income levels across a spectrum from the lowest to the highest income groups.
Mean household income by quintile in Florence township
The table below presents the mean household income for each of the five quintiles in Florence township , offering valuable insights into income distribution and inequality.
| Income Level | Mean Household Income |
|---|---|
| Lowest Quintile | 28,767 |
| Second Quintile | 65,485 |
| Third Quintile | 104,784 |
| Fourth Quintile | 151,247 |
| Highest Quintile | 276,139 |
| Top 5 Percent | 393,433 |
Key findings:
- Income disparities: The mean income of the lowest quintile (20% of households with the lowest income) is 28,767, while the mean income for the highest quintile (20% of households with the highest income) is 276,139. This indicates that the top earners earn 10 times compared to the lowest earners.
- Top 5%: The mean household income for the wealthiest population (top 5%) is 393,433, which is 142.48% higher compared to the highest quintile, and 1367.65% higher compared to the lowest quintile.
Furthermore, as per the Census Bureau, the Gini coefficient for Florence township is 0.3937. Gini coefficient is a numeric measure ranging from 0 to 1, where lower numbers indicate greater income equality (with 0 representing complete equality, where all households earn the same income) and higher values signify greater income inequality (with 1 being complete inequality where one household receives all income).
Sources: U.S. Census Bureau, American Community Survey (ACS)
With a Gini coefficient of 0.3937, it is evident that income distribution in Florence Township, New Jersey exihibits characterstics of moderate equality . This also implies that the majority of households in Florence township enjoy fairly equitable access to income resources, contributing to a reasonably fair and even economic landscape.
Median household income in Florence Township, New Jersey by family type, 2023
The Census Bureau classifies households into different categories, including total households, family households, and non-family households. Our analysis of U.S. Census Bureau American Community Survey data for Florence township reveals how household income distribution varies among these categories.
Interestingly, we found that the median household income did vary between family households and non-family households. In 2023, for Florence township, there were a total of 3,189 family households and 1,648 non-family households.
For the family households, the median income (in 2023 inflation-adjusted dollars) was $128,963. For the non-family households, the median income (in 2023 inflation-adjusted dollars) was $60,345.
Florence Township, New Jersey households by income brackets: family, non-family, and total, 2023, in 2022 inflation-adjusted dollars
The table below presents a breakdown of households across various income brackets in Florence township. The data in the table offers insights into the distribution of Florence township households based on income levels.
| Income Level | All Households | % All Households | Family Households | % Family Households | Non-Family Households | % Non-Family Households |
|---|---|---|---|---|---|---|
| Total: | 4,837 | 100.00% | 3,189 | 100.00% | 1,648 | 100.00% |
| Less than $10,000 | 192 | 3.97% | 89 | 2.79% | 103 | 6.25% |
| $10,000 to $14,999 | 46 | 0.95% | 22 | 0.69% | 24 | 1.46% |
| $15,000 to $19,999 | 103 | 2.13% | 34 | 1.07% | 69 | 4.19% |
| $20,000 to $24,999 | 48 | 0.99% | 32 | 1.00% | 16 | 0.97% |
| $25,000 to $29,999 | 78 | 1.61% | 15 | 0.47% | 63 | 3.82% |
| $30,000 to $34,999 | 51 | 1.05% | 16 | 0.50% | 35 | 2.12% |
| $35,000 to $39,999 | 136 | 2.81% | 82 | 2.57% | 54 | 3.28% |
| $40,000 to $44,999 | 209 | 4.32% | 84 | 2.63% | 125 | 7.58% |
| $45,000 to $49,999 | 159 | 3.29% | 95 | 2.98% | 64 | 3.88% |
| $50,000 to $59,999 | 465 | 9.61% | 198 | 6.21% | 267 | 16.20% |
| $60,000 to $74,999 | 246 | 5.09% | 157 | 4.92% | 89 | 5.40% |
| $75,000 to $99,999 | 560 | 11.58% | 309 | 9.69% | 251 | 15.23% |
| $100,000 to $124,999 | 624 | 12.90% | 405 | 12.70% | 219 | 13.29% |
| $125,000 to $149,999 | 438 | 9.06% | 387 | 12.14% | 51 | 3.09% |
| $150,000 to $199,999 | 628 | 12.98% | 573 | 17.97% | 55 | 3.34% |
| $200,000 or more | 854 | 17.66% | 691 | 21.67% | 163 | 9.89% |
Key findings:
- For Family Households: In Florence township, the majority of family households, representing 21.67%, earn $200,000 or more, showcasing a substantial share of the community families falling within this income bracket. Conversely, the minority of family households, comprising 0.47%, have incomes falling $20,000 to $24,999, representing a smaller but still significant segment of the community.
- For Non-Family Households: In Florence township, the majority of non-family households, accounting for 16.2%, have income $50,000 to $59,999, indicating that a substantial portion of non-family households falls within this income bracket. On the other hand, the minority of non-family households, comprising 0.97%, earn $20,000 to $24,999, representing a smaller, yet notable, portion of non-family households in the community.
- For Total Households (Combining Family and Non-Family): When considering total households in Florence township, the majority, constituting 17.66%, earn $200,000 or more, demonstrating that a significant portion of community households falls within this income bracket. Simultaneously, the minority of total households, representing 0.95%, have incomes $10,000 to $14,999, signifying a smaller segment of households in the community.
Things to know
What is the Gini index for Florence Township, New Jersey?
As per the Census Bureau, the Gini coefficient for Florence township is 0.3937. With this value of Gini coefficient, it is evident that income distribution in Florence township exihibits characterstics of moderate equality .
This also implies that the majority of households in Florence township enjoy fairly equitable access to income resources, contributing to a reasonably fair and even economic landscape.What is the median household income in Florence Township, New Jersey?
As per the latest data available from American Community Survey, the median household income for Florence township is $104,792 (in 2023 inflation-adjusted dollars). This income is 133.43% of the U.S. median household income of $78,538 (all incomes in 2023 inflation-adjusted dollars).
How does Florence Township, New Jersey median household income compare to the rest of the United States?
In New Jersey, among cities with populations ranging from 10,000 to 50,000 residents, Florence township ranks 130th out of 213 for median household income. This rank indicates that it falls within the middle-income range of cities within the state of New Jersey.
References
- U.S. Census Bureau American Community Survey (ACS) 2019-2023 5-Year Estimates
- Consumer Price Index retroactive series using current methods (R-CPI-U-RS)
