Franklin Lakes, NJ median household income diversity
Based on our analysis of the distribution of Franklin Lakes population by race & ethnicity, the population is predominantly White. This particular racial category constitutes the majority, accounting for 81.02% of the total residents in Franklin Lakes. Notably, the median household income for White households is $216,858.
Interestingly, despite the White population being the most populous, it is worth noting that Two or More Races households actually reports the highest median household income, with a median income of $270,229. This reveals that, while Whites may be the most numerous in Franklin Lakes, Two or More Races households experience greater economic prosperity in terms of median household income.
For a better visual representation of these income disparities, take a look at the bar chart below. It illustrates the varying median household incomes across races, providing a clear comparison for each of the racial categories defined by the U.S. Census Bureau. All incomes have been adjusted for 2022 inflation using the Consumer Price Index retroactive series (R-CPI-U-RS).
In Franklin Lakes, a diversity of median household incomes is evident among households of different races. The Two or More Races households boast the highest median household income at about $270,229. White households have a median income of approximately $216,858. Asian households have a median income of approximately $174,683. Conversely, Black or African American households reveal the lowest median income at $107,624. These disparities underscore the varied income distribution within the borough of Franklin Lakes.
Franklin Lakes, NJ median household income trends across races
A decade typically encompasses substantial economic changes. To conduct a comprehensive analysis of these changes in Franklin Lakes, we have analysed how these changes have unfolded among the racial categories identified by the U.S. Census Bureau for the borough of Franklin Lakes.
Key stats for each racial category as per our analysis of U.S. Census Bureau American Community Survey:
- White: In Franklin Lakes, the median household income for the households where the householder is White increased by $29,356(15.66%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $187,502 in 2011 and $216,858 in 2021.
- Black or African American: In Franklin Lakes, there was no reported median household income for Black or African American households in 2011. However, in 2021, the median household income increased to $107,624(2022 inflation-adjusted dollars), marking a significant change.
- American Indian and Alaska Native: The U.S. Census Bureau population data for Franklin Lakes, indicates a lack of households led by American Indian and Alaska Native individuals. As a result, the median household income for the American Indian and Alaska Native population is not available.
- Asian: In Franklin Lakes, the median household income for the households where the householder is Asian decreased by $122,107(41.14%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $296,790 in 2011 and $174,683 in 2021.
- Native Hawaiian and Other Pacific Islander: According to the U.S. Census Bureau population data for Franklin Lakes, there are no households with Native Hawaiian and Other Pacific Islander householders. Consequently, the median household income for the Native Hawaiian and Other Pacific Islander population is not available.
- Some other race: In Franklin Lakes, the median household income for Some other race households was $168,350 in 2011(2022 inflation-adjusted dollars). However there is no reported data for 2021, indicating a lack of information for this specific year.
- Two or more races (multiracial): In Franklin Lakes, there was no reported median household income for multiracial households in 2011. However, in 2021, the median household income increased to $270,229(2022 inflation-adjusted dollars), marking a significant change.
- Above analysis reconfirms that there are 4 race households in Franklin Lakes. Households are categorized based on the self-identified race of the head of household.
Franklin Lakes median household income by race betwen 2011 and 2021
Explore the evolution of median household incomes over the past decade across various racial categories identified by the U.S. Census Bureau. This table showcases the annual income trends, from 2011 to 2021, providing insights into the economic shifts within diverse racial communities.
| Race Of The Head Of Household | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| White | $188,184 | $187,502 | $190,358 | $186,875 | $195,797 | $197,430 | $198,138 | $187,177 | $198,776 | $199,785 | $203,916 | $216,858 | N/A |
| Black or African American | N/A | N/A | $158,178 | $157,824 | $155,962 | N/A | N/A | N/A | $144,468 | $145,028 | $110,035 | $107,624 | N/A |
| Asian | $294,354 | $296,790 | $296,896 | $229,235 | $212,850 | $210,997 | $173,142 | $237,576 | N/A | $287,055 | $206,742 | $174,683 | N/A |
| Some Other Race | $337,322 | $168,350 | $257,417 | N/A | $79,365 | N/A | N/A | $114,971 | $114,941 | $116,405 | N/A | N/A | N/A |
| Two or More Races | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $283,286 | $270,229 | N/A |
Key observations: Households with multiracial householders witnessed significant growth in median household income, marking an impressive increase of $270,229. On the other hand, households where householder is Some other race experienced a notable decline, with a decrease of $168,350 in median income.