Median Household Income by Age of Householder in Independence Township, New Jersey (2022, in 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Independence township. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Independence township.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | - |
| 25 to 44 years | $109,331 |
| 45 to 64 years | $106,873 |
| 65 years and over | $71,417 |
TABLE OF CONTENTS
Independence Township, New Jersey 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 Independence township population by age, the median age in Independence township is 45.1 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 Independence township, the age group of 45 to 64 years exhibited the second-highest median household income, recorded at $106,873.
In terms of income distribution across age cohorts, in Independence township, the median household income stands at $109,331 for householders within the 25 to 44 years age group, followed by $106,873 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 $71,417.
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 township of Independence township.
FIGURE 1
Independence Township, New Jersey median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Independence township, 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 65 years and over age group demonstrated a remarkable increase of $6,879(10.66%), escalating from a median of $64,538 in 2012 to $71,417 in 2022. Conversely, the age group of 25 to 44 years years witnessed the most significant decline in household income across the same span. Their median income saw a substantial drop of $18,024(14.15%), declining from a median of $127,355 in 2012 to $109,331 in 2022.
Independence Township, New Jersey household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Independence township 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 85(3.60%) households where the householder is under 25 years old, 552(23.40%) households with a householder aged between 25 and 44 years, 1,081(45.82%) households with a householder aged between 45 and 64 years, and 641(27.17%) 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 township of Independence township, showcasing varying income levels among different age demographics.
FIGURE 2
Independence Township, New Jersey household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Independence township: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Independence township household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Independence township: 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 | - | - | 28 | - |
| $10,000 - $14,999 | - | - | 21 | - |
| $15,000 - $19,999 | - | - | - | 37 |
| $20,000 - $24,999 | - | - | 23 | - |
| $25,000 - $29,999 | - | - | 21 | - |
| $30,000 - $34,999 | 85 | 16 | - | - |
| $35,000 - $39,999 | - | 63 | - | 98 |
| $40,000 - $44,999 | - | - | 104 | - |
| $45,000 - $49,999 | - | - | - | 30 |
| $50,000 - $59,999 | - | 80 | 42 | 88 |
| $60,000 - $74,999 | - | 28 | 91 | 147 |
| $75,000 - $99,999 | - | 47 | 210 | 106 |
| $100,000 - $124,999 | - | 134 | 196 | 46 |
| $125,000 - $149,999 | - | 29 | 153 | 36 |
| $150,000 - $199,999 | - | 71 | 59 | 36 |
| $200,000 or more | - | 84 | 133 | 17 |
To further explore the income distribution and gain insights into financial landscape of Independence township 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 Independence township, 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 Independence township, among households headed by individuals aged 25 to 44, an impressive 57.61% match or surpass the state of New Jersey median income of $101,133. These 318 households, represent a significant portion of the total 552 households in Independence township within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Independence township, within the age group of 45 to 64 years, a remarkable 50.05% of households meet or exceed the state of New Jersey median income of $101,133. These 541 households, out of the total 1,081 households in this age cohort, signify a substantial portion of mature demographic of Independence township, showcasing commendable financial stability in comparison to the New Jersey state median income benchmark.
- Householder 65 years and over: In Independence township, among the over 65 years age group, only 21.06% of households either match or surpass the state of New Jersey median income of $101,133. These 135 households, constituting low portion of the Independence township township 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 Independence Township, New Jersey?
In Independence township, households led by individuals aged 25 to 44 years report the highest median household income of $109,331 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 Independence Township, New Jersey?
In terms of income distribution across age cohorts, in Independence township, the median household income stands at $109,331 for householders within the 25 to 44 years age group, followed by $106,873 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 $71,417..
How does the median household income for households led by individuals of median age compare in Independence Township, New Jersey?
The median age in Independence township is 45.1, 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 Independence township, the age group of 45 to 64 years exhibited the second-highest median household income, recorded at $106,873.
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)