Midland Park, NJ Median Household Income By Age

Midland Park, 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 Midland Park population by age, the median age in Midland Park is 42.9 years.

Typically for a location with median age in this range, it suggests a dynamic mix of young professionals, often indicative of family formation and career advancement. Interestingly, within Midland Park, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $198,272.

In terms of income distribution across age cohorts, in Midland Park, the median household income stands at $198,272 for householders within the 25 to 44 years age group, followed by $195,680 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 $59,244.

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 Midland Park.

FIGURE 1

Midland Park, NJ median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Midland Park, 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, none had a decline during this time period. Notably, household income for individuals within the 45 to 64 years age group demonstrated a remarkable increase of $80,654(70.12%), escalating from a median of $115,026 in 2012 to $195,680 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 $4,192(7.61%), increasing from a median of $55,052 in 2012 to $59,244 in 2022.

Midland Park, NJ household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Midland Park 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, 796(27.51%) households with a householder aged between 25 and 44 years, 1,097(37.92%) households with a householder aged between 45 and 64 years, and 1,000(34.57%) 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 Midland Park, showcasing varying income levels among different age demographics.

FIGURE 2

Midland Park, NJ household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Midland Park: under 25 years, 25-44 years, 45-64 years, and over 65 years

To further explore the income distribution and gain insights into financial landscape of Midland Park 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 Midland Park, 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 Midland Park, among households headed by individuals aged 25 to 44, an impressive 74.75% match or surpass the state of New Jersey median income of $101,133. These 595 households, represent a significant portion of the total 796 households in Midland Park within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Midland Park, within the age group of 45 to 64 years, a remarkable 71.65% of households meet or exceed the state of New Jersey median income of $101,133. These 786 households, out of the total 1,097 households in this age cohort, signify a substantial portion of mature demographic of Midland Park, showcasing commendable financial stability in comparison to the New Jersey state median income benchmark.
• Householder 65 years and over: In Midland Park, among the over 65 years age group, only 24% of households either match or surpass the state of New Jersey median income of $101,133. These 240 households, constituting low portion of the Midland Park 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 Midland Park, NJ?

In Midland Park, households led by individuals aged 25 to 44 years report the highest median household income of $198,272 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 Midland Park, NJ?

In terms of income distribution across age cohorts, in Midland Park, the median household income stands at $198,272 for householders within the 25 to 44 years age group, followed by $195,680 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 $59,244..

How does the median household income for households led by individuals of median age compare in Midland Park, NJ?

The median age in Midland Park is 42.9, which falls within the 25 to 44 years range among the four age groups defined by the US Census Bureau. This demographic suggests a dynamic mix of young professionals, often indicative of family formation and career advancement. Interestingly, within Midland Park, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $198,272.

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