Morris Plains, NJ Median Household Income By Age

Morris Plains, 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 Morris Plains population by age, the median age in Morris Plains is 43.5 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 Morris Plains, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $161,418.

In terms of income distribution across age cohorts, in Morris Plains, the median household income stands at $161,418 for householders within the 25 to 44 years age group, followed by $160,476 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 $112,889.

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 Morris Plains.

FIGURE 1

Morris Plains, NJ median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Morris Plains, 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, one groups encountered a decline in their median household income, while the remaining two experienced an increase during this period. Notably, household income for individuals within the 65 years and over age group demonstrated a remarkable increase of $36,727(48.22%), escalating from a median of $76,162 in 2012 to $112,889 in 2022. Conversely, the age group of 45 to 64 years years witnessed the most significant decline in household income across the same span. Their median income saw a substantial drop of $42,903(21.10%), declining from a median of $203,379 in 2012 to $160,476 in 2022.

Morris Plains, NJ household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Morris Plains 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, 775(31.68%) households with a householder aged between 25 and 44 years, 964(39.41%) households with a householder aged between 45 and 64 years, and 707(28.90%) 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 Morris Plains, showcasing varying income levels among different age demographics.

FIGURE 2

Morris Plains, NJ household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Morris Plains: 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 Morris Plains 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 Morris Plains, 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 Morris Plains, among households headed by individuals aged 25 to 44, an impressive 85.29% match or surpass the state of New Jersey median income of $101,133. These 661 households, represent a significant portion of the total 775 households in Morris Plains within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Morris Plains, within the age group of 45 to 64 years, a remarkable 73.13% of households meet or exceed the state of New Jersey median income of $101,133. These 705 households, out of the total 964 households in this age cohort, signify a substantial portion of mature demographic of Morris Plains, showcasing commendable financial stability in comparison to the New Jersey state median income benchmark.
• Householder 65 years and over: In Morris Plains, among the over 65 years age group, an impressive 58.42% of households either match or surpass the state of New Jersey median income of $101,133. These 413 households, constituting a significant portion of the Morris Plains 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 Morris Plains, NJ?

In Morris Plains, households led by individuals aged 25 to 44 years report the highest median household income of $161,418 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 Morris Plains, NJ?

In terms of income distribution across age cohorts, in Morris Plains, the median household income stands at $161,418 for householders within the 25 to 44 years age group, followed by $160,476 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 $112,889..

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

The median age in Morris Plains is 43.5, 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 Morris Plains, the age group of 25 to 44 years also exhibits the highest median household income, recorded at $161,418.

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