Morristown, NY 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 Morristown population by age, the median age in Morristown is 53.2 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 Morristown, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $84,041.
In terms of income distribution across age cohorts, in Morristown, where there exist only two delineated age groups, the median household income is $84,041 for householders within the 45 to 64 years age group, compared to $77,691 for the 65 years and over age group.
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 village of Morristown.
Analysis of income trends over the past decade highlights notable shifts across various age groups. Among the two age groups with available Census data in both 2011 and 2021, none had a decline during this time period. Notably, household income for individuals within the 65 years and over age group demonstrated a remarkable increase of $23,753(44.04%), escalating from a median of $53,938 in 2011 to $77,691 in 2021. Conversely, the age group of 45 to 64 years years witnessed the smallest growth in household income across the same span. Their median income saw a small increase of $9,673(13.01%), increasing from a median of $74,368 in 2011 to $84,041 in 2021.
Morristown, NY household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Morristown 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 12(7.89%) households where the householder is under 25 years old, 44(28.95%) households with a householder aged between 25 and 44 years, 61(40.13%) households with a householder aged between 45 and 64 years, and 35(23.03%) households where the householder is over 65 years old.
In Morristown, the age group of 45 to 64 years stands out with both the highest median income and the maximum share of households. This alignment suggests a financially stable demographic, indicating an established community with stable careers and higher incomes.
Age-wise distribution of Morristown household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Morristown: 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 | - | 6 | 2 | - |
| $10,000 - $14,999 | - | 7 | - | 2 |
| $15,000 - $19,999 | - | - | 1 | 1 |
| $20,000 - $24,999 | - | 2 | 1 | 2 |
| $25,000 - $29,999 | - | 4 | - | - |
| $30,000 - $34,999 | - | - | 9 | - |
| $35,000 - $39,999 | - | - | 3 | 2 |
| $40,000 - $44,999 | 6 | 2 | - | - |
| $45,000 - $49,999 | - | - | 2 | 3 |
| $50,000 - $59,999 | - | - | 1 | 1 |
| $60,000 - $74,999 | 6 | 2 | 11 | 7 |
| $75,000 - $99,999 | - | 3 | 24 | 5 |
| $100,000 - $124,999 | - | 15 | 2 | 4 |
| $125,000 - $149,999 | - | - | - | 1 |
| $150,000 - $199,999 | - | 3 | 2 | 4 |
| $200,000 or more | - | - | 3 | 3 |
To further explore the income distribution and gain insights into financial landscape of Morristown when compared to the state of New York 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 Morristown, where householders are under 25 years old, fall within or exceed the income bracket representing the median income of $79,557 for the state of New York. 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 Morristown, among households headed by individuals aged 25 to 44,worth noting that 47.73% match or surpass the state of New York median income of $79,557. These 21 households, represent a notable portion of the total 44 households in Morristown within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Morristown, within the age group of 45 to 64 years, a remarkable 50.82% of households meet or exceed the state of New York median income of $79,557. These 31 households, out of the total 61 households in this age cohort, signify a substantial portion of mature demographic of Morristown, showcasing commendable financial stability in comparison to the New York state median income benchmark.
- Householder 65 years and over: In Morristown, among the over 65 years age group, a noteworthy 48.57% of households either match or surpass the state of New York median income of $79,557. These 17 households, constituting notable portion of the Morristown village senior population, showcase commendable financial stability compared to the New York state median income benchmark.