Palisades Park, NJ median household income diversity
Based on our analysis of the distribution of Palisades Park population by race & ethnicity, the population is predominantly Asian. This particular racial category constitutes the majority, accounting for 58.73% of the total residents in Palisades Park. Notably, the median household income for Asian households is $91,782.
Interestingly, Asian is both the largest group and the one with the highest median household income, which stands at $91,782.
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 Palisades Park, a diversity of median household incomes is evident among households of different races. The Asian households boast the highest median household income at about $91,782. Two or More Races households have a median income of approximately $82,044. White households have a median income of approximately $73,370. Conversely, Some Other Race households reveal the lowest median income at $50,217. These disparities underscore the varied income distribution within the borough of Palisades Park.
Palisades Park, NJ median household income trends across races
A decade typically encompasses substantial economic changes. To conduct a comprehensive analysis of these changes in Palisades Park, we have analysed how these changes have unfolded among the racial categories identified by the U.S. Census Bureau for the borough of Palisades Park.
Key stats for each racial category as per our analysis of U.S. Census Bureau American Community Survey:
- White: In Palisades Park, the median household income for the households where the householder is White increased by $1,640(2.29%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $71,730 in 2011 and $73,370 in 2021.
- Black or African American: In Palisades Park, the median household income for Black or African American households was $102,841 in 2011(2022 inflation-adjusted dollars). However there is no reported data for 2021, indicating a lack of information for this specific year.
- American Indian and Alaska Native: Even though there is a population where the householder is American Indian and Alaska Native, there was no median household income reported by the U.S. Census Bureau for both 2011 and 2021.
- Asian: In Palisades Park, the median household income for the households where the householder is Asian increased by $7,161(8.46%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $84,621 in 2011 and $91,782 in 2021.
- Native Hawaiian and Other Pacific Islander: Even though there is a population where the householder is Native Hawaiian and Other Pacific Islander, there was no median household income reported by the U.S. Census Bureau for both 2011 and 2021.
- Some other race: In Palisades Park, the median household income for the households where the householder is Some other race decreased by $27,933(35.74%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $78,150 in 2011 and $50,217 in 2021.
- Two or more races (multiracial): In Palisades Park, there was no reported median household income for multiracial households in 2011. However, in 2021, the median household income increased to $82,044(2022 inflation-adjusted dollars), marking a significant change.
- Above analysis reconfirms that there are 4 race households in Palisades Park. Households are categorized based on the self-identified race of the head of household.
Palisades Park 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 | $74,360 | $71,730 | $65,641 | $66,990 | $65,825 | $72,177 | $63,385 | $69,666 | $63,763 | $63,546 | $71,865 | $73,370 | N/A |
| Black or African American | $101,825 | $102,841 | $70,275 | $101,167 | $67,294 | N/A | N/A | $125,535 | $123,169 | N/A | N/A | N/A | N/A |
| American Indian and Alaska Native | N/A | N/A | $143,823 | $9,989 | $11,953 | N/A | N/A | N/A | $45,028 | N/A | N/A | N/A | N/A |
| Asian | $73,055 | $84,621 | $78,932 | $88,331 | $81,449 | $88,443 | $89,486 | $88,203 | $88,080 | $102,478 | $100,789 | $91,782 | N/A |
| Some Other Race | $79,305 | $78,150 | $78,089 | $67,407 | $64,497 | $63,668 | $62,682 | $61,917 | $57,550 | $50,624 | $47,332 | $50,217 | N/A |
| Two or More Races | $90,079 | N/A | $267,033 | $120,058 | $111,691 | $99,843 | $101,436 | $72,356 | $61,863 | N/A | N/A | $82,044 | N/A |
Key observations: Households with multiracial householders witnessed significant growth in median household income, marking an impressive increase of $82,044. On the other hand, households where householder is Black or African American experienced a notable decline, with a decrease of $102,841 in median income.