Palmyra, NJ median household income diversity
Based on our analysis of the distribution of Palmyra population by race & ethnicity, the population is predominantly White. This particular racial category constitutes the majority, accounting for 70.17% of the total residents in Palmyra. Notably, the median household income for White households is $91,247.
Interestingly, despite the White population being the most populous, it is worth noting that Two or More Races households actually reports the highest median household income, with a median income of $148,833. This reveals that, while Whites may be the most numerous in Palmyra, Two or More Races households experience greater economic prosperity in terms of median household income.
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).
As we explore median household incomes in Palmyra, we observe that Two or More Races households report a median income of about $148,833, White households report a median income of about $91,247 and Black or African American households earn roughly $58,382. These differences shed light on the income distribution within the borough of Palmyra.
Palmyra, NJ median household income trends across races
A decade typically encompasses substantial economic changes. To conduct a comprehensive analysis of these changes in Palmyra, we have analysed how these changes have unfolded among the racial categories identified by the U.S. Census Bureau for the borough of Palmyra.
Key stats for each racial category as per our analysis of U.S. Census Bureau American Community Survey:
- White: In Palmyra, the median household income for the households where the householder is White increased by $4,699(5.43%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $86,548 in 2011 and $91,247 in 2021.
- Black or African American: In Palmyra, the median household income for the households where the householder is Black or African American increased by $13,006(28.66%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $45,376 in 2011 and $58,382 in 2021.
- American Indian and Alaska Native: The U.S. Census Bureau population data for Palmyra, indicates a lack of households led by American Indian and Alaska Native individuals. As a result, the median household income for the American Indian and Alaska Native population is not available.
- Asian: In Palmyra, the median household income for Asian households was $79,155 in 2011(2022 inflation-adjusted dollars). However there is no reported data for 2021, indicating a lack of information for this specific year.
- Native Hawaiian and Other Pacific Islander: According to the U.S. Census Bureau population data for Palmyra, there are no households with Native Hawaiian and Other Pacific Islander householders. Consequently, the median household income for the Native Hawaiian and Other Pacific Islander population is not available.
- Some other race: In Palmyra, the median household income for Some other race households was $71,263 in 2011(2022 inflation-adjusted dollars). However there is no reported data for 2021, indicating a lack of information for this specific year.
- Two or more races (multiracial): In Palmyra, there was no reported median household income for multiracial households in 2011. However, in 2021, the median household income increased to $148,833(2022 inflation-adjusted dollars), marking a significant change.
- Above analysis reconfirms that there are 3 race households in Palmyra. Households are categorized based on the self-identified race of the head of household.
Palmyra 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 | $84,520 | $86,548 | $85,070 | $82,727 | $83,037 | $86,657 | $83,889 | $89,706 | $90,060 | $92,427 | $85,954 | $91,247 | N/A |
| Black or African American | $65,777 | $45,376 | $68,843 | $56,185 | $55,144 | $55,868 | $65,496 | $59,282 | $59,875 | $59,791 | $58,972 | $58,382 | N/A |
| American Indian and Alaska Native | N/A | N/A | $21,042 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Asian | $108,202 | $79,155 | $81,765 | $102,062 | $109,622 | $103,217 | $102,772 | $102,463 | $96,285 | $96,450 | N/A | N/A | N/A |
| Some Other Race | $112,109 | $71,263 | $100,253 | $72,117 | $69,481 | $64,112 | $74,477 | $56,438 | $56,407 | $56,693 | $89,077 | N/A | N/A |
| Two or More Races | N/A | N/A | $45,628 | $47,821 | $34,128 | N/A | N/A | $148,205 | $118,367 | $119,062 | $117,901 | $148,833 | N/A |
Key observations: Households with multiracial householders witnessed significant growth in median household income, marking an impressive increase of $148,833. On the other hand, households where householder is Asian experienced a notable decline, with a decrease of $79,155 in median income.