Median Household Income by Age of Householder in Penns Grove, NJ (2022, in 2023 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Penns Grove. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Penns Grove.
| Age Of The Head Of Household | Median Household Income |
|---|---|
| Under 25 years | - |
| 25 to 44 years | - |
| 45 to 64 years | $47,024 |
| 65 years and over | $48,437 |
TABLE OF CONTENTS
Penns Grove, 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 Penns Grove population by age, the median age in Penns Grove is 25 years.
Typically for a location with median age in this range, it likely boasts a youthful population, indication a potential hub for emerging workforce. Interestingly, according to the latest American Community Survey data, the US Census Bureau did not report the median household income for householders in the Under 25 years age group in Penns Grove. This absence could be attributed to a smaller working population or fewer household heads within this age range, potentially resulting in less reliable or unavailable data for reporting.
In terms of income distribution across age cohorts, in Penns Grove, where there exist only two delineated age groups, the median household income is $48,437 for householders within the 65 years and over age group, compared to $47,024 for the 45 to 64 years 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 borough of Penns Grove.
FIGURE 1
Penns Grove, NJ median household income by age of householder
It offers a clear illustration of the differences in median household incomes in Penns Grove, 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 two 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 $17,732(60.54%), escalating from a median of $29,292 in 2012 to $47,024 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 $3,843(8.62%), increasing from a median of $44,594 in 2012 to $48,437 in 2022.
Penns Grove, NJ household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Penns Grove 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 17(1.06%) households where the householder is under 25 years old, 742(46.26%) households with a householder aged between 25 and 44 years, 548(34.16%) households with a householder aged between 45 and 64 years, and 297(18.52%) households where the householder is over 65 years old.
The age group of 65 years and over exhibits the highest median household income, while the largest number of households falls within the 25 to 44 years bracket. This distribution hints at economic disparities within the borough of Penns Grove, showcasing varying income levels among different age demographics.
FIGURE 2
Penns Grove, NJ household income distribution across age groups
Household income distribution across 16 income brackets among four distinct age groups in Penns Grove: under 25 years, 25-44 years, 45-64 years, and over 65 years
Age-wise distribution of Penns Grove household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Penns Grove: 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 | - | 275 | 10 | - |
| $10,000 - $14,999 | 17 | 86 | 125 | 67 |
| $15,000 - $19,999 | - | 16 | 36 | 26 |
| $20,000 - $24,999 | - | 7 | - | - |
| $25,000 - $29,999 | - | 129 | - | 13 |
| $30,000 - $34,999 | - | 3 | 33 | 12 |
| $35,000 - $39,999 | - | - | 28 | - |
| $40,000 - $44,999 | - | - | 40 | 22 |
| $45,000 - $49,999 | - | - | 31 | 14 |
| $50,000 - $59,999 | - | 12 | 32 | 31 |
| $60,000 - $74,999 | - | 40 | 103 | 21 |
| $75,000 - $99,999 | - | 132 | 53 | 46 |
| $100,000 - $124,999 | - | 15 | 34 | 13 |
| $125,000 - $149,999 | - | 1 | 7 | 20 |
| $150,000 - $199,999 | - | 12 | - | 12 |
| $200,000 or more | - | 14 | 16 | - |
To further explore the income distribution and gain insights into financial landscape of Penns Grove 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: It is noteworthy that no households in Penns Grove, where householders are under 25 years old, fall within or exceed the income bracket representing the median income of $101,133 for the state of New Jersey. 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 Penns Grove, among households headed by individuals aged 25 to 44,noteworthy that only 5.66% match or surpass the state of New Jersey median income of $101,133. These 42 households, represent a low portion of the total 742 households in Penns Grove within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Penns Grove, within the age group of 45 to 64 years, only 10.40% of households meet or exceed the state of New Jersey median income of $101,133. These 57 households, out of the total 548 households in this age cohort, signify a low portion of mature demographic of Penns Grove, showcasing commendable financial stability in comparison to the New Jersey state median income benchmark.
- Householder 65 years and over: In Penns Grove, among the over 65 years age group, only 15.15% of households either match or surpass the state of New Jersey median income of $101,133. These 45 households, constituting low portion of the Penns Grove 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 Penns Grove, NJ?
In Penns Grove, households led by individuals aged 65 years and over report the highest median household income of $48,437 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 Penns Grove, NJ?
In terms of income distribution across age cohorts, in Penns Grove, where there exist only two delineated age groups, the median household income is $48,437 for householders within the 65 years and over age group, compared to $47,024 for the 45 to 64 years age group..
How does the median household income for households led by individuals of median age compare in Penns Grove, NJ?
The median age in Penns Grove is 25, which falls within the Under 25 years range among the four age groups defined by the US Census Bureau. This demographic likely boasts a youthful population, indication a potential hub for emerging workforce. Interestingly, according to the latest American Community Survey data, the US Census Bureau did not report the median household income for householders in the Under 25 years age group in Penns Grove. This absence could be attributed to a smaller working population or fewer household heads within this age range, potentially resulting in less reliable or unavailable data for reporting.
References
- U.S. Census Bureau American Community Survey (ACS) 2018-2022 5-Year Estimates
- Consumer Price Index retroactive series using current methods (R-CPI-U-RS)