Ridgefield Park, NJ Median Household Income By Age

Ridgefield Park, 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 Ridgefield Park population by age, the median age in Ridgefield Park is 38.5 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 Ridgefield Park, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $96,129.

In terms of income distribution across age cohorts, in Ridgefield Park, the median household income stands at $120,121 for householders within the 45 to 64 years age group, followed by $96,129 for the 25 to 44 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $58,120.

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 Ridgefield Park.

FIGURE 1

Ridgefield Park, NJ median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Ridgefield Park, 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, none had a decline during this time period. Notably, household income for individuals within the 25 to 44 years age group demonstrated a remarkable increase of $7,776(8.80%), escalating from a median of $88,353 in 2012 to $96,129 in 2022. 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 $176(0.15%), increasing from a median of $119,945 in 2012 to $120,121 in 2022.

Ridgefield Park, NJ household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Ridgefield Park 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 95(1.87%) households where the householder is under 25 years old, 1,773(34.97%) households with a householder aged between 25 and 44 years, 2,031(40.06%) households with a householder aged between 45 and 64 years, and 1,171(23.10%) households where the householder is over 65 years old.

In Ridgefield Park, 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.

FIGURE 2

Ridgefield Park, NJ household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Ridgefield Park: 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 Ridgefield Park 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 worth noting that 40% of the households in Ridgefield Park, where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $101,133 for the state of New Jersey. These 38 Ridgefield Park households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
• Householder 25 to 44 years: In Ridgefield Park, among households headed by individuals aged 25 to 44,worth noting that 46.25% match or surpass the state of New Jersey median income of $101,133. These 820 households, represent a notable portion of the total 1,773 households in Ridgefield Park within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Ridgefield Park, within the age group of 45 to 64 years, a remarkable 61.55% of households meet or exceed the state of New Jersey median income of $101,133. These 1,250 households, out of the total 2,031 households in this age cohort, signify a substantial portion of mature demographic of Ridgefield Park, showcasing commendable financial stability in comparison to the New Jersey state median income benchmark.
• Householder 65 years and over: In Ridgefield Park, among the over 65 years age group, a noteworthy 29.38% of households either match or surpass the state of New Jersey median income of $101,133. These 344 households, constituting notable portion of the Ridgefield Park village 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 Ridgefield Park, NJ?

In Ridgefield Park, households led by individuals aged 45 to 64 years report the highest median household income of $120,121 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 Ridgefield Park, NJ?

In terms of income distribution across age cohorts, in Ridgefield Park, the median household income stands at $120,121 for householders within the 45 to 64 years age group, followed by $96,129 for the 25 to 44 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $58,120..

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

The median age in Ridgefield Park is 38.5, 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 Ridgefield Park, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $96,129.

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