Gender
In Cherry Hill township, the population consists of 36,090 males (48.64%) and 38,113 females (51.36%). Here are the primary highlights from the gender-based income distribution analysis:
- In Cherry Hill township, the median income for all workers aged 15 years and older, regardless of work hours, was $72,181 for males and $44,185 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $97,069 for males and $84,343 for females.
- In Cherry Hill township, the median income for all workers aged 15 years and older, regardless of work hours, was $72,181 for males and $44,185 for females.
- In Cherry Hill township, among full-time, year-round workers aged 15 years and older, males earned a median income of $97,069, while females earned $84,343, resulting in a 13% gender pay gap among full-time workers. This illustrates that women earn 87 cents for each dollar earned by men in full-time positions. While this gap shows a trend where women are inching closer to wage parity with men, it also exhibits a noticeable income difference for women working full-time in the township of Cherry Hill township.
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Race
In Cherry Hill township, the population is predominantly White, constituting 73.89% of the total residents. Here are the key highlights from the analysis of income distribution by race:
- The median household income for White households is $144,125.
- In Cherry Hill township, White is both the largest group and the one with the highest median household income, which stands at $144,125.
- In Cherry Hill township, the median household income for the households where the householder is White increased by $31,943(28.47%), between 2012 and 2022. The median household income, in 2022 inflation-adjusted dollars, was $112,182 in 2012 and $144,125 in 2022.
- In Cherry Hill township, the median household income for the households where the householder is Black or African American decreased by $42,468(30.87%), between 2012 and 2022. The median household income, in 2022 inflation-adjusted dollars, was $137,550 in 2012 and $95,082 in 2022.
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Year by year
Cherry Hill Township, New Jersey median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Cherry Hill township decreased by $2,958 (2.49%), as per the American Community Survey estimates.
- Between 2010 and 2021, median household income, adjusted for 2022 inflation, experienced growth year by year for 6 years and declined for 5 years.
- The most significant year-by-year growth occured from 2018 to 2019, when the median household income increased by 3,687 (from $116,901 to $120,588). Similarly the most substantial year-by-year decline occured from 2019 to 2020, when the median household income decreased by 5,600 (from $120,588 to $114,988).
- It then further decreased to -666,666,666 for 7-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.4368, it is evident that income distribution in Cherry Hill Township, New Jersey exihibits characterstics of moderate inequality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $154,638. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $60,164.
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