Age of householder
Per the latest American Community Survey by the Census Bureau, Franklin Lakes sees its highest median household income among householders in the age group of 45 to 64 years old, at $270,229. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Franklin Lakes, the median household income stands at $270,229 for householders within the 45 to 64 years age group, followed by $215,732 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 $128,527.
- Notably, household income for individuals within the 45 to 64 years age group demonstrated a remarkable increase of $19,263(7.68%), escalating from a median of $250,966 in 2011 to $270,229 in 2021.
- 0 households where the householder is under 25 years old.
- 565(14.70%) households with a householder aged between 25 and 44 years.
- 1,975(51.38%) households with a householder aged between 45 and 64 years.
- 1,304(33.92%) households where the householder is over 65 years old.
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Gender
In Franklin Lakes, the population consists of 5,525 males (50.07%) and 5,509 females (49.93%). Here are the primary highlights from the gender-based income distribution analysis:
- In Franklin Lakes, the median income for all workers aged 15 years and older, regardless of work hours, was $117,299 for males and $45,772 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $196,687 for males and $94,182 for females.
- In Franklin Lakes, the median income for all workers aged 15 years and older, regardless of work hours, was $117,299 for males and $45,772 for females.
- In Franklin Lakes, among full-time, year-round workers aged 15 years and older, males earned a median income of $196,687, while females earned $94,182, leading to a 52% gender pay gap among full-time workers. This illustrates that women earn 48 cents for each dollar earned by men in full-time roles. This level of income gap emphasizes the urgency to address and rectify this ongoing disparity, where women, despite working full-time, face a more significant wage discrepancy compared to men in the same employment roles.
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Race
In Franklin Lakes, the population is predominantly White, constituting 81.02% 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 $216,858.
- In Franklin Lakes, 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 $270,229. This reveals that, while Whites may be the most numerous in Franklin Lakes, Two or More Races households experience greater economic prosperity in terms of median household income.
- In Franklin Lakes, the median household income for the households where the householder is White increased by $29,356(15.66%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $187,502 in 2011 and $216,858 in 2021.
- In Franklin Lakes, there was no reported median household income for Black or African American households in 2011. However, in 2021, the median household income increased to $107,624(2022 inflation-adjusted dollars), marking a significant change.
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Year by year
Franklin Lakes, NJ median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Franklin Lakes decreased by $539 (0.26%), as per the American Community Survey estimates.
- Between 2010 and 2021, median household income, adjusted for 2022 inflation, experienced growth year by year for 8 years and declined for 3 years.
- The most significant year-by-year growth occured from 2018 to 2019, when the median household income increased by 11,460 (from $186,913 to $198,373). Similarly the most substantial year-by-year decline occured from 2010 to 2011, when the median household income decreased by 10,673 (from $204,044 to $193,371).
- It then further increased to $270,229 for 7-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.4878, it is evident that income distribution in Franklin Lakes, NJ exihibits characterstics of moderate inequality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $237,872. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $56,241.
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