Gender
In Franklin township, the population consists of 32,917 males (48.50%) and 34,950 females (51.50%). Here are the primary highlights from the gender-based income distribution analysis:
- In Franklin township, the median income for all workers aged 15 years and older, regardless of work hours, was $66,049 for males and $42,655 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $85,899 for males and $70,088 for females.
- In Franklin township, the median income for all workers aged 15 years and older, regardless of work hours, was $66,049 for males and $42,655 for females.
- In Franklin township, among full-time, year-round workers aged 15 years and older, males earned a median income of $85,899, while females earned $70,088, leading to a 18% gender pay gap among full-time workers. This illustrates that women earn 82 cents for each dollar earned by men in full-time roles. This analysis indicates a widening gender pay gap, showing a substantial income disparity where women, despite working full-time, face a more significant wage discrepancy compared to men in the same roles.
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Race
In Franklin township, the population is predominantly White, constituting 37.94% 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 $90,776.
- In Franklin township, despite the White population being the most populous, it is worth noting that Asian households actually reports the highest median household income, with a median income of $152,638. This reveals that, while Whites may be the most numerous in Franklin township, Asian households experience greater economic prosperity in terms of median household income.
- In Franklin township, there was no reported median household income for White households in 2012. However, in 2022, the median household income increased to $90,776, marking a significant change.
- In Franklin township, there was no reported median household income for Black or African American households in 2012. However, in 2022, the median household income increased to $128,924, marking a significant change.
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Year by year
Franklin township, Somerset County, New Jersey median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Franklin township decreased by $14,121 (11.63%), as per the American Community Survey estimates.
- Between 2010 and 2021, median household income, adjusted for 2022 inflation, experienced growth year by year for 4 years and declined for 7 years.
- The most significant year-by-year growth occured from 2013 to 2014, when the median household income increased by 2,614 (from $111,945 to $114,559). Similarly the most substantial year-by-year decline occured from 2011 to 2012, when the median household income decreased by 6,307 (from $119,787 to $113,480).
- It then further increased to $161,227 for 7-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.3911, it is evident that income distribution in Franklin township, Somerset County, New Jersey exihibits characterstics of moderate equality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $131,384. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $80,665.
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