Age of householder
Per the latest American Community Survey by the Census Bureau, Ho-Ho-Kus sees its highest median household income among householders in the age group of 25 to 44 years old, at $270,229. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Ho-Ho-Kus, the median household income stands at $270,229 for householders within the 25 to 44 years age group, followed by $270,229 for the 45 to 64 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $140,068.
- Notably, household income for individuals within the 25 to 44 years age group demonstrated a remarkable increase of $37,440(16.08%), escalating from a median of $232,789 in 2011 to $270,229 in 2021.
- 0 households where the householder is under 25 years old.
- 342(23.68%) households with a householder aged between 25 and 44 years.
- 747(51.73%) households with a householder aged between 45 and 64 years.
- 355(24.58%) households where the householder is over 65 years old.
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Gender
In Ho-Ho-Kus, the population consists of 2,066 males (48.63%) and 2,182 females (51.37%). Here are the primary highlights from the gender-based income distribution analysis:
- In Ho-Ho-Kus, the median income for all workers aged 15 years and older, regardless of work hours, was $191,411 for males and $61,747 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $258,743 for males and $125,891 for females.
- In Ho-Ho-Kus, the median income for all workers aged 15 years and older, regardless of work hours, was $191,411 for males and $61,747 for females.
- In Ho-Ho-Kus, among full-time, year-round workers aged 15 years and older, males earned a median income of $258,743, while females earned $125,891, leading to a 51% gender pay gap among full-time workers. This illustrates that women earn 49 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 Ho-Ho-Kus, the population is predominantly White, constituting 76.06% 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 $260,902.
- In Ho-Ho-Kus, 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 $270,229. This reveals that, while Whites may be the most numerous in Ho-Ho-Kus, Asian households experience greater economic prosperity in terms of median household income.
- In Ho-Ho-Kus, the median household income for the households where the householder is White increased by $49,906(23.65%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $210,996 in 2011 and $260,902 in 2021.
- Even though there is a population where the householder is Black or African American, there was no median household income reported by the U.S. Census Bureau for both 2011 and 2021.
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Year by year
Ho-Ho-Kus, NJ median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Ho-Ho-Kus increased by $55,096 (26.34%), 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 24,975 (from $224,045 to $249,020). Similarly the most substantial year-by-year decline occured from 2013 to 2014, when the median household income decreased by 19,193 (from $209,223 to $190,030).
- It then further increased to $270,229 for 5-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.4341, it is evident that income distribution in Ho-Ho-Kus, NJ exihibits characterstics of moderate inequality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $270,229. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $138,867.
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