Age of householder
Per the latest American Community Survey by the Census Bureau, Parsippany-Troy Hills township sees its highest median household income among householders in the age group of 45 to 64 years old, at $144,168. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Parsippany-Troy Hills township, householders within the 45 to 64 years age group have the highest median household income at $144,168, followed by those in the 25 to 44 years age group with an income of $116,392. Meanwhile householders within the under 25 years age group report the second lowest median household income of $87,248. Notably, householders within the 65 years and over age group, had the lowest median household income at $74,452.
- Notably, household income for individuals within the Under 25 years age group demonstrated a remarkable increase of $38,214(77.93%), escalating from a median of $49,034 in 2011 to $87,248 in 2021.
- 577(2.66%) households where the householder is under 25 years old.
- 7,109(32.78%) households with a householder aged between 25 and 44 years.
- 8,577(39.54%) households with a householder aged between 45 and 64 years.
- 5,427(25.02%) households where the householder is over 65 years old.
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Gender
In Parsippany-Troy Hills township, the population consists of 27,644 males (49.50%) and 28,204 females (50.50%). Here are the primary highlights from the gender-based income distribution analysis:
- In Parsippany-Troy Hills township, the median income for all workers aged 15 years and older, regardless of work hours, was $71,022 for males and $44,640 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $97,854 for males and $84,364 for females.
- In Parsippany-Troy Hills township, the median income for all workers aged 15 years and older, regardless of work hours, was $71,022 for males and $44,640 for females.
- In Parsippany-Troy Hills township, among full-time, year-round workers aged 15 years and older, males earned a median income of $97,854, while females earned $84,364, resulting in a 14% gender pay gap among full-time workers. This illustrates that women earn 86 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 Parsippany-Troy Hills township.
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Race
In Parsippany-Troy Hills township, the population is predominantly White, constituting 53.22% 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 $103,489.
- In Parsippany-Troy Hills 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 $146,353. This reveals that, while Whites may be the most numerous in Parsippany-Troy Hills township, Asian households experience greater economic prosperity in terms of median household income.
- In Parsippany-Troy Hills township, the median household income for the households where the householder is White decreased by $5,903(5.40%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $109,392 in 2011 and $103,489 in 2021.
- In Parsippany-Troy Hills township, the median household income for the households where the householder is Black or African American increased by $20,391(24.40%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $83,572 in 2011 and $103,963 in 2021.
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Year by year
Parsippany-Troy Hills 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 Parsippany-Troy Hills township decreased by $4,146 (3.58%), as per the American Community Survey estimates.
- Between 2010 and 2021, median household income, adjusted for 2022 inflation, experienced growth year by year for 5 years and declined for 6 years.
- The most significant year-by-year growth occured from 2017 to 2018, when the median household income increased by 4,555 (from $112,474 to $117,029). Similarly the most substantial year-by-year decline occured from 2019 to 2020, when the median household income decreased by 4,990 (from $117,587 to $112,597).
- It then further increased to $144,690 for 7-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.4094, it is evident that income distribution in Parsippany-Troy Hills Township, New Jersey exihibits characterstics of moderate inequality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $144,921. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $75,622.
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