Red Bank, NJ Income

The inflation-adjusted median household income in Red Bank was $87,317, based on U.S. Census Bureau ACS estimates.
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Updated Dec 15, 2023
Overview
$87,317
Median household income
0.5396
Gini coefficient
45 to 64 years ($115,471)
Highest median income age group
$787,824
Income of top 5%

All incomes in 2022 inflation-adjusted dollars using R-CPI-U-RS. Sources: U.S. Census Bureau, American Community Survey (ACS) 2017-2021 5-Year Estimates

Age of householder

Per the latest American Community Survey by the Census Bureau, Red Bank sees its highest median household income among householders in the age group of 45 to 64 years old, at $115,471. Here are the key highlights for income distribution by age:

  • In terms of income distribution across age cohorts, in Red Bank, the median household income stands at $115,471 for householders within the 45 to 64 years age group, followed by $95,031 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 $53,343.
  • Notably, household income for individuals within the 45 to 64 years age group demonstrated a remarkable increase of $12,696(12.35%), escalating from a median of $102,775 in 2011 to $115,471 in 2021.
  • 18(0.30%) households where the householder is under 25 years old.
  • 2,172(36.01%) households with a householder aged between 25 and 44 years.
  • 1,832(30.38%) households with a householder aged between 45 and 64 years.
  • 2,009(33.31%) households where the householder is over 65 years old.
The bar chart shows Red Bank, NJ median household income by age of householder. All incomes have been adjusted for 2022 inflation using the Consumer Price Index retroactive series (R-CPI-U-RS).
Red Bank, NJ median household income by age of householder: It offers a clear illustration of the differences in median household incomes in Red Bank, based on the age of householders divided into four cohorts : Under 25 years, 25 - 44 years, 45 to 64 years and 65 years and over. Source: U.S. Census Bureau American Community Survey (ACS) 2017-2021 5-Year Estimates

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Gender

In Red Bank, the population consists of 6,276 males (48.94%) and 6,549 females (51.06%). Here are the primary highlights from the gender-based income distribution analysis:

  • In Red Bank, the median income for all workers aged 15 years and older, regardless of work hours, was $60,826 for males and $45,291 for females.
  • However, when specifically considering full-time, year-round workers within the same age group, the median income was $80,273 for males and $73,098 for females.
  • In Red Bank, the median income for all workers aged 15 years and older, regardless of work hours, was $60,826 for males and $45,291 for females.
  • In Red Bank, among full-time, year-round workers aged 15 years and older, males earned a median income of $80,273, while females earned $73,098, resulting in a 9% gender pay gap among full-time workers. This illustrates that women earn 91 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 borough of Red Bank.
Line chart showing the annual median income trends in Red Bank, NJ for males and females across four employment categories: (1) Males in full-time year-round positions, (2) Males in non-full-time roles (part-time and other employment types), (3) Females in full-time year-round positions, and (4) Females in non-full-time roles (part-time and other employment types).
Red Bank, NJ gender based income disparity: Gain insights into gender-based pay disparity trends and explore the variations in income for male and female individuals, in 2022 inflation adjusted dollars. Source: U.S. Census Bureau American Community Survey (ACS) 2017-2021 5-Year Estimates

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Race

In Red Bank, the population is predominantly White, constituting 72.67% 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 $98,799.
  • In Red Bank, White is both the largest group and the one with the highest median household income, which stands at $98,799.
  • In Red Bank, the median household income for the households where the householder is White increased by $7,113(7.76%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $91,686 in 2011 and $98,799 in 2021.
  • In Red Bank, the median household income for the households where the householder is Black or African American increased by $10,750(20.99%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $51,214 in 2011 and $61,964 in 2021.
The bar chart shows Red Bank, NJ median household income across all racial categories identified by the U.S. Census Bureau.
Red Bank, NJ median household income diversity across racial categories: Gain insights into economic disparities and trends and explore the variations in median houshold income for diverse racial categories. Source: U.S. Census Bureau American Community Survey (ACS) 2017-2021 5-Year Estimates

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Year by year

Red Bank, NJ median household income trends by year, family type and household size (2010-2021):

  • From 2010 to 2021, the median household income for Red Bank increased by $7,550 (9.47%), 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 2015 to 2016, when the median household income increased by 8,499 (from $76,845 to $85,344). Similarly the most substantial year-by-year decline occured from 2017 to 2018, when the median household income decreased by 8,568 (from $89,958 to $81,390).
  • It then further increased to $152,540 for 6-person households, the largest household size for which the bureau reported a median household income.
  • With a Gini coefficient of 0.5396, it is evident that income distribution in Red Bank, NJ exihibits characterstics of moderate inequality .
  • For the family households, the median income (in 2022 inflation-adjusted dollars) was $115,591. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $69,086.
The line chart shows Red Bank, NJ median household income from 2010 to 2021. The orange line represents Census Bureau data for median household income (without adjusting for any inflation), while the blue line shows inflation-adjusted median household income for 2022.
Red Bank, NJ median household income trends: 2010 to 2021. The chart illustrates income fluctuations over the years, highlighting the impact of inflation on economic trends. Source: U.S. Census Bureau American Community Survey (ACS) 2017-2021 5-Year Estimates

Read more about Red Bank, NJ median household income ➔

References

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Neilsberg Research team are data scientists with expertise in processing, analysis and visualization of big data helping small businesses make right decisions.

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