Age of householder
Per the latest American Community Survey by the Census Bureau, Verona township sees its highest median household income among householders in the age group of 45 to 64 years old, at $211,678. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Verona township, the median household income stands at $211,678 for householders within the 45 to 64 years age group, followed by $173,757 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 $77,555.
- Notably, household income for individuals within the 45 to 64 years age group demonstrated a remarkable increase of $46,415(28.09%), escalating from a median of $165,263 in 2011 to $211,678 in 2021.
- 0 households where the householder is under 25 years old.
- 1,335(23.36%) households with a householder aged between 25 and 44 years.
- 2,392(41.86%) households with a householder aged between 45 and 64 years.
- 1,987(34.77%) households where the householder is over 65 years old.
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Gender
In Verona township, the population consists of 6,728 males (46.47%) and 7,751 females (53.53%). Here are the primary highlights from the gender-based income distribution analysis:
- In Verona township, the median income for all workers aged 15 years and older, regardless of work hours, was $91,470 for males and $61,582 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $111,618 for males and $96,170 for females.
- In Verona township, the median income for all workers aged 15 years and older, regardless of work hours, was $91,470 for males and $61,582 for females.
- In Verona township, among full-time, year-round workers aged 15 years and older, males earned a median income of $111,618, while females earned $96,170, 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 Verona township.
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Race
In Verona township, the population is predominantly White, constituting 91.32% 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 $152,201.
- In Verona 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 $270,229. This reveals that, while Whites may be the most numerous in Verona township, Asian households experience greater economic prosperity in terms of median household income.
- In Verona township, the median household income for the households where the householder is White increased by $25,511(20.14%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $126,690 in 2011 and $152,201 in 2021.
- In Verona township, the median household income for Black or African American households was $78,424 in 2011(2022 inflation-adjusted dollars). However there is no reported data for 2021, indicating a lack of information for this specific year.
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Year by year
Verona 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 Verona township increased by $25,837 (20.41%), as per the American Community Survey estimates.
- Between 2010 and 2021, median household income, adjusted for 2022 inflation, experienced growth year by year for 7 years and declined for 4 years.
- The most significant year-by-year growth occured from 2016 to 2017, when the median household income increased by 6,888 (from $128,949 to $135,837). Similarly the most substantial year-by-year decline occured from 2013 to 2014, when the median household income decreased by 1,718 (from $126,443 to $124,725).
- It then further increased to $153,354 for 6-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.453, it is evident that income distribution in Verona Township, New Jersey exihibits characterstics of moderate inequality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $184,641. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $64,258.
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