Age of householder
Per the latest American Community Survey by the Census Bureau, West Cape May sees its highest median household income among householders in the age group of 45 to 64 years old, at $146,464. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in West Cape May, where there exist only two delineated age groups, the median household income is $146,464 for householders within the 45 to 64 years age group, compared to $62,152 for the 65 years and over age group.
- Notably, household income for individuals within the 45 to 64 years age group demonstrated a remarkable increase of $76,590(109.61%), escalating from a median of $69,874 in 2011 to $146,464 in 2021.
- 11(2.40%) households where the householder is under 25 years old.
- 80(17.43%) households with a householder aged between 25 and 44 years.
- 124(27.02%) households with a householder aged between 45 and 64 years.
- 244(53.16%) households where the householder is over 65 years old.
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Gender
In West Cape May, the population consists of 493 males (48.48%) and 524 females (51.52%). Here are the primary highlights from the gender-based income distribution analysis:
- In West Cape May, the median income for all workers aged 15 years and older, regardless of work hours, was $51,820 for males and $29,050 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $63,804 for males and $76,564 for females.
- In West Cape May, the median income for all workers aged 15 years and older, regardless of work hours, was $51,820 for males and $29,050 for females.
- In West Cape May, among full-time, year-round workers aged 15 years and older, males earned a median income of $63,804, while females earned $76,564
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Race
In West Cape May, the population is predominantly White, constituting 76.79% 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 $83,095.
- In West Cape May, White is both the largest group and the one with the highest median household income, which stands at $83,095.
- In West Cape May, the median household income for the households where the householder is White increased by $16,973(25.67%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $66,122 in 2011 and $83,095 in 2021.
- In West Cape May, the median household income for the households where the householder is Black or African American decreased by $6,572(13.52%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $48,626 in 2011 and $42,054 in 2021.
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Year by year
West Cape May, NJ median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for West Cape May increased by $22,434 (34.44%), 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 2018 to 2019, when the median household income increased by 24,122 (from $75,989 to $100,111). Similarly the most substantial year-by-year decline occured from 2019 to 2020, when the median household income decreased by 12,057 (from $100,111 to $88,054).
- It then further increased to $127,458 for 3-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.4163, it is evident that income distribution in West Cape May, NJ exihibits characterstics of moderate inequality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $104,424. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $52,424.
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