Age of householder
Per the latest American Community Survey by the Census Bureau, Wood-Ridge sees its highest median household income among householders in the age group of 25 to 44 years old, at $165,968. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Wood-Ridge, the median household income stands at $165,968 for householders within the 25 to 44 years age group, followed by $134,290 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 $80,353.
- Notably, household income for individuals within the 45 to 64 years age group demonstrated a remarkable increase of $10,877(8.81%), escalating from a median of $123,413 in 2011 to $134,290 in 2021.
- 28(0.75%) households where the householder is under 25 years old.
- 1,431(38.31%) households with a householder aged between 25 and 44 years.
- 1,539(41.20%) households with a householder aged between 45 and 64 years.
- 737(19.73%) households where the householder is over 65 years old.
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Gender
In Wood-Ridge, the population consists of 4,928 males (49.95%) and 4,937 females (50.05%). Here are the primary highlights from the gender-based income distribution analysis:
- In Wood-Ridge, the median income for all workers aged 15 years and older, regardless of work hours, was $80,672 for males and $43,816 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $103,167 for males and $78,441 for females.
- In Wood-Ridge, the median income for all workers aged 15 years and older, regardless of work hours, was $80,672 for males and $43,816 for females.
- In Wood-Ridge, among full-time, year-round workers aged 15 years and older, males earned a median income of $103,167, while females earned $78,441, leading to a 24% gender pay gap among full-time workers. This illustrates that women earn 76 cents for each dollar earned by men in full-time roles. This analysis indicates a widening gender pay gap, showing a substantial income disparity where women, despite working full-time, face a more significant wage discrepancy compared to men in the same roles.
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Race
In Wood-Ridge, the population is predominantly White, constituting 70.58% 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 $135,621.
- In Wood-Ridge, despite the White population being the most populous, it is worth noting that Two or More Races households actually reports the highest median household income, with a median income of $177,731. This reveals that, while Whites may be the most numerous in Wood-Ridge, Two or More Races households experience greater economic prosperity in terms of median household income.
- In Wood-Ridge, the median household income for the households where the householder is White increased by $13,654(11.19%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $121,967 in 2011 and $135,621 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
Wood-Ridge, NJ median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Wood-Ridge increased by $11,161 (9.15%), as per the American Community Survey estimates.
- Between 2010 and 2021, median household income, adjusted for 2022 inflation, experienced growth year by year for 4 years and declined for 7 years.
- The most significant year-by-year growth occured from 2018 to 2019, when the median household income increased by 18,312 (from $108,710 to $127,022). Similarly the most substantial year-by-year decline occured from 2017 to 2018, when the median household income decreased by 13,785 (from $122,495 to $108,710).
- It then further increased to $204,893 for 5-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.3867, it is evident that income distribution in Wood-Ridge, NJ exihibits characterstics of moderate equality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $166,035. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $66,476.
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