West Cape May, NJ Median Household Income By Age

West Cape May, NJ median household income by age of householder

As one can expect, household incomes typically rise as the head of the household gets older. However, this upward trend reaches a peak at a certain point, and beyond that, it tends to level off or even decrease. Based on our analysis of the distribution of West Cape May population by age, the median age in West Cape May is 60.3 years.

Typically for a location with median age in this range, it tends to house more established professionals, possibly reflecting stable households and higher earning poptential. Interestingly, within West Cape May, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $153,466.

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 $153,466 for householders within the 45 to 64 years age group, compared to $71,152 for the 65 years and over age group.

For a better visual representation of these income disparities, refer to the bar chart below. It offers a clear illustration of the differences in median household incomes based on the age of householders, derived from most current ACS data provided by the Census Bureau for the borough of West Cape May.

FIGURE 1

West Cape May, NJ median household income by age of householder

It offers a clear illustration of the differences in median household incomes in West Cape May, 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.

Analysis of income trends over the past decade highlights notable shifts across various age groups. Among the two age groups with available Census data in both 2012 and 2022, none had a decline during this time period. Notably, household income for individuals within the 45 to 64 years age group demonstrated a remarkable increase of $80,116(109.22%), escalating from a median of $73,350 in 2012 to $153,466 in 2022. Conversely, the age group of 65 years and over years witnessed the smallest growth in household income across the same span. Their median income saw a small increase of $25,809(56.92%), increasing from a median of $45,343 in 2012 to $71,152 in 2022.

West Cape May, NJ household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the West Cape May population, we conducted an analysis of household incomes across 16 distinct brackets within four age cohorts: under 25 years, 25 to 44 years, 45 to 64 years, and over 65 years.

Upon closer examination of the distribution of households among age brackets, it reveals that there are 10(2.38%) households where the householder is under 25 years old, 40(9.50%) households with a householder aged between 25 and 44 years, 137(32.54%) households with a householder aged between 45 and 64 years, and 234(55.58%) households where the householder is over 65 years old.

The age group of 45 to 64 years exhibits the highest median household income, while the largest number of households falls within the 65 years and over bracket. This distribution hints at economic disparities within the borough of West Cape May, showcasing varying income levels among different age demographics.

FIGURE 2

West Cape May, NJ household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in West Cape May: under 25 years, 25-44 years, 45-64 years, and over 65 years

To further explore the income distribution and gain insights into financial landscape of West Cape May when compared to the state of New Jersey and The United States, we analyzed household incomes across various age cohorts and their corresponding income brackets. Here, are our key findings:

• Householder under 25 years: It is noteworthy that no households in West Cape May, where householders are under 25 years old, fall within or exceed the income bracket representing the median income of $101,133 for the state of New Jersey. This indicates an income disparity among households headed by individuals under 25 years old when compared to the median income of the state.
• Householder 25 to 44 years: In West Cape May, among households headed by individuals aged 25 to 44, an impressive 55% match or surpass the state of New Jersey median income of $101,133. These 22 households, represent a significant portion of the total 40 households in West Cape May within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In West Cape May, within the age group of 45 to 64 years, a remarkable 67.88% of households meet or exceed the state of New Jersey median income of $101,133. These 93 households, out of the total 137 households in this age cohort, signify a substantial portion of mature demographic of West Cape May, showcasing commendable financial stability in comparison to the New Jersey state median income benchmark.
• Householder 65 years and over: In West Cape May, among the over 65 years age group, a noteworthy 30.34% of households either match or surpass the state of New Jersey median income of $101,133. These 71 households, constituting notable portion of the West Cape May borough senior population, showcase commendable financial stability compared to the New Jersey state median income benchmark.

Things to know

Which age group reports the highest median household income in West Cape May, NJ?

In West Cape May, households led by individuals aged 45 to 64 years report the highest median household income of $153,466 according to the American Community Survey 2018-2022 5-Year Estimates by the US Census Bureau.

How does the median household income vary by age in West Cape May, NJ?

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 $153,466 for householders within the 45 to 64 years age group, compared to $71,152 for the 65 years and over age group..

How does the median household income for households led by individuals of median age compare in West Cape May, NJ?

The median age in West Cape May is 60.3, which falls within the 45 to 64 years range among the four age groups defined by the US Census Bureau. This demographic tends to house more established professionals, possibly reflecting stable households and higher earning poptential. Interestingly, within West Cape May, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $153,466.

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