Median Household Income in Weymouth Township, New Jersey (2010-2021, in 2022 inflation-adjusted dollars)
Below, you will find a table illustrating the median household income in Weymouth township, spanning the years from 2010 to 2021, with all figures adjusted to 2022 inflation-adjusted dollars.
Year | Median Household Income | YOY Change($) | YOY Change(%) |
---|---|---|---|
2010 | 69,588 | - | - |
2011 | 69,387 | -201 | -0.29% |
2012 | 71,279 | 1,892 | 2.73% |
2013 | 69,055 | -2,224 | -3.12% |
2014 | 68,838 | -217 | -0.31% |
2015 | 70,221 | 1,383 | 2.01% |
2016 | 71,165 | 944 | 1.34% |
2017 | 73,187 | 2,022 | 2.84% |
2018 | 71,868 | -1,319 | -1.80% |
2019 | 71,046 | -822 | -1.14% |
2020 | 72,503 | 1,457 | 2.05% |
2021 | 66,275 | -6,228 | -8.59% |
TABLE OF CONTENTS
Weymouth Township, New Jersey median household income trends: 2010 to 2021
From 2010 to 2021, the median household income for Weymouth township decreased by $3,313 (4.76%), as per the American Community Survey estimates. In comparison, median household income for the United States increased by $4,559 (6.51%) between 2010 and 2021.
Analyzing the trend in median household income between the years 2010 and 2021, spanning 11 annual cycles, we observed that median household income, when adjusted for 2022 inflation using the Consumer Price Index retroactive series (R-CPI-U-RS), experienced growth year by year for 5 years and declined for 6 years.
The most significant year-by-year growth occured from 2016 to 2017, when the median household income increased by 2,022 (from $71,165 to $73,187). Similarly the most substantial year-by-year decline occured from 2020 to 2021, when the median household income decreased by 6,228 (from $72,503 to $66,275).
In New Jersey, among cities with populations of fewer than 5,000 residents, Weymouth township ranks 165th out of 184 for median household income. This rank indicates that it falls within the lower-income range of small cities within the state of New Jersey.
Median household income in Weymouth Township, New Jersey by household size
To gain deeper insights into the median household income for Weymouth township, we conducted an analysis of the most recent available data from the U.S. Census Bureau American Community Survey 5 year Estimates (the most recent data available).
Of the 7 household sizes (1 person to 7-or-more person households) reported by the census bureau, Weymouth township did not include 5, 6, or 7-person households. Across the different household sizes in Weymouth township the mean income is $80,370, and the standard deviation is $30,475. The coefficient of variation (CV) is 37.92%. This high CV indicates high relative variability, suggesting that the incomes vary significantly across different sizes of households.
In the most recent year, 2021, The smallest household size for which the bureau reported a median household income was 1-person households, with an income of $57,086. It then further increased to $124,980 for 4-person households, the largest household size for which the bureau reported a median household income.
Weymouth township median household income by household size
The table below displays median household incomes for various household sizes, as reported by the U.S. Census Bureau. Explore how household income varies with the size of the family unit.
Household Size | Median Household Income |
---|---|
1-person households | 57,086 |
2-person households | 73,360 |
3-person households | 66,056 |
4-person households | 124,980 |
5-person households | 0 |
6-person households | 0 |
7-or-more-person households | 0 |
According to the Census Bureau data, the median household income reaches its peak among 4-person households, reaching $124,980 .
Things to know
What is the Gini index for Weymouth Township, New Jersey?
As per the Census Bureau, the Gini coefficient for Weymouth township is 0.5713. With this value of Gini coefficient, it is evident that income distribution in Weymouth township exihibits characterstics of moderate inequality .
This level of Gini coefficient suggests noticeable variations in income distribution across households, with certain segments of the population holding a larger share of income compared to others in Weymouth township.
It also implies that efforts may be needed to enhance economic fairness and reduce the gap between income groups in Weymouth township
What is the median household income in Weymouth Township, New Jersey?
As per the latest data available from American Community Survey, the median household income for Weymouth township is $66,275 (in 2022 inflation-adjusted dollars). The next release from the Census is scheduled for Dec 7, 2023. This income is 88.83% of the U.S. median household income of $74,606 (all incomes in 2022 inflation-adjusted dollars).
How does Weymouth Township, New Jersey median household income compare to the rest of the United States?
In New Jersey, among cities with populations of fewer than 5,000 residents, Weymouth township ranks 165th out of 184 for median household income. This rank indicates that it falls within the lower-income range of small cities within the state of New Jersey.
References
- U.S. Census Bureau American Community Survey (ACS) 2017-2021 5-Year Estimates
- Consumer Price Index retroactive series using current methods (R-CPI-U-RS)