About this dataset

Context

The dataset presents the distribution of median household income among distinct age brackets of householders in New Milford township. Based on the latest 2018-2022 5-Year Estimates from the American Community Survey, it displays how income varies among householders of different ages in New Milford township. It showcases how household incomes typically rise as the head of the household gets older. The dataset can be utilized to gain insights into age-based household income trends and explore the variations in incomes across households.

Key observations: Insights from 2022

In terms of income distribution across age cohorts, in New Milford township, where there exist only two delineated age groups, the median household income is $72,414 for householders within the 45 to 64 years age group, compared to $43,307 for the 65 years and over age group.

Content

When available, the data consists of estimates from the U.S. Census Bureau American Community Survey (ACS) 2018-2022 5-Year Estimates. All incomes have been adjusting for inflation and are presented in 2023-inflation-adjusted dollars.

Age groups classifications include:

• Under 25 years
• 25 to 44 years
• 45 to 64 years
• 65 years and over

Variables / Data Columns

• Age Of The Head Of Household: This column presents the age of the head of household
• Median Household Income: Median household income, in 2022 inflation-adjusted dollars for the specific age group

Good to know

Margin of Error

Data in the dataset are based on the estimates and are subject to sampling variability and thus a margin of error. Neilsberg Research recommends using caution when presening these estimates in your research.

Custom data

If you do need custom data for any of your research project, report or presentation, you can contact our research staff at research@neilsberg.com for a feasibility of a custom tabulation on a fee-for-service basis.

Inspiration

Neilsberg Research Team curates, analyze and publishes demographics and economic data from a variety of public and proprietary sources, each of which often includes multiple surveys and programs. The large majority of Neilsberg Research aggregated datasets and insights is made available for free download at https://www.neilsberg.com/research/.

Recommended for further research

This dataset is a part of the main dataset for New Milford township median household income by age. You can refer the same here