Hamilton township, Atlantic County, New Jersey 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 Hamilton township population by age, the median age in Hamilton township is 40.4 years.
Typically for a location with median age in this range, it suggests a dynamic mix of young professionals, often indicative of family formation and career advancement. Interestingly, within Hamilton township, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $87,034.
In terms of income distribution across age cohorts, in Hamilton township, the median household income stands at $103,764 for householders within the 45 to 64 years age group, followed by $87,034 for the 25 to 44 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $64,804.
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 township of Hamilton township.
Analysis of income trends over the past decade highlights notable shifts across various age groups. Among the three age groups with available Census data in both 2011 and 2021, 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 $23,076(28.60%), escalating from a median of $80,688 in 2011 to $103,764 in 2021. Conversely, the age group of 25 to 44 years years witnessed the smallest growth in household income across the same span. Their median income saw a small increase of $4,292(5.19%), increasing from a median of $82,742 in 2011 to $87,034 in 2021.
Hamilton township, Atlantic County, New Jersey household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Hamilton township 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 332(3.16%) households where the householder is under 25 years old, 3,172(30.18%) households with a householder aged between 25 and 44 years, 4,535(43.15%) households with a householder aged between 45 and 64 years, and 2,472(23.52%) households where the householder is over 65 years old.
In Hamilton township, the age group of 45 to 64 years stands out with both the highest median income and the maximum share of households. This alignment suggests a financially stable demographic, indicating an established community with stable careers and higher incomes.
Age-wise distribution of Hamilton township household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Hamilton township: Under 25 years, 25-44 years, 45-64 years, and over 65 years. This table highlights the variation in household income, offering valuable insights into economic trends and disparities within different age categories.
| Household Income Age of Householder | Under 25 years | 25 to 44 years | 45 to 64 years | 65 years and over |
|---|---|---|---|---|
| Less than $10,000 | - | 186 | 132 | 61 |
| $10,000 - $14,999 | - | 179 | 124 | 41 |
| $15,000 - $19,999 | - | 139 | 66 | 240 |
| $20,000 - $24,999 | 99 | 52 | 315 | 85 |
| $25,000 - $29,999 | 72 | 49 | 49 | 143 |
| $30,000 - $34,999 | - | 29 | 30 | 132 |
| $35,000 - $39,999 | - | 331 | 172 | 51 |
| $40,000 - $44,999 | 93 | 39 | 115 | 120 |
| $45,000 - $49,999 | 68 | 23 | 62 | 112 |
| $50,000 - $59,999 | - | 185 | 446 | 252 |
| $60,000 - $74,999 | - | 145 | 270 | 418 |
| $75,000 - $99,999 | - | 610 | 562 | 216 |
| $100,000 - $124,999 | - | 339 | 717 | 130 |
| $125,000 - $149,999 | - | 308 | 554 | 275 |
| $150,000 - $199,999 | - | 504 | 401 | 110 |
| $200,000 or more | - | 54 | 520 | 86 |
To further explore the income distribution and gain insights into financial landscape of Hamilton township 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 Hamilton township, where householders are under 25 years old, fall within or exceed the income bracket representing the median income of $96,346 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 Hamilton township, among households headed by individuals aged 25 to 44, an impressive 57.22% match or surpass the state of New Jersey median income of $96,346. These 1,815 households, represent a significant portion of the total 3,172 households in Hamilton township within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Hamilton township, within the age group of 45 to 64 years, a remarkable 60.73% of households meet or exceed the state of New Jersey median income of $96,346. These 2,754 households, out of the total 4,535 households in this age cohort, signify a substantial portion of mature demographic of Hamilton township, showcasing commendable financial stability in comparison to the New Jersey state median income benchmark.
- Householder 65 years and over: In Hamilton township, among the over 65 years age group, a noteworthy 33.05% of households either match or surpass the state of New Jersey median income of $96,346. These 817 households, constituting notable portion of the Hamilton township township senior population, showcase commendable financial stability compared to the New Jersey state median income benchmark.