North Hanover Township, 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 North Hanover township population by age, the median age in North Hanover township is 29.8 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 North Hanover township, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $85,347.
In terms of income distribution across age cohorts, in North Hanover township, householders within the 45 to 64 years age group have the highest median household income at $112,810, followed by those in the 25 to 44 years age group with an income of $85,347. Meanwhile householders within the 65 years and over age group report the second lowest median household income of $74,583. Notably, householders within the under 25 years age group, had the lowest median household income at $42,717.
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 North Hanover township.
Analysis of income trends over the past decade highlights notable shifts across various age groups. Among the four age groups with available Census data in both 2011 and 2021, two groups encountered a decline in their median household income, while the remaining two experienced an increase during this period. Notably, household income for individuals within the 65 years and over age group demonstrated a remarkable increase of $16,026(27.37%), escalating from a median of $58,557 in 2011 to $74,583 in 2021. Conversely, the age group of Under 25 years years witnessed the most significant decline in household income across the same span. Their median income saw a substantial drop of $37,190(46.54%), declining from a median of $79,907 in 2011 to $42,717 in 2021.
North Hanover Township, New Jersey household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the North Hanover 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 206(7.70%) households where the householder is under 25 years old, 1,382(51.64%) households with a householder aged between 25 and 44 years, 816(30.49%) households with a householder aged between 45 and 64 years, and 272(10.16%) 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 25 to 44 years bracket. This distribution hints at economic disparities within the township of North Hanover township, showcasing varying income levels among different age demographics.
Age-wise distribution of North Hanover township household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in North Hanover 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 | 16 | - | - | - |
| $10,000 - $14,999 | - | 5 | - | 36 |
| $15,000 - $19,999 | - | 11 | 61 | - |
| $20,000 - $24,999 | 5 | 64 | 33 | - |
| $25,000 - $29,999 | 53 | 21 | 39 | 11 |
| $30,000 - $34,999 | 8 | 42 | 56 | - |
| $35,000 - $39,999 | 26 | 76 | - | - |
| $40,000 - $44,999 | 54 | 16 | - | 14 |
| $45,000 - $49,999 | 9 | 102 | - | 6 |
| $50,000 - $59,999 | 4 | 114 | 68 | 63 |
| $60,000 - $74,999 | 11 | 156 | 25 | 24 |
| $75,000 - $99,999 | 15 | 224 | 76 | 33 |
| $100,000 - $124,999 | - | 228 | 126 | 23 |
| $125,000 - $149,999 | 5 | 172 | 139 | 19 |
| $150,000 - $199,999 | - | 137 | 72 | 34 |
| $200,000 or more | - | 14 | 121 | 9 |
To further explore the income distribution and gain insights into financial landscape of North Hanover 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 only 9.71% of the households in North Hanover township, where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $96,346 for the state of New Jersey. These 20 North Hanover township households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
- Householder 25 to 44 years: In North Hanover township, among households headed by individuals aged 25 to 44, an impressive 56.08% match or surpass the state of New Jersey median income of $96,346. These 775 households, represent a significant portion of the total 1,382 households in North Hanover township within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In North Hanover township, within the age group of 45 to 64 years, a remarkable 65.44% of households meet or exceed the state of New Jersey median income of $96,346. These 534 households, out of the total 816 households in this age cohort, signify a substantial portion of mature demographic of North Hanover township, showcasing commendable financial stability in comparison to the New Jersey state median income benchmark.
- Householder 65 years and over: In North Hanover township, among the over 65 years age group, a noteworthy 43.38% of households either match or surpass the state of New Jersey median income of $96,346. These 118 households, constituting notable portion of the North Hanover township township senior population, showcase commendable financial stability compared to the New Jersey state median income benchmark.