Age of householder
Per the latest American Community Survey by the Census Bureau, West Caldwell township sees its highest median household income among householders in the age group of 25 to 44 years old, at $197,042. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in West Caldwell township, the median household income stands at $197,042 for householders within the 25 to 44 years age group, followed by $169,568 for the 45 to 64 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $82,979.
- Notably, household income for individuals within the 25 to 44 years age group demonstrated a remarkable increase of $51,340(35.24%), escalating from a median of $145,702 in 2011 to $197,042 in 2021.
- 16(0.40%) households where the householder is under 25 years old.
- 941(23.43%) households with a householder aged between 25 and 44 years.
- 1,743(43.40%) households with a householder aged between 45 and 64 years.
- 1,316(32.77%) households where the householder is over 65 years old.
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Gender
In West Caldwell township, the population consists of 5,109 males (46.57%) and 5,861 females (53.43%). Here are the primary highlights from the gender-based income distribution analysis:
- In West Caldwell township, the median income for all workers aged 15 years and older, regardless of work hours, was $96,678 for males and $48,610 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $115,365 for males and $87,200 for females.
- In West Caldwell township, the median income for all workers aged 15 years and older, regardless of work hours, was $96,678 for males and $48,610 for females.
- In West Caldwell township, among full-time, year-round workers aged 15 years and older, males earned a median income of $115,365, while females earned $87,200, leading to a 24% gender pay gap among full-time workers. This illustrates that women earn 76 cents for each dollar earned by men in full-time roles. This analysis indicates a widening gender pay gap, showing a substantial income disparity where women, despite working full-time, face a more significant wage discrepancy compared to men in the same roles.
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Race
In West Caldwell township, the population is predominantly White, constituting 86.57% of the total residents. Here are the key highlights from the analysis of income distribution by race:
- The median household income for White households is $146,961.
- In West Caldwell township, despite the White population being the most populous, it is worth noting that Asian households actually reports the highest median household income, with a median income of $256,153. This reveals that, while Whites may be the most numerous in West Caldwell township, Asian households experience greater economic prosperity in terms of median household income.
- In West Caldwell township, the median household income for the households where the householder is White increased by $11,274(8.31%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $135,687 in 2011 and $146,961 in 2021.
- In West Caldwell township, the median household income for the households where the householder is Black or African American increased by $198,052(6060.34%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $3,268 in 2011 and $201,320 in 2021.
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Year by year
West Caldwell Township, New Jersey median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for West Caldwell township increased by $9,101 (6.58%), as per the American Community Survey estimates.
- Between 2010 and 2021, median household income, adjusted for 2022 inflation, experienced growth year by year for 6 years and declined for 5 years.
- The most significant year-by-year growth occured from 2017 to 2018, when the median household income increased by 10,899 (from $126,864 to $137,763). Similarly the most substantial year-by-year decline occured from 2012 to 2013, when the median household income decreased by 9,307 (from $134,426 to $125,119).
- It then further increased to $270,229 for 6-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.4345, it is evident that income distribution in West Caldwell Township, New Jersey exihibits characterstics of moderate inequality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $167,849. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $61,914.
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