It should come as no surprise that the state is home to some of the wealthiest cities in the country given the presence of major metropolitan regions such as Newark, Jersey City, and Camden.
Additionally, New Jersey is home to a number of municipalities that, due to their favorable educational environments and low rates of violent crime, have become popular vacation spots for families as well as senior citizens.
The cost of living is quite inexpensive, and, on average, the state taxes are lower than those of other states. There are many lovely regions to live in, and you will be near to New York City.
Richest Cities in New Jersey 2023
It should come as no surprise that certain cities in a state with a population that is greater than 9 million people have a higher standard of living than others. The wealth of a region may be approximated by calculating the median household income, which is the income level at which half of the families in the region fall.
If there were two households, one with an income of $50,000 and the other with an income of $75,000, for instance, the median family income would be $65,000. The wealthiest cities in New Jersey are dispersed throughout the state, although they have a tendency to congregate around the beaches and in close proximity to large urban regions.
These regions of the state have lower unemployment rates and higher housing expenses than other sections of the state, in addition to having higher earnings than the rest of the state. In the year 2020, the median income of a New Jersey household was $85,245, which was nearly double what it was in 2008, when the crisis first started.
This rise is a reflection of the general improvement in the economy as well as the recovery of the housing market after the Great Recession.
These cities are not only prosperous destinations for companies and families, but they also provide their citizens with a wealth of cultural attractions such as museums and theaters, which contribute to the overall satisfaction of living there and help make it a more desirable place to call home.
13 richest towns in New Jersey:
1. Short Hills (Wealthiest Cities in New Jersey)– $250,001
Short Hills is renowned as one of the most attractive locations to live and is considered to be one of the wealthiest communities in the state of New Jersey. It is situated approximately 43 minutes to the west of New York City and has a population of slightly more than 13,700 people in the year 2020.
The typical annual income for a household is $250,001, while the median price of a home in the country is $1,772,330. The average number of people living in one home in Short Hills is 2.7, which indicates that the city has a good supply of available homes.
People who want to live close to New York City but don’t want to pay the high rates for real estate or rent in the city sometimes choose to rent or purchase a single-family house in Short Hills because the town has numerous such properties available for either purchase or rental.
Due to the fact that the average age of people in Short Hills is 44 years old, the town is home to a large number of young families in addition to pensioners who have relocated here from many other locations in the state of New Jersey.
Or perhaps from completely different states in search of a tranquil village where they may spend their older years with their relatives close by.
2. Mountain Lakes (Wealthiest Cities in New Jersey)– $241,667
With a typical family income of $241,667 and a median home value of $867,200, Mountain Lakes is one of the cities in New Jersey that can rightfully claim to be considered among the state’s richest.
Mountain Lakes is widely regarded as one of New Jersey’s most desirable residential areas. Even though it’s only a few hours’ drive from New York and Philadelphia, you might as well be in another country.
Located in Morris County, the community of Mountain Lakes has a population of around 4,249 people as of the year 2020. The town was originally planned to be a summer vacation village when it was founded in 1924, and that purpose has not changed.
Although it’s on the smaller side, it’s still enough spacious to accommodate all of your requirements. The neighborhood is warm and welcoming, and the schools in the area are excellent. Young people in the community have access to a wide variety of opportunities, such as sports teams and organizations.
Mountain Lakes’ proximity to New York City, which allows residents to travel to the Big Apple with relative ease for either work or play, is another perk for many residents.
3. Ho Ho Kus (Wealthiest Cities in New Jersey)– $230,682
One of the municipalities in New Jersey with the highest median household income is Ho Ho Kus, which comes in at $230,682 dollars annually. Additionally, the cost of real estate here is among the highest in the nation.
According to Zillow, the typical listing price in the borough is $916,553, making it one of the most expensive municipalities in the state to buy a home in. In comparison to other regions, the town has a very low rate of recorded criminal activity.
At 7.4 percent, the unemployment rate is likewise significantly lower than the national average. Because of this, it is an excellent location in which to start a family or spend your retirement.
This lovely town offers everything one could want, including lovely parks, an abundance of restaurants, and a wide variety of activities to choose from. In addition to that, it offers a handy location close to major roads as well as several alternatives for public transit.
4. Rumson (Wealthiest Cities in New Jersey)– $222,237
The typical household income in Rumson is $222,237, while the median home value in Rumson is $1,714,514, making it one of the wealthiest towns in the state of New Jersey.
It is in a wonderful location, and it offers excellent educational opportunities in addition to a reasonable cost of living. Because there is such a wide variety of things for children and people of all ages to do, Rumson is an excellent location for raising a family.
The town of Rumson may be found in Monmouth County, in the state of New Jersey. Long Branch, which is the largest city in the immediate vicinity, is around 6.5 miles away, while New York City is approximately 50 miles away.
It is on the shore, providing convenient access to the beaches and parks along the water’s edge. Some of the most well-known architects of the 1920s, 1930s, and 1940s, such as William Boring, were responsible for the construction of many of the stunning mansions in the Rumson area throughout those decades.
Residents have access to first-rate educational opportunities and reliable public transit, in addition to one-of-a-kind entertainment venues such as the Rumson Country Club and the Rumson Yacht Club.
5. Essex Fells (Wealthiest Cities in New Jersey)– $215,104
Because of its high median household income of $215,104 and its high median home value of $1,164,898, Essex Fells is one of the most affluent communities in the state of New Jersey.
Although it has the atmosphere of a little town, it has all of the conveniences that one would anticipate finding in a New York City suburb. If you need a job, you won’t have any trouble finding one here, and the schools are excellent.
If you are seeking for a community in New Jersey in which you will be able to successfully bring up a family, Essex Fells is among the most desirable options.
It is far enough away from New York City that the hustle and bustle of metropolis life doesn’t annoy you as much, yet close enough that you have access to all of the culture and entertainment that comes with living in such a huge city.
On Route 3 West or Route 9 North, Essex Fells may be reached in approximately 48 minutes after departing from Manhattan.
6. Glen Ridge (Wealthiest Cities in New Jersey)– $211,091
One of the most affluent communities in the state of New Jersey is Glen Ridge, which has a typical household income of $211,091 and a median home value of $868,465.
It has a population of 7,547 people and is considered a small town. The community offers a lot of wonderful amenities and opportunities available to its citizens. Both the schools and the crime rate are very favorable in this area. It is a lovely location in which to make a home and bring up a family.
Its citizens hold jobs in a vast variety of different types of small companies, the majority of which are professional practices and family-run enterprises. Money Magazine has recognized the town as being among the top ten greatest locations to live in the state of New Jersey.
Glen Ridge is home to a plethora of excellent dining establishments, retail establishments, and other types of companies that make it simple to get the things you want without requiring you to drive too far from your current location.
In addition, throughout the warm weather months, Memorial Park plays host to a weekly farmer’s market on Wednesdays.
7. Little Silver (Wealthiest Cities in New Jersey)– $202,875
One of the most affluent communities in the state of New Jersey is Little Silver, which boasts a typical family income of $202,875 and a median property value of $839,000.
It is not difficult to become acquainted with one’s neighbors when there is a population of little more than 5,817 (2020) people and a distance of less than one mile between each residence. Little Silver is a town in Shrewsbury County, Massachusetts, and it is situated on the Shrewsbury River. It has a wide selection of waterfront properties available for purchase, as well as breathtaking views of the riverside park.
Because Money Magazine has ranked the city as one of the finest locations to live in the United States, you can rest assured that you will take pleasure in your time spent in this location. The schools have received outstanding ratings and provide a wide variety of extracurricular opportunities for its students.
If you already have children or are considering expanding your family via adoption or surrogacy, there is an abundance of support options accessible in the neighborhood. In your spare time from work or school, you might want to pay a visit to some of the fantastic restaurants and businesses that are located in Little Silver.
8. Chatham (Wealthiest Cities in New Jersey)– $201,923
With a typical household income of $201,923 and a median home value of $1,061,316, Chatham is one of the most affluent communities in the state of New Jersey.
The town of Chatham is a beautiful setting in which to bring up a family. The schools are of a high quality and offer students access to all the resources necessary to foster the growth of their individual skills and capabilities.
Every age group can participate in a wide variety of extracurricular activities, such as sports teams, music programs, and a variety of other groups and organizations. In addition, Chatham offers a wide variety of opportunities for outdoor recreation. There are a great number of parks, each with their own playgrounds and paths for strolling.
There are also a number of lakes in the area, and during the warmer months, visitors may cool down in the water by swimming, fishing, or even ice skating on the lakes. Residents are able to easily get all they want without having to drive very far from their homes as a result of the variety of retail places that are located within the boundaries of the town.
9. Montgomery (Wealthiest Cities in New Jersey)– $200,150
With a typical family income of $200,150 and a median home value of $767,500, Montgomery is one of the towns in New Jersey that can rightfully claim to be considered one of the state’s richest communities.
The town is a wonderful example of how history and modernity can coexist harmoniously, and it also features a diverse selection of tourist destinations. The population of Montgomery is around 23,128 people, making it a relatively small town.
It is in Somerset County, which places it close enough to New York City (approximately 90 minutes), yet far enough away to enjoy calm nights and peaceful days. The proximity to the city is due to its location in Somerset County.
Oakwood Park is one of the town’s many lovely districts, and it is particularly well-known for the historic Victorian homes and tree-lined lanes that characterize its layout.
When school is not in session during the summer months, families may take use of Montgomery’s many parks to have fun together outside on the weekends or in the afternoons throughout those months.
Children of all ages are welcome to enjoy the hiking paths, picnic spots, and playgrounds that are available in Black River Park.
10. Fair Haven (Wealthiest Cities in New Jersey)– $184,201
Fair Haven is widely regarded as one of the state of New Jersey’s most desirable residential areas. It is possible to have a comfortable and happy family life in this part of Monmouth County, New Jersey, where it is situated.
Even though there are just 5,833 (2020) residents in the town, it provides all of the facilities that one would anticipate finding in a much larger metropolis. There is a wide variety of housing options, including homes with one or more families, apartments, condominiums, and townhouses, to name just a few of the possibilities.
People who are interested in purchasing a house in this area will find that there is a wide variety of alternatives available to them at prices that are within their price range thanks to the median home price of $1,097,923.
Being so near to everything else that there is to do in the neighborhood is another reason why Fair Haven is such a desirable location to call home. There are a number of fantastic restaurants in the neighborhood, in addition to businesses where you can purchase for things like food and clothing, as well as other things that you might want for your house.
During the warmer months of the year, when the weather is pleasant outside, you may take advantage of the pleasant surroundings by visiting one of the many parks that are located in the area.
11. Alpine – Median Household Income: $161,346
About 15 miles north of Midtown Manhattan, Alpine is a township in Bergen County, New Jersey, in the United States. It is located in the state of New Jersey’s furthest east municipality.
With 1,459 residents, Alpine is one of the wealthiest neighborhoods in New York City. Bergen County’s Alpine is among the greatest areas to reside in New Jersey. Several inhabitants in Alpine own their houses, giving the community a rustic vibe.
Numerous parks may be found in Alpine, which also has a large elderly population and conservative-leaning locals.
On April 8, 1903, a law passed by the New Jersey Legislature divided Harrington Township into Alpine. In 1904, a piece of Cresskill was taken up by the municipality.
The spouse of journalist Charles Nordhoff, who thought the landscape reminded her of the Swiss Alps, is credited with coming up with the name of the town.
In 2012, Forbes listed Alpine as one of the costliest zip codes in America, and it has continued to hold that illustrious position ever since.
12. Englewood Cliffs – Median Household Income: $158,042
Englewood Cliffs, which is just 9 miles from central New York City, provides a pleasant rural environment, first-rate dining, and the best shopping, all while being only 3 minutes from the George Washington Bridge.
In addition, three main airlines and several of New Jersey’s top medical centers are not far from Englewood Cliffs.
Undercliff and Coatesville were two of the towns in the Borough of Englewood Cliffs throughout the 19th century. Both of these places had a distinct historical character of their own.
Just before Palisades Interstate Park arrived in 1900, there were a number of little fishing towns dotting the Hudson River coastline, including Undercliff, which was initially inhabited in 1825.
At the southern edge of Englewood Cliffs is Coatesville, the entirety of which is situated in the Township of Fort Lee. In 1851, lands were created inside Coatesville.
Incorporation took place in 1895 for the current Municipality of Englewood Cliffs. The region was previously merely an extension of the now-extinct Neighborhoods of Englewood and Palisades, which had been created in 1872 from a portion of Hackensack Township.
The high property prices of the township resulted in an extensive reconstruction actually occurring at the end of the twentieth century, leaving essentially no land accessible for additional building.
13. Far Hills – Median Household Income: $137,472
The township of Far Hills is located in Somerset County, New Jersey. Far Hills is a five square mile affluent town, it is also well-known throughout the state since it is home to the yearly Far Hills Hunt and a New Jersey Transit Station.
By April 7, 1921, sections of Bernards Township were used to create Far Hills as a municipality. The New York State-based land developer and real estate dealer Evander H. Schley foresaw the desire for rural homes.
In the 1880s, he purchased a number of thousand acres of agricultural land in the municipalities of Bedminster and Bernards, some of it without having visited it before. In order to view Evander’s farms, Schley’s brother Grant and his wife Elizabeth visited one day in a chariot.
Elizabeth is credited with giving the place its moniker before a village was founded. She is said to have remarked on the scenic backdrop of the “far hills.”
10 Wealthiest Cities in New Jersey 2023 – Newshub360.net
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