In a state with a population of more than 9 million people, it’s no surprise that some cities are wealthier than others. Wealth is measured by median household income, which is the midpoint of all households in an area.
For example, if there were two families with incomes of $50,000 and $75,000, the median household income would be $65,000. New Jersey’s richest cities are spread across the state, but they tend to cluster along the coasts and near major metropolitan areas.
In addition to having higher incomes than other parts of the state, these areas also have lower unemployment rates and higher housing costs. The median household income in New Jersey was $85,245 in 2020— nearly double what it was when the recession began in 2008.
This increase reflects an improving economy overall and a recovering housing market after the Great Recession.
In addition to being rich places for businesses and families alike, these cities also offer residents plenty of cultural amenities like museums and theaters that can help make living there more enjoyable.
The 10 Richest Cities in New Jersey
New Jersey has a lot to offer those looking to move. With metropolitan areas like Newark, Jersey City, and Camden, it’s no surprise the state is home to some of the wealthiest cities in the country.
The Garden State also has a number of towns with low crime rates and good school systems that make them popular destinations for families and retirees alike.
The cost of living is low and the taxes are generally lower than other states. There are many beautiful areas to reside, not to mention you will be living in close proximity to New York City.
Here are the top 10 richest towns in New Jersey:
1. Short Hills – Median Income of $250,001
Short Hills is one of the wealthiest towns in New Jersey and is known as one of the most desirable places to live. It’s located just 43 min west of New York City and has a population of just over 13,700 (2020) people.
There are also several single-family homes for sale or rent in Short Hills, which are popular with those who want to live close to New York City but don’t want to pay city prices for real estate or rent.
The average age of residents in Short Hills is 44 years old, so there are many young families living here as well as retirees who’ve moved here from other parts of New Jersey.
Or from other states altogether in search of a quiet town where they can enjoy their golden years with their families nearby.
Related: The 10 Wealthiest Cities In New York
2. Mountain Lakes – Median Income of $241,667
Mountain Lakes is one of the best places to live in New Jersey. It’s a short drive from New York and Philadelphia, but it feels like a world away.
Mountain Lakes is a borough in Morris County and consists of roughly 4,249 (2020) residents. The town was established in 1924 as a summer resort community and remains one today.
It’s small, but it’s big enough to have everything you need. The schools are wonderful and the community is very friendly. The town has a lot of activities for young people, including sports teams and clubs.
Many people also like the fact that Mountain Lakes is close to New York City, so they can easily get there for business or pleasure.
3. Ho Ho Kus – Median Income of $230,682
Ho Ho Kus is one of the wealthiest towns in New Jersey, with a median household income of $230,682. It’s also one of the most expensive places to buy a home.
The median listing price in the borough is $916,553, according to Zillow, making it among the priciest towns in the state. The town is also very safe, with few crimes reported compared to other areas.
The unemployment rate is also lower than average at 7.4 percent. This makes it a great place to raise a family or retire.
This beautiful town has it all: great schools, a plethora of restaurants, beautiful parks, and plenty of things to do. It’s also conveniently located near major highways and public transportation options.
4. Rumson – Median Income of $222,237
It has a great location, great schools, and a pretty good cost of living. Rumson is also a great place to raise a family because there are plenty of activities for kids and adults alike.
Rumson is located in Monmouth County, New Jersey. It is about 6.5 miles from Long Branch, which is the closest large city, and about 50 miles from New York City.
It is on the coast with easy access to beaches and oceanfront parks. Rumson has many beautiful homes that were built in the 1920s, 1930s and 1940s by some of the most famous architects of their time including William Boring.
Residents enjoy excellent schools and public transportation, along with unique entertainment venues like the Rumson Country Club and Rumson Yacht Club.
5. Essex Fells – Median Income of $215,104
It has a small-town feel, but all of the amenities that you would expect from living in a suburb of New York City. The schools are great and it’s easy to find work here if you need it.
If you’re looking for a place where you can raise your family, Essex Fells is one of the best places to do so in New Jersey.
It’s close enough to New York City that you have access to all the culture and entertainment that comes with living in such a large city, but far enough away that the hustle and bustle of city life doesn’t bother you too much.
Essex Fells is located about 48 minutes outside of Manhattan on Route 3 West or Route 9 North.
6. Glen Ridge – Median Income of $211,091
It is a small town with a population of 7,547 people. The town has a lot of great things to offer its residents. The schools are excellent and the crime rate is low. It is a beautiful place to live and raise a family.
Its residents are employed at a large number of small businesses, including many family-run businesses and professional practices. The town has been named as one of the best places to live in New Jersey by Money Magazine.
There are many great restaurants, shops and other businesses in Glen Ridge that make it easy to get what you need without having to travel far from home.
There’s even a farmer’s market every Wednesday at Memorial Park during the summer months!
7. Little Silver – Median Income of $202,875
With a population of just over 5,817 (2020) residents and less than a mile between each home, it’s easy to get to know your neighbors. Little Silver is located on the Shrewsbury River and offers many waterfront homes for sale as well as beautiful views of the riverfront park.
The town has also been recognized by Money Magazine as one of the best places to live in America, so you can be sure you’ll enjoy life here. The schools are highly rated and offer a range of extracurricular activities.
There are also plenty of services available in the area if you have kids or want to grow your family through adoption or surrogacy. Little Silver also has some great restaurants and shops that you can visit during your downtime from work or school!
8. Chatham – Median Income of $201,923
Chatham is a wonderful place to raise a family. The schools are excellent and provide all the resources that encourage the development of children’s talents and abilities.
There are many extracurricular activities available for all ages, including sports teams, music programs and other clubs and organizations. Chatham has plenty of outdoor activities as well. There are numerous parks with playgrounds and walking trails.
There are also several lakes where people can go swimming or fishing during summer months or ice skating during winter months. There is also an abundance of shopping areas within town limits, making it easy for residents to get everything they need without having to travel too far from home!
Related: The 10 Wealthiest Cities In Missouri
9. Montgomery – Median Income of $200,150
The town is a perfect blend of modernity and tradition, as well as being home to an array of attractions. Montgomery is a small town with a population of just under 23,128 people.
It’s located in Somerset County, which makes it close enough to New York City (about 90 minutes) but far enough away to enjoy quiet nights and tranquil days.
The town has many beautiful neighborhoods, including Oakwood Park, which is known for its old Victorian houses and tree-lined streets.
Montgomery has many parks that are perfect for families looking for outdoor fun on weekends or afternoons during the summer months when school is out.
The Black River Park offers hiking trails, picnic areas and playgrounds for children of all ages.
10. Fair Haven – Median Income of $184,201
Fair Haven is one of the best places to live in New Jersey. It is located in Monmouth County, New Jersey, and it is a wonderful place to raise a family.
The town has a population of only 5,833 (2020) people, but it has all the amenities that you would expect from a larger city. There are many different types of housing available including single-family homes and apartments as well as condominiums and townhouses.
The median home price is $1,097,923 which means that there are plenty of affordable options for people who want to buy a home here.
Fair Haven is also a great place to live because it is close to everything else in the area. There are lots of great restaurants nearby as well as stores where you can shop for groceries or clothing or other items that you need for your home.
There are also several parks where you can enjoy spending time with your family or friends during the summer months when the weather is nice outside.
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