In a latest examine, we analyzed and recognized the richest cities in New York state based mostly on scoring a number of key monetary components. This time round, we’re taking a look at New York’s neighbor to the south — New Jersey, the Backyard State.
We analyzed over 700 cities within the state to be able to determine the richest cities in New Jersey. The best way we evaluated and scored every metropolis’s rating is detailed under. Learn on to seek out out what the richest metropolis in New Jersey is, plus the highest 50 wealthiest cities within the state total.
What Is the Richest Metropolis in New Jersey?
As a way to assemble a listing of the richest cities in New Jersey, we pulled information from the Census Bureau’s 2021 American Neighborhood Survey 5-12 months Estimates, and we constructed a four-factor scoring system to assist determine the wealthiest cities in New Jersey:
- Median family revenue
- Imply (common) family revenue
- Median residence worth
- Median property taxes paid
Relating to Census information, for sure components its numbers have higher limits. For instance, for median family revenue, the Census Bureau has an higher restrict of “$250,000+”. For median residence worth, the higher restrict is “$2,000,000+”. And, lastly, for median property taxes paid, the higher restrict is “$10,000+”. For these causes, the imply or common family revenue dataset is essential as a result of the Census Bureau has precise figures for it. All 4 of those metrics had been scored, added up, after which ranked by the cities’ mixed scores.
Under you’ll discover a desk detailing the highest 50 richest cities in New Jersey and their respective greenback figures for every metric:
The No. 1 richest metropolis in New Jersey in our rating is Rockleigh, a really small city of simply 74 households, located within the far north of the Backyard State, alongside the border with New York state. It borders Palisades, New York, whose identify comes from the steep cliffs of the jap financial institution of the Hudson River, which resemble palisades. Not surprisingly for the richest metropolis in New Jersey, in accordance with Information USA, the primary occupation by employment is Administration Occupations, accounting for 31.5% of the workforce. The highest three industries in Rockleigh are Well being Care & Social Help (21.3% of the workforce), Skilled, Scientific, & Technical Providers (20.4% of the workforce), and Development (10.2% of the workforce). The median family revenue in Rockleigh is $201,500, whereas its common family revenue is the second highest out of the 700+ cities in New York we analyzed, at $413,309. The reported median residence worth in Rockleigh exceeds $2 million and the median property taxes paid by households is in extra of $10,000 per 12 months.
The second richest metropolis in New Jersey is Saddle River, which, like Rockleigh, is positioned in Bergen County, not removed from New York state. What’s specific cool about Saddle River is that it has retained a really rustic, pure look, crammed with forests, rivers, and farmland. The median residence worth in Saddle River is somewhat over $1.94 million, and its median property taxes paid exceeds the restrict of $10,000. Equally, the median family revenue in Saddle River additionally exceeds the $250,000 Census Bureau restrict. Saddle River has a median family revenue of $330,303 and is notably a lot bigger than No. 1 Rockleigh, having greater than 1,300 complete households. In comparison with a few of the different richest cities in New Jersey, the highest industries in Saddle River are an attention-grabbing combine: Well being Care & Social Help (20.2% of the workforce), Wholesale Commerce (11.1% of the workforce), and Skilled, Scientific, & Technical Providers (10.4% of the workforce), in accordance with Information USA.
Coming in because the No. 3 richest metropolis in New Jersey is Quick Hills, a large unincorporated group of greater than 4,500 households, positioned in Essex County, which is notably the county with the highest revenue inequality in New Jersey. Like Saddle River, the median family revenue in Quick Hills is over $250,000 and the median property taxes paid additionally exceeds the Census Bureau’s higher restrict of $10,000. Quick Hills stands out probably the most by having the best common family revenue in New Jersey, at $428,352. In the meantime, its reported median residence worth is sort of $1.39 million.
Out of the highest 50 richest cities in New Jersey, the most important is Westfield, which has 10,514 households. Westfield, like lots of the wealthiest cities in New Jersey, is within the New York Metropolis metro space, positioned in Union County. The median family revenue in Westfield is $185,319, whereas its imply family revenue is $259,377. Though its median residence worth is simply $810,400, the median property taxes paid in Westfield nonetheless exceeds $10,000 as a result of New Jersey has notoriously excessive property tax charges.