This Is New Jersey's Wealthiest Town

The wealthiest town in New Jersey is right here in Essex County.

The financial news and opinion site 24/7 Wall St. recently reviewed median household incomes in every town, city, village, borough or census designated place with a population between 1,000 and 25,000 using data from the U.S. Census Bureau’s American Community Survey.

It found Upper Montclair, where the median household income is more than $190,515, is the richest in the Garden State.

In Upper Montclair, which has 11,731 residents, the median household income is $116,000 more than the state average, the site says.

Here’s the entire breakdown:

• Median household income: $190,515 (state: $73,702)
• Household incomes of at least $200,000: 47.9 percent (state: 10.8 percent)
• Adults with at least a bachelor’s degree: 86.4 percent (state: 37.5% percent)
• Median home value: $702,300 (state: $316,400)

Here's what 24/7 Wall St. has to say about Upper Montclair:

After Maryland and Alaska, New Jersey is the third wealthiest state in the country, with a median annual household income of $73,702. Not surprisingly, Upper Montclair, the wealthiest community in New Jersey, ranks among the wealthiest in the United States.

In nearly every state, regardless of wealth, at least one town has people who earn significantly more than a typical resident in the state and the typical American, the authors wrote.

Most of the richest towns have a relatively large number of college-educated people, the authors wrote. This is partly because at least a four-year college degree is required to qualify for many high-paying jobs. In all but four towns on the list, the share of adults with at least a bachelor’s degree was greater than the statewide share and the nationwide share of 30.3 percent.

“Not only can higher income individuals afford more expensive real estate, but high real estate costs also drive up median incomes as they attract higher income residents and are often often prohibitively expensive for most Americans,” the authors wrote.All but three towns on the list have higher median home values than the typical U.S., home, which is worth $184,700, the site said. Each “richest” town also had higher median home value than the state.Many of the wealthiest towns are located near large cities and are “well within” commuting distance of a major urban center.

“Major urban areas are more likely to offer a wide range of high-paying jobs as well as a high concentration of cultural amenities like museums, theatres, concert venues, and professional sports teams,” the authors wrote.

Some small towns where the margin of error was too high weren’t included, the authors wrote. Click here to read the full methodology.

Patch reporter Dan Hampton contributed to this report.

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