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It's true what you read about New Jersey in the news: there are cities in this state that make Long Island, NY look like the home of the middle class.
We know that New Jerseyites can make an amazing bagel, they are one of the top producers of cranberries, and most of the drugmakers call it home, but what is it that keeps this larger than life state ticking? That folks, would be the millionaires that call it home. Curious to know where the 'Richie Rich' of New Jersey live? We've done the work for you with the top ten richest cities in New Jersey for 2020 list.
To create this list, we asked ourselves, what is important to rich people in New Jersey? Besides the obvious: high paying jobs, affluent neighborhoods, and crazy expensive beach houses at the Jersey Shore; the cities on our list had to cater to the 'one percent' on a different level, they had to be super posh posh.
How does one get their hand on one of these New Jersey cities; where living your best life requires a substantial amount of money? Well, a couple of things have to fall into place for you. You can marry a New Jersey Housewife or you can find a job that pays on average $160,000/year. Might we suggest a job in banking? Someone has to help all of those rich New Jerseyites manage their money. Wealthy people want to live in the best cities, so it's not lost on us that there are multiple cities on our best places to live in New Jersey for 2020 that are also on our richest list.
To see which cities make the dolla' holla' on our wealthiest cities in The Garden State for 2020, grab an O'Bagel, a glass of cranberry juice, and read on.
At the end of the day, here's the set of the 10 richest places in New Jersey for 2020:
- North Caldwell (Photos | Homes For Sale)
- Haddonfield (Photos | Homes For Sale)
- Woodcliff Lake (Photos | Homes For Sale)
- Rumson (Photos | Homes For Sale)
- Westfield (Photos | Homes For Sale)
- Englewood Cliffs (Photos | Homes For Sale)
- Ramsey (Photos | Homes For Sale)
- Cresskill (Photos | Homes For Sale)
- Glen Rock (Photos | Homes For Sale)
- Roseland (>Homes For Sale)
In all seriousness, we narrowed down the richest cities in New Jersey by looking at several factors: poverty rate, median household income, unemployment rate; and obviously, where Jersey's filthy rich like to hang. The cities also had to have a population of at least 5,000.
And the winner is -- North Caldwell. You better have deep pockets if you want to live in North Caldwell, folks.
So where exactly is the money located in the great state of New Jersey? Continue reading as we unravel the richest cities in New Jersey for 2020. And if you don't see your city there, head to the bottom.
Rich people not your cup of tea? Feel free to check out some more reading about New Jersey:
The 10 Richest Cities In New Jersey For 2020
/10
Population: 6,621
Rank Last Year: 2 (Up 1)
Median Income: $190,028
Unemployment Rate: 1.9%
Poverty Rate: 1.8%
More on North Caldwell: Real Estate | Data | Photos
North Caldwell is a borough in northwestern Essex County, New Jersey, United States, and a suburb of New York City. As of the 2010 United States Census, the borough's population was 6,183, reflecting a decline of 1,192 from the 7,375 counted in the 2000 Census, which had in turn increased by 669 from the 6,706 counted in the 1990 Census.
/10
Population: 11,369
Rank Last Year: 6 (Up 4)
Median Income: $145,850
Unemployment Rate: 2.5%
Poverty Rate: 1.7%
More on Haddonfield: Real Estate | Data | Photos
Haddonfield is a borough located in Camden County, New Jersey, United States. As of the 2010 United States Census, the borough had a total population of 11,593, reflecting a decline of 66 from the 11,659 counted in the 2000 Census, which had in turn increased by 31 from the 11,628 counted in the 1990 Census.
/10
Population: 5,816
Rank Last Year: 1 (Down 2)
Median Income: $167,344
Unemployment Rate: 2.6%
Poverty Rate: 2.7%
More on Woodcliff Lake: Real Estate | Data | Photos
Woodcliff Lake is a borough in Bergen County, New Jersey, United States. As of the 2010 Census, the borough's population was 5,730, reflecting a decline of 15 from the 5,745 counted in the 2000 Census, which had in turn increased by 442 from the 5,303 counted in the 1990 Census. Most of the borough mandates a minimum lot size of 22,500 square feet for single-family homes, with portions on the borough's east zoned for 15,000 square feet and portions of the borough's northwest and southwest zoned for 30,000 square feet lots.
/10
Population: 6,805
Rank Last Year: 11 (Up 7)
Median Income: $177,857
Unemployment Rate: 2.9%
Poverty Rate: 2.9%
More on Rumson: Real Estate | Data | Photos
Rumson is a borough in Monmouth County, New Jersey, United States and is part of the New York Metropolitan Area. As of the 2010 census, the borough's population was 7,122, reflecting a decline of 15 from 7,137 in 2000, which had in turn increased by 436 from 6,701 in 1990.
/10
Population: 30,086
Rank Last Year: 8 (Up 3)
Median Income: $168,721
Unemployment Rate: 3.3%
Poverty Rate: 2.9%
More on Westfield: Real Estate | Data | Photos
Westfield is a town in Union County of New Jersey, United States. As of the 2010 United States Census, the town's population was 30,316, reflecting an increase of 672 from the 29,644 counted in the 2000 Census, which had in turn increased by 774 from the 28,870 counted in the 1990 Census. According to a 2014 nationwide survey, Westfield is considered to be the 30th-safest city to live in the United States.
/10
Population: 5,356
Rank Last Year: 4 (Down 2)
Median Income: $145,729
Unemployment Rate: 3.6%
Poverty Rate: 1.7%
More on Englewood Cliffs: Real Estate | Data | Photos
/10
Population: 14,963
Rank Last Year: 5 (Down 2)
Median Income: $144,606
Unemployment Rate: 3.4%
Poverty Rate: 2.2%
More on Ramsey: Real Estate | Data | Photos
Ramsey is a borough in Bergen County, New Jersey, United States. It is a suburb of New York City, located 26 miles northwest of Midtown Manhattan. As of the 2010 United States Census, the borough's population was 14,473, reflecting an increase of 122 from the 14,351 counted in the 2000 Census, which had in turn increased by 1,123 from the 13,228 counted in the 1990 Census.
/10
Population: 8,730
Rank Last Year: 3 (Down 5)
Median Income: $138,256
Unemployment Rate: 1.9%
Poverty Rate: 4.1%
More on Cresskill: Real Estate | Data | Photos
Cresskill is a borough in Bergen County, New Jersey, United States. As of the 2010 United States Census, the borough's population was 8,573, reflecting an increase of 827 from the 7,746 counted in the 2000 Census, which had in turn increased by 188 from the 7,558 counted in the 1990 Census. This town got its name from "Cress", referring to the watercress which grew in its streams, and "Kill", referring to the stream passing through.
/10
Population: 11,826
Rank Last Year: 14 (Up 5)
Median Income: $166,450
Unemployment Rate: 3.5%
Poverty Rate: 3.1%
More on Glen Rock: Real Estate | Data | Photos
Glen Rock is a borough in Bergen County, New Jersey, United States. As of the 2010 United States Census, the borough's population was 11,601, reflecting an increase of 55 from the 11,546 counted in the 2000 Census, which had in turn increased by 663 from the 10,883 counted in the 1990 Census.
/10
Population: 5,849
Rank Last Year: 37 (Up 27)
Median Income: $126,250
Unemployment Rate: 2.5%
Poverty Rate: 3.0%
More on Roseland: Real Estate | Data
Roseland is a borough in western Essex County, New Jersey, United States. As of the 2010 United States Census, the borough's population was 5,819, reflecting an increase of 521 from the 5,298 counted in the 2000 Census, which had in turn increased by 451 from the 4,847 counted in the 1990 Census.
How We Determined The Richest Places In New Jersey For 2020
The first thing that comes to most people's minds when they think about determining the richest places is to simply identify personal incomes. After all, rich people have really high salaries.
However, we don't believe that one statistic wholly encompasses what it means to be one of the "richest places". So we looked at this set of criteria from the newly released 2014-2018 American Community Survey:
- Poverty Level
- Median Household Income
- Unemployment Rate
Median household income is the most digestible way to understand how rich a place really is. The unemployment rate tries to capture the prospects for more people to become rich. If more people are employed, the richer the future looks.
After we collected the data for all 188 places with more than 5,000 people in New Jersey, we ranked each place from 1 to 188 for each of the criteria, with 1 being the richest.
We then averaged all the rankings for a place into a "Rich Score" with the place having the lowest overall Rich Score, North Caldwell, crowned the "Richest City In New Jersey For 2020". You can download the data here.
You can learn more about the top ten below or skip to the end to see the rankings for all 188 places.
There You Have It - The Wealthiest Places In New Jersey For 2020
Like we said earlier, when we set out to identify the richest places in New Jersey, we weren't sure what we'd encounter, but it ended up being some of the best places to live in New Jersey.
When you look at the data, the cities and places mentioned above meet the criteria for being at the very top of the income ladder for everyone that lives there.
If you're curious enough, here are the poorest cities in New Jersey, according to data:
Poorest: Atlantic City
2nd Poorest: Camden
3rd Poorest: Wildwood
For more New Jersey reading, check out:
- Best Counties To Live In New Jersey
- Cheapest Places To Live In New Jersey
- Best Places To Retire In New Jersey
Why isn’t Colts Neck on the top of this list??? Its not on the list at all…..what????
I was just wondering the same thing!?_