New Jersey Locations By Per Capita Income

New Jersey Locations By Per Capita Income

New Jersey is one of the wealthiest states in the United States of America, with a per capita income of $27,006 (2000) and a personal per capita income of $40,427 (2003). Its median household income is $55,146 (2000), ranked first in the country, and its median family income is $65,370 (2000), the second highest in the country. The median value of an owner-occupied housing unit is $170,800 (2000), ranked fourth in the country. New Jersey has the highest percentage of millionaire residents in the country with 7.12% of New Jersey households having $1 million or more liquid or investible assets, not including equity in homes.

New Jersey’s close proximity to the metropolitan giants of New York and Philadelphia greatly influences its wealth. A vast majority of the state consists of suburbs of these two cities, an explanation for much of the state’s high incomes. Approximately 76% of New Jersey places have per capita incomes above the national average; however, 8.5% of the population lives below the poverty line. Northern New Jersey, part of the New York metropolitan area, is by far the wealthiest area of New Jersey. It lies in the middle of a wealth corridor that runs from the suburbs of Washington, D.C., all the way into southern New Hampshire. Many of New Jersey’s richest towns are located in the northern counties of Morris County, Bergen County, Somerset County, Hunterdon County, and Mercer County. There are also several seaside resorts along the New Jersey shoreline that are particularly wealthy, such as Mantoloking, Sea Girt, and Spring Lake along the coast close to New York and Sea Isle City, Avalon, and Stone Harbor in the south. Southern New Jersey, is less affluent overall, excluding several Philadelphia suburbs in Camden, Burlington and Gloucester Counties and the coast. Camden, the poorest place in the state, has a poverty rate of 35.5%. Other poor areas are the urban cities across the Hudson River from New York City, including Newark, Paterson, and Passaic.

4.3% of New Jersey households have annual incomes of or over $200,000, and 21.4% have incomes of $100,000 or more. By contrast, 7.0% have incomes of less than $10,000, and 31.1% less than $34,999.