In a recent study, we analyzed and identified the richest cities in New York state based on scoring several key financial factors. We’re now looking at New Jersey, New York’s southern neighbor. Below is a breakdown of how we ranked each city. Read on to find out what the richest city in New Jersey is, plus the top 50 wealthiest cities in the state overall.
What Is the Richest City in New Jersey?
In order to assemble a list of the richest cities in New Jersey, we pulled data from the Census Bureau’s 2021 American Community Survey 5-Year Estimates, and we constructed a four-factor scoring system to help identify the wealthiest cities in New Jersey:
Median household income
- Mean (average) household income
- Median home value
- Median property taxes paid
- When it comes to Census data, for certain factors its numbers have upper limits. Census Bureau’s upper limit for median household income is “$250,000+”. The upper limit for median home value is “$2,000,000+”. The upper limit for median property tax paid is “$10,000+”. The Census Bureau’s exact data on the average or mean household income is important for these reasons. The combined scores of all four metrics were then added and the 50 richest New Jersey cities ranked. Rockleigh is the richest city of New Jersey according to our ranking. It’s a small town with just 74 residents, located in the far northern part of the Garden State along the border of New York. Rockleigh is located in New York’s Palisades. The name of this city comes from the steep cliffs on the east bank of the Hudson River that resemble palisades. According to Data USA, it’s not surprising that the most common occupation in the richest city of New Jersey is Management Occupations. This accounts for 31,5% of the total workforce. Health Care & Social Assistance is the top industry in Rockleigh, with 21.3% of its workforce. Professional, Scientific, & Technical Services, which accounts for 20.4%, and Construction, which represents 10.2%, are the next two. Rockleigh’s median household income is $201,500. Its average household income, which we analyzed at $413 309, is second out of 700+ New York cities. Rockleigh’s median home value is over $2 million, and its median property tax is more than $10,000. Saddle River has a rustic, natural look, with its forests, rivers and farmland. Saddle River’s median home value is just over $1.94m, and the median property tax paid in Saddle river exceeds the $10,000 limit. Saddle River’s median household income also exceeds the limit of $250,000 set by the Census Bureau. Saddle River’s average household income is $330,303. This is significantly higher than the No. Rockleigh is ranked No. 1 with more than 1,300 households. Saddle River is ranked No. Short Hills is the third richest city in New Jersey. It is a large unincorporated community with more than 4,500 homes, located in Essex County. Essex County is notable for having the highest level of income inequality. Short Hills, like Saddle River has a median household income of over $250,000. The median property tax paid is also higher than the Census Bureau’s $10,000 upper limit. Short Hills has the highest average New Jersey household income, $428,352, at $428.352. Westfield is the richest city in New Jersey with 10,514 households. Westfield is located in Union County, which is also home to many of the richest cities in New Jersey. Westfield’s median household income is $185 319 while its average household income is $259 377. Westfield’s median home value may only be $810,400 but the median property tax paid is still more than $10,000 due to New Jersey’s notoriously high property taxes.