5 NJ Suburbs Among 50 Wealthiest In America

Wealthy people seeking a lifestyle away from cities like New York, Los Angeles, Chicago and Miami are gentrifying suburbs, including five in New Jersey.

Suburbs on the GOBankingRates ranking of America’s 50 Wealthiest Suburbs include:

Summit, a suburb of New York City (No. 26)

• Average household income: $291,509
• Typical home value: $1,244,244
• As of July 22, there are four homes on the market listed at more than $4.5 million, with the highest set at $4.97 million (Zillow).

Tenafly, a suburb of New York City (No. 27)

• Average household income: $291,096
• Typical home value: $1,168,510
• As of July 22, there are three homes on the market listed at more than $7.3 million, with the highest set at $7.8 million (Zillow).

Westfield, a suburb of New York City (No. 33)

• Average household income: $281,738
• Typical home value: $1,138,497
• As of July 22, there are four homes on the market listed at more than $3.3 million, with the highest set at $5.5 million (Zillow).

Ridgewood, a suburb of New York City (No. 38)

• Average household income: $277,428
• Typical home value: $1,055,405
• As of July 22, there are four homes on the market listed at $2.25 million or more, with the highest set at $5.65 million (Zillow).

Princeton, a suburb of Trenton (No. 41)

• Average household income: $269,420
• Typical home value: $967,165
• As of July 22, there are five homes on the market listed at $4.5 million or more, with the highest set at $6.5 million (Zillow).

GOBankingRates, a personal finance website, compared the household income of cities with 5,000 or more households and isolated the 50 with the highest average household income. The typical 2024 home value was also considered.

Among key findings:

• The wealthiest U.S. suburb is Scarsdale, New York, where the average household income is $568,942. The typical home value in Scarsdale is $1.4 million.
• California dominated the ranking, with 16 suburbs in the top 50. The five most expensive California suburbs are Los Altos ($400,000), Orinda ($370,000), Palos Verdes Estates ($342,000), Saratoga ($329,000) and Menlo Park ($316,000).
• The East Coast took the lead with 23 wealthy suburbs, including five in New York and five in New Jersey, making the top 50 ranking. In second place is the West Coast with 19 suburbs.