by Kristen Carney
Updated: June 20, 2024
The richest county in New Jersey is Somerset County with an average household income of $180,078 as of 2022 and 348,842 people as of 2023 according to the most current Census data available (citation).
Rank | County | Population | Average Income | Median Income |
---|---|---|---|---|
1 | Somerset County | 348,842 | $180,078 | $131,948 |
2 | Morris County | 514,423 | $178,045 | $130,808 |
3 | Hunterdon County | 130,183 | $176,392 | $133,534 |
4 | Monmouth County | 642,799 | $162,075 | $118,527 |
5 | Bergen County | 957,736 | $161,998 | $118,714 |
6 | Union County | 572,726 | $139,183 | $95,000 |
7 | Sussex County | 146,132 | $138,507 | $111,094 |
8 | Mercer County | 381,671 | $133,816 | $92,697 |
9 | Burlington County | 469,167 | $132,928 | $102,615 |
10 | Middlesex County | 863,623 | $132,224 | $105,206 |
11 | Hudson County | 705,472 | $126,531 | $86,854 |
12 | Gloucester County | 308,423 | $122,867 | $99,668 |
13 | Essex County | 851,117 | $122,134 | $73,785 |
14 | Cape May County | 94,610 | $115,264 | $83,870 |
15 | Passaic County | 513,395 | $112,562 | $84,465 |
16 | Ocean County | 659,197 | $111,549 | $82,379 |
17 | Warren County | 111,252 | $110,838 | $92,620 |
18 | Camden County | 527,196 | $109,600 | $82,005 |
19 | Atlantic County | 275,213 | $101,941 | $73,113 |
20 | Salem County | 65,338 | $94,893 | $73,378 |
We usually suggest using median income data – either instead of or in addition to – average income data as a true indicator of wealth. If you haven’t thought about median versus average since your last standardized test, you aren’t alone. Here’s what they are:
Now let’s say you had the following simplified set of income data.
Household 1: $30,000
Household 2: $50,000
Household 3: $1,000,000
The average income for this set is $360,000. The outlier data point ($1,000,000) skews the average WAY up. Conversely, the average income would be skewed WAY down if someone had an income of $500. The median income for the same data set is $50,000. Outlier data doesn’t skew the median.
So most business owners should use the median income as a true indicator of wealth, because it provides a more accurate representation of a typical income, especially in areas with significant income disparity.
If your target market is high-income households, the average income may be more relevant. This is because the average income can highlight the presence of a higher concentration of wealthy individuals, which is beneficial for luxury goods and services marketing. We’re using average income on this page because using the Census’s highest reported median value of $250,001 could result in multiple ties for the richest geography.
The Census' American Community Survey uses $250,000+ as a jam value for median income estimates to protect privacy, ensure data consistency, and simplify reporting. A "jam value" in survey data refers to a placeholder or default value used when actual data points are unavailable, incomplete, or exceed certain thresholds. We represent this jam value as $250,001 to make it easy for you to sort.
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United States Census Bureau. Annual Estimates of the Resident Population: April 1, 2020 to July 1, 2023. U.S. Census Bureau, Population Division. Web. May 2024. http://www.census.gov/.
United States Census Bureau. B01001 SEX BY AGE, 2022 American Community Survey 5-Year Estimates. U.S. Census Bureau, American Community Survey Office. Web. 7 December 2023. http://www.census.gov/.
United States Census Bureau. B19013 Median Household Income, 2022 American Community Survey 5-Year Estimates. U.S. Census Bureau, American Community Survey Office. Web. 7 December 2023. http://www.census.gov/.
United States Census Bureau. “DP03 SELECTED ECONOMIC CHARACTERISTICS.” 2022 American Community Survey 5-Year Estimates. U.S. Census Bureau, American Community Survey Office. Web. 07 December 2023. http://www.census.gov/.
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