Summit Named NJ’s Wealthiest Suburb In New Ranking

NEW JERSEY — Summit is the wealthiest suburb in New Jersey, according to a new ranking.

The finance website GOBankingRates set out to find which suburbs are home to some of the wealthiest Americans. The study's authors surveyed all municipalities with 5,000 or more households and isolated the 50 with the highest average household income using data from the American Community Survey. The 2024 typical home value and metro area location, with data from Zillow, were then sourced to determine the wealthiest suburbs.

Summit was the highest ranked in New Jersey at No. 26. In Summit, the average household income is $291,509 and the typical home value is about $1.25 million.

Four other New Jersey cities also made the list. Tenafly in Bergen County ranked 27th with an income of $291,096 and a home value of roughly $1.17 million.

Other New Jersey suburbs in the top 50 were Westfield in Union County at No. 33 with an income of $281,738 and a home value of about $1.14 million, Ridgewood in Bergen County at No. 38 with an income of $277,428 and a home value of roughly $1.06 million, and Princeton in Mercer County at No. 41 with an income of $269,420 and a home value of roughly $967,000.

Nationally, the East Coast took the lead in the ranking with 23 wealthy suburbs. In second place was the West Coast with 19 suburbs.

The top three nationwide were the New York suburbs of Scarsdale and Rye, with respective incomes of $568,942 and $405,074 and home values of roughly $1.41 million and $2.12 million, followed by the Houston area suburb of West University Place, which had an average income of $403,845 and a typical home value of about $1.6 million.

The complete list as well as details about methodology can be viewed at bit.ly/4cRKOOl.

Patch editor Jeff Edwards contributed to this report.