New Jersey's affluence is on full display as five of its towns grace the list of the 50 richest suburbs in the United States. This ranking, according to a recent report by MoneyLion, highlights the state's strong economy and the appeal of its suburban lifestyle. The report, sourced from the U.S. Census Bureau's 2025 American Community Survey, focuses on towns with at least 5,000 households, emphasizing the importance of public transit in driving wealth and property values.
One of the key factors contributing to these towns' affluence is their access to public transportation. Westfield, Summit, Tenafly, Ridgewood, and Princeton all boast NJ Transit train stations that connect to major metro areas, such as New York City and, in the case of Princeton, Philadelphia. This access not only facilitates commuting but also drives property values, as residents and businesses seek proximity to these transportation hubs.
Westfield, for instance, with its train station on the Raritan Valley Line, offers indirect access to New York City. The town's average household income of $306,889 in 2024 and an average home value of $1.3 million in April 2026 underscore its wealth. Similarly, Summit, with its Morristown Line and Gladstone branch train station, boasts an average household income of $306,473 and a home value of $1.5 million.
Tenafly, despite lacking a downtown train station, provides express bus service to Manhattan, maintaining its affluent status with an average household income of $306,119 and a home value of $1.3 million. Princeton, home to the prestigious Ivy League school, showcases the economic impact of higher education, with an average household income of $275,137 and a home value just over $1 million.
Ridgewood, with its train station serving the Main Line and Bergen County Line, also contributes to the state's affluence, with an average household income of $273,185 and a home value of $1.2 million. These towns' access to public transit, combined with their strong economic indicators, underscores the importance of infrastructure in fostering wealth and prosperity.
However, the report also highlights a critical aspect of these affluent suburbs: limited housing supply. MoneyLion financial expert Rudri Patel notes that this scarcity drives up property values and contributes to the overall wealth of these communities. The report's focus on towns with at least 5,000 households further emphasizes the scale and impact of these economic trends.
In conclusion, New Jersey's five richest suburbs offer a fascinating insight into the interplay between public transit, economic indicators, and housing supply. These towns' affluence is not just a result of their economic indicators but also their strategic location and access to transportation hubs, making them desirable places to live and invest.
