Is new jersey a rich state

New Jersey is considered to be one of the wealthiest states in the United States. According to the U.S. Census Bureau, New Jersey has the highest median household income in the country, with a median household income of $85,245 in 2020.

Here are some statistics that illustrate New Jersey's wealth:

  1. Median household income: As mentioned earlier, New Jersey has the highest median household income in the country, with a median household income of $85,245 in 2020.
  2. Per capita income: New Jersey has the second-highest per capita income in the country, with a per capita income of $53,495 in 2020.
  3. Poverty rate: New Jersey has a relatively low poverty rate, with a poverty rate of 9.3% in 2020, which is lower than the national average of 12.9%.
  4. Home values: The median home value in New Jersey is $343,000, which is higher than the national median home value of $270,000.
  5. Education: New Jersey has a highly educated population, with a high school graduation rate of 92.5% and a college graduation rate of 64.4%.
  6. Tax revenue: New Jersey has a high tax revenue per capita, with a tax revenue per capita of $4,344 in 2020, which is higher than the national average of $3,444.
  7. Wealth inequality: While New Jersey is a wealthy state overall, it also has a significant wealth gap between the rich and the poor. The top 10% of households in New Jersey hold more than 50% of the state's wealth, while the bottom 10% hold less than 1%.

Some of the wealthiest counties in New Jersey include:

  1. Hunterdon County: With a median household income of $104,000 and a median home value of $430,000.
  2. Somerset County: With a median household income of $93,000 and a median home value of $380,000.
  3. Morris County: With a median household income of $92,000 and a median home value of $360,000.
  4. Bergen County: With a median household income of $86,000 and a median home value of $340,000.
  5. Essex County: With a median household income of $83,000 and a median home value of $330,000.

Overall, while New Jersey is a wealthy state, it also has a significant wealth gap and a high cost of living, which can make it challenging for some residents to afford the high prices of housing, healthcare, and other necessities.