When you pull up any list documenting the most expensive cities in the country, you’ll find that cities and towns in California, New York and Colorado all dominate the top ten. While New Jersey may not make the top ten, its real estate is still some of the most expensive in the country. With towns like Alpine and New Vernon where the median home price is well over $2 million, it’s clear that California and New York have some pretty stiff competition. To see what other New Jersey zip codes made the list, take a look at the top 10.
In order to pull this list together, we consulted this Investopedia article where they pulled data from business magazine Forbes and housing market data provider Altos Research. Altos analyzed listing prices for single-family homes and condos in 29,500 ZIP codes across the U.S., which covers 95% of the population. Altos then calculated a median, rolling average for a 90-day period ending Oct. 9, 2015, and the 500 most expensive ZIP codes made it to the list.
This tiny cliff-top community some 20 miles north of New York City has higher property values than the Hamptons and the Hollywood Hills. The median home price here is an astounding $4.8 million, which doesn’t even hold a candle to the most expensive home on the market at $48.8 million. It’s no surprise that the average household income here is well above the national average at $170,000. The town also boasts a plethora of famous residents like Britney Spears, Mary J. Blige and Tracy Morgan.
2. New Vernon
Roughly 30 miles from New York City sits our #2 town. With just under 4,000 residents, this 20 square mile town has a median home price of $2.48 million. The average household income here is even higher than Alpine at $200,000.
3. Short Hills
While you might be familiar with this town because of its expansive shopping mall, you might also recognize its fame as Time magazine’s 2014 winner of ”Richest Town in America.” Seven in ten household incomes here are above $150,000 per year—the highest percentage in the United States. This popular commuter town definitely lives up to its title with a median home price of $2.1 million.
4. Sea Grit
This seaside borough in Monmouth County comes in at #4 on our list. With a median home listing price of $1.9 million and an average household income of $109,000 this popular vacation spot has the beautiful and expensive homes to match its beautiful beaches.
5. Saddle River
Saddle River is one of the wealthiest small municipalities in the United States and was ranked 9th in New Jersey in per capita income as of the 2010 Census. The median home price here is just under $1.8 million with a median household income of $172,000.
This Cape May County borough located on Seven Mile Island is not only a popular vacation destination, but it’s also the sixth most expensive town in New Jersey. The median home price here is $1.6 million with a fairly moderate median household income of $73,000.
This Ocean County borough took the title as the wealthiest community in the state of New Jersey according to the 2000 Census. The median home price here is $1.6 million with an average household income of $101,000.
8. Englewood Cliffs
Conveniently located just 9 miles from downtown New York City, this suburban town offers its residents some pretty expensive real estate in exchange for respite from the hustle and bustle of NYC. The median home price here is $1.5 million with a median household income of $124,000.
9. Far Hills
This small town with under 1,000 residents comes in at #9 on our list. With a median home price of $1.5 million and a median household income of $180,000, this 5 square mile town certainly earns its spot in the top 10.
Rounding out our list is Rumson, New Jersey. The median home price here is just under $1.5 million with a median household income of $133,000.