You know what strikes me every time I drive through certain parts of New Jersey? How suddenly the scenery shifts. One minute you're passing regular suburban neighborhoods, and the next - boom - you're in what feels like a different universe. Giant estates tucked behind iron gates, luxury cars in driveways that could fit my entire house, and downtown areas lined with boutique stores you've only seen in Manhattan. These are the most wealthy towns in NJ, and boy, do they live up to the hype. But what's it actually like in these places? And why should anyone care?
I've spent years exploring these communities, chatting with residents, and honestly? It's not all champagne and caviar. Behind those manicured lawns are real stories - both good and bad. If you're considering moving to one of these elite NJ towns or just curious where the big money lives, pull up a chair. We're going beyond Zillow listings to talk property taxes that'll make your eyes water, schools that feel like private academies, and why some of these spots might surprise you. Oh, and we'll settle that debate about whether Short Hills really tops them all.
What Actually Makes a Town "Wealthy" in New Jersey?
People throw around terms like "affluent" and "upscale," but let's get specific about what signals serious wealth in the Garden State. It's not just about fancy houses. From what I've seen hitting these towns weekly for client meetings, three things jump out immediately:
- Median household income over $200K - That's the baseline. Many top towns blow past $250K
- Home values starting at $1 million - And often averaging way higher
- Property taxes that cost more than most Americans' mortgages - Think $25,000+ annually on the regular
But numbers don't tell the whole story. What really defines these most wealthy towns in NJ is the lifestyle infrastructure. We're talking:
- Public schools that outperform elite private institutions (seriously, Millburn High sends more kids to Ivy Leagues than some prep schools)
- Zero traffic lights in some boroughs because everyone prefers quiet
- Whole downtowns without a single chain store - only designer boutiques and artisan bakeries
I remember showing a property in Alpine last fall. The owner casually mentioned his "small" property tax bill was $38,000. When I didn't flinch (professional habit), he laughed and said "Worth every penny to not see a billboard for 20 years." That mindset? Priceless.
Breaking Down New Jersey's Top 5 Wealth Havens
Alright, let's get concrete. Based on IRS data, real estate reports, and my own boots-on-the-ground experience, these aren't just wealthy towns - they're financial fortresses. Important note: We're focusing on year-round residential towns (sorry, fancy shore communities that empty in winter).
| Town Name | Median Household Income | Avg Home Value | Property Tax Rate | What Sets It Apart |
|---|---|---|---|---|
| Short Hills (Essex County) | $250,000+ | $1.8 million | 2.1% | The Mall at Short Hills (luxury shopping mecca) + #1 ranked schools |
| Alpine (Bergen County) | $220,000 | $2.3 million | 2.0% | Celebrity enclave (Beyoncé, Chris Rock) with minimum 2-acre lots |
| Ho-Ho-Kus (Bergen County) | $210,000 | $1.1 million | 2.3% | Storybook downtown + top 5 NJ schools + NYC express bus |
| Essex Fells (Essex County) | $240,000 | $1.4 million | 2.0% | No commercial zoning - pure residential sanctuary |
| Mountain Lakes (Morris County) | $200,000 | $950,000 | 2.5% | Lakefront living with old-money Northeastern vibes |
Reality Check: Living in these most wealthy towns in NJ sounds dreamy until you see the tax bills. That Alpine mansion worth $2.3 million? You're paying $46,000 annually just in property taxes. Every. Single. Year. Better budget accordingly.
Short Hills: More Than Just a Fancy Mall
Okay, let's talk about the elephant in the room: The Mall at Short Hills. Yeah, it's got every luxury brand under the sun. But residents don't actually shop there much - too many tourists. What makes this wealthy NJ town special is how everything revolves around family advantages:
- Millburn Schools: Ranked NJ's #1 district. The high school has an astronomical 98% college attendance rate. Downside? Crazy competitive - I've seen sixth graders stress about violin recitals like they're Olympic trials.
- Housing Reality Check: That "$1.8 million average home value" is misleading. On my last tour, a decent 4-bedroom colonial near the middle school was $2.4 million. Fixer-uppers start at $1.3 mil if you're lucky.
- Commuting: NJ Transit's Midtown Direct gets you to Penn Station in 45 minutes. Monthly pass? $480. Worth it if you're a Wall Street exec.
Personal gripe? The parking situation downtown is brutal. Spent 20 minutes circling last Tuesday just to grab coffee.
Alpine: Where Privacy Costs More Than Your House
Drive through Alpine and you'll notice two things immediately: No sidewalks (nobody walks) and gates. So many gates. This isn't a town - it's a collection of private compounds. What you're paying for:
Celeb Spotting: Multiple NBA stars + music icons
Weird Quirk: No municipal water - all homes have private wells
Closest Groceries: 15 min drive to Closter
Property Tax Win: Lower % rate than neighbors
Honestly? Alpine feels disconnected. No real community center or downtown. But if utter seclusion is your goal, it delivers. Just don't expect neighborhood block parties.
Ho-Ho-Kus: Charm With a Side of Affluence
Now this is a wealthy NJ town I could actually see myself in. Quaint doesn't begin to describe downtown Ho-Ho-Kus. Think Colonial-era buildings housing family-run businesses. The Ho-Ho-Kus Inn has been serving prime rib since 1796. But behind the Mayberry facade lies serious wealth:
- Education Powerhouse: Ho-Ho-Kus Public School (K-8) consistently ranks top 3 statewide. For high school, kids attend Northern Highlands Regional (one of NJ's top 10)
- Housing Stock: Mostly historic Colonials and Tudors starting around $1 million. New construction? Forget it - preservation rules are fierce.
- Transport Perk: Express bus to Port Authority takes 35 minutes. Faster than driving during rush hour.
Trade-offs? Limited diversity (87% white per census data) and tiny commercial district. You'll do most shopping in Ridgewood.
The Hidden Costs of Living in NJ's Wealthiest Towns
Nobody talks about this enough, but affording the home price is just the beginning. After helping clients relocate to these most wealthy towns in NJ for a decade, here's what sneaks up on people:
| Expense Category | Typical Cost in Top Tier Towns | "Regular" NJ Town Comparison |
|---|---|---|
| Property Taxes on $1.5M Home | $32,000 - $38,000/year | $22,000 - $27,000 |
| Landscaping (1 acre property) | $800 - $1,500/month | $200 - $400/month |
| Private Sports Clubs | $15,000 - $50,000 initiation + dues | Public parks/courts suffice |
| School "Voluntary" Donations | $2,000 - $5,000/year per child | PTA asks for $50 bake sale items |
Remember that client in Short Hills? Bought a $2.1 million house then nearly choked when he saw the $6,000 annual bill for pool maintenance and the mandatory $5,000 donation to the education foundation. "It's like a country club membership nobody warned me about," he groaned.
Are the Schools Really That Much Better?
Short answer? Yes, but with caveats. Let's compare two top wealthy NJ towns versus a solid middle-class district:
- Millburn (Short Hills) High School:
- SAT Averages: 1430 (compared to 1080 statewide)
- AP Courses: 32 offerings
- College Acceptance: 12% Ivy League rate
- Northern Highlands (Ho-Ho-Kus) High:
- SAT Averages: 1370
- Unique Perk: Robotics team wins national championships
- Downside: Massive pressure - counseling office told me 85% of juniors use private tutors
Is the education better? Objectively yes. But the hyper-competitive environment burns some kids out. One Mountain Lakes mom confessed her sophomore started losing hair from stress. Makes you wonder about the human cost.
The North vs South Wealth Divide in New Jersey
Notice something about our list? All these most wealthy towns in NJ are north of Princeton. There's a reason for that:
Historical Patterns: Old money families settled near Manhattan
Corporate HQs: Pharma and finance clusters near I-287 and GSP
Key Difference: Avg home value $600K vs $1.2M+ in north
Why It Matters: Southern wealth is more understated
Don't get me wrong - Moorestown and Haddonfield are lovely affluent towns. But you won't see $10 million estates like Alpine has. The wealth ceiling is simply higher up north.
The "Stealth Wealth" Contenders
Some towns fly under the radar but pack serious financial firepower. Keep these on your radar:
- Rumson (Monmouth County): Waterfront mansions with private docks. Median income $190K but many make millions in finance
- Harding Township (Morris County): Equestrian estates on 10+ acres. Home to CEOs who avoid the Alpine limelight
- Glen Ridge (Essex County): Victorian homes near Montclair. Lower profile than Short Hills but equally impressive schools
Visited a Harding property last month where the stables cost more than my house. The owner breeds Olympic jumpers casually. Different world.
FAQs: What People Really Want to Know
After countless coffee meetings with prospective buyers, these questions keep coming up:
Do any "affordable" neighborhoods exist in these wealthy NJ towns?
Sort of. Look for:
- Townhouses in Short Hills near the train station ($900K instead of $2M+)
- Smaller cottages in Mountain Lakes needing renovation ($650K range)
- Apartments above downtown shops in Ho-Ho-Kus (rare, but sometimes $4K/month)
But "affordable" is relative. You're still paying premium prices for the zip code.
How do property taxes compare between these most wealthy towns in NJ?
Here's the painful breakdown for a $1.5 million home:
- Short Hills: ≈ $31,500/year
- Alpine: ≈ $30,000/year
- Mountain Lakes: ≈ $37,500/year (ouch!)
- Rumson: ≈ $27,000/year (bargain relatively)
Always verify tax records before buying. Some towns reassess aggressively.
Are there any unexpected perks beyond schools?
A few surprise benefits I've noticed:
- Police response times under 90 seconds in Essex Fells (tested it when a client's alarm misfired)
- Private composting services in Mountain Lakes - seriously high-end sustainability
- Resident-only tennis courts and lakes in several towns
Final Reality Check: Is the Premium Worth It?
Having walked hundreds of clients through this decision, here's my unfiltered take:
The Good: Your kids get phenomenal public education. Your home value appreciates steadily. You can walk safely at midnight. There's prestige when you give your address.
The Not-So-Good: Expect to pay $35K+ annually just to own your home (taxes + insurance + maintenance). Competition among parents is brutal. Diversity is minimal - prepare for cultural homogeneity.
A client in Short Hills put it perfectly: "It's like buying into an exclusive club with amazing amenities but high dues and sometimes annoying members." Couldn't agree more.
Would I live in one of these most wealthy towns in NJ? Personally - no. I value diversity and dislike keeping up appearances. But for families prioritizing education above all? Worth every penny. Just go in with eyes wide open.
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