Morristown, New Jersey Income Statistics
Morristown Wealth Score
The wealth index reflects the overall economic prosperity and financial well-being of an area's residents based on income levels, employment rates, and income inequality metrics.
-
A
Morristown Above average
Source: Map AI Methodology
Income Statistics Overview
| Metric | Morristown | New Jersey Avg | US Average |
|---|---|---|---|
| Median Household Income | $121,462 | $103,817 | $80,455 |
| Median Personal Income | $84,955 | $76,200 | $60,758 |
| Average Yearly Income Growth | 4.8% | 4.4% | 4.8% |
| Six-Figure Earners | 26.2% | 19.9% | 13.9% |
| $200k+ Households | 24.6% | 21.6% | 13.2% |
The median household income in Morristown is about 17% higher than in New Jersey. Income has been growing faster in Morristown (4.8%/yr) than in New Jersey (4.4%/yr).
About 26% of adults in Morristown earn six figures ($100,000 or more) a year, higher than the New Jersey average of 20%.
Median Household Income 2009–2024 Trend
Median Household Income Over Time
Median household income in Morristown, New Jersey grew by 95.7% from 2009 to 2024, reaching $121,462 in 2024. That's an average of about 4.8% per year.
Income Inequality and the Gender Pay Gap in Morristown
| Metric | Morristown | New Jersey Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.501 | 0.544 | 0.552 |
| Male Median Income | $94,084 | $87,197 | $69,667 |
| Female Median Income | $83,035 | $70,502 | $56,850 |
| Gender Pay Gap | 11.7% | 19.1% | 18.4% |
The Gini coefficient measures how evenly income is shared between richer and poorer households, from 0 (everyone earns the same) to 1 (one household earns nearly everything). The lower the number, the more equally income is distributed. In Morristown, it is 0.501, lower than New Jersey's 0.544, so income is more evenly distributed here than there, and lower than the US's 0.552, so income is more evenly distributed here than there.
Men's income is about 13% more than women's income in Morristown, New Jersey. Over a 35-year career, a 13% wage gap accumulates to roughly $386,715 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Morristown, New Jersey has widened from about 11% to 12% in 2024. Over that period the gap was widest at 24% in 2016, and in 2012 women out-earned men by 6%. In dollar terms, the gap has widened by $5,487 since 2009.
Employment
| Metric | Morristown | New Jersey Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.3% | 6.3% | 5.2% |
| Working from Home | 18.8% | 16.8% | 15.0% |
| Commute time (minutes) | 20 | 26 | 22 |
Approximately 697 people are unemployed in Morristown, New Jersey.
The average commute time in Morristown is 20 minutes, shorter than the 26 minutes in New Jersey.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Morristown, New Jersey has fallen from 6.5% to 5.3% in 2024. Over that period the rate fell as low as 2.5% in 2019.
Conclusion
Considering all these factors, Morristown, New Jersey has an overall wealth index grade of A, making it somewhat better than New Jersey, and notably better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Morristown, New Jersey.
How Rich Is Morristown, New Jersey?
Morristown has a wealth index grade of A. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; an A grade means residents are much better off than the U.S. average. The median household income is $121,462, about 17% higher than the New Jersey average of $103,817.
How fast is household income rising in Morristown, New Jersey?
Between 2009 and 2024, the median household income in Morristown, New Jersey rose 96%, from $62,069 to $121,462. Over the same years, income here outpaced New Jersey as a whole: +96% against +50%.
What was the median household income in Morristown in 2023?
In 2023, the median household income in Morristown, New Jersey was $116,987, up 2% from $114,223 in 2022. The New Jersey median that year was $101,191.
What was the median household income in Morristown in 2020?
In 2020, the median household income in Morristown, New Jersey was $109,150. By 2024 it had risen 11% to $121,462.
Is Morristown, New Jersey a high-income area?
Yes. 26% of adults in Morristown, New Jersey earn $100,000 or more a year (about 1 in 4), against 20% (about 1 in 5) in New Jersey. 25% of households have a combined income of $200,000 or more, compared with 22% in New Jersey.
What is the Gini coefficient in Morristown, New Jersey?
The Gini coefficient in Morristown is 0.501. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is lower than the US average of 0.552, so income is distributed more equally than in the country overall.
How has the income gap between men and women changed in Morristown, New Jersey?
Since 2009, the income gap between men and women in Morristown, New Jersey has widened from about 11% to 12% in 2024. Over that period the gap was widest at 24% in 2016, and in 2012 women out-earned men by 6%. In dollar terms, the gap has widened by $5,487 since 2009.
Analyze any area in the US
Get local demographics for any address, aggregated by drive time or radius, on the interactive map.
Explore the map →