Palisades Park, New Jersey Income Statistics
Palisades Park 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.
-
C
Palisades Park Below average
Source: Map AI Methodology
Income Statistics Overview
| Metric | Palisades Park | New Jersey Avg | US Average |
|---|---|---|---|
| Median Household Income | $92,893 | $103,817 | $80,455 |
| Median Personal Income | $60,047 | $76,200 | $60,758 |
| Average Yearly Income Growth | 5.2% | 4.4% | 4.8% |
| Six-Figure Earners | 13.9% | 19.9% | 13.9% |
| $200k+ Households | 14.4% | 21.6% | 13.2% |
The median household income in Palisades Park is about 11% lower than in New Jersey. Income has been growing faster in Palisades Park (5.2%/yr) than in New Jersey (4.4%/yr).
About 14% of adults in Palisades Park earn six figures ($100,000 or more) a year, lower than the New Jersey average of 20%.
Median Household Income 2009–2024 Trend
Median Household Income Over Time
Median household income in Palisades Park, New Jersey grew by 48.2% from 2009 to 2024, reaching $92,893 in 2024. That's an average of about 5.2% per year.
Income Inequality and the Gender Pay Gap in Palisades Park
| Metric | Palisades Park | New Jersey Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.555 | 0.544 | 0.552 |
| Male Median Income | $68,325 | $87,197 | $69,667 |
| Female Median Income | $65,350 | $70,502 | $56,850 |
| Gender Pay Gap | 4.4% | 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 Palisades Park, it is 0.555, higher than New Jersey's 0.544, so income is less evenly distributed here than there, and about the same as the US's 0.552, so income here is about as evenly distributed as there.
Men's income is about 5% more than women's income in Palisades Park, New Jersey. Over a 35-year career, a 5% wage gap accumulates to roughly $104,125 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Palisades Park, New Jersey has widened from about 2% to 4% in 2024. Over that period the gap was widest at 12% in 2022, and in 2012 women out-earned men by 5%. In dollar terms, the gap has widened by $2,282 since 2009.
Sharply against the trend: the pay gap in Palisades Park widened by 2.8 points while New Jersey's narrowed by 4.5 points.
Employment
| Metric | Palisades Park | New Jersey Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.6% | 6.3% | 5.2% |
| Working from Home | 12.6% | 16.8% | 15.0% |
| Commute time (minutes) | 26 | 26 | 22 |
Approximately 669 people are unemployed in Palisades Park, New Jersey.
The average commute time in Palisades Park is 26 minutes, about the same as in New Jersey.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Palisades Park, New Jersey has fallen from 6.6% to 5.6% in 2024. Over that period the rate peaked at 7.9% in 2013 and fell as low as 3.9% in 2019.
Palisades Park, NJ Wealth Compared With Nearby Cities
How Palisades Park, NJ compares with the 2 cities closest to it.
| Area | Population | Median household income | Income growthAverage yearly change in median household income since 2016. Each year is measured in its own dollars, so this is growth before inflation. | Unemployment | Income inequalityGini coefficient: 0 would mean every household earns the same, 1 that a single household earns everything. The lower the number, the more equally income is shared here. |
|---|---|---|---|---|---|
| Palisades Park, NJ | 20,140 | $92,893 #3/3 | 5.2%/yr #2/3 | 5.6% #2/3 | 0.555 #3/3 |
| Fort Lee, NJ | 39,670 | $107,946 | 4.6%/yr | 5.8% | 0.527 |
| Cliffside Park, NJ | 25,703 | $93,509 | 5.6%/yr | 4.4% | 0.554 |
Conclusion
Considering all these factors, Palisades Park, New Jersey has an overall wealth index grade of C, making it somewhat worse than New Jersey, and about on par with the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Palisades Park, New Jersey.
How Rich Is Palisades Park, New Jersey?
Palisades Park has a wealth index grade of C. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a C grade means residents are close to the U.S. average. The median household income is $92,893, about 11% lower than the New Jersey average of $103,817.
How fast is household income rising in Palisades Park, New Jersey?
Between 2009 and 2024, the median household income in Palisades Park, New Jersey rose 48%, from $62,670 to $92,893. Over the same years, income here lagged behind New Jersey as a whole: +48% against +50%.
What was the median household income in Palisades Park in 2023?
In 2023, the median household income in Palisades Park, New Jersey was $101,027, up 6% from $95,728 in 2022. The New Jersey median that year was $101,191.
What was the median household income in Palisades Park in 2020?
In 2020, the median household income in Palisades Park, New Jersey was $78,701. By 2024 it had risen 18% to $92,893.
What is the Gini coefficient in Palisades Park, New Jersey?
The Gini coefficient in Palisades Park is 0.555. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is almost the same as the US average of 0.552, so income is distributed about as equally as in the country overall.
How has the income gap between men and women changed in Palisades Park, New Jersey?
Since 2009, the income gap between men and women in Palisades Park, New Jersey has widened from about 2% to 4% in 2024. Over that period the gap was widest at 12% in 2022, and in 2012 women out-earned men by 5%. In dollar terms, the gap has widened by $2,282 since 2009.
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