Somerset, New Jersey Income Statistics
Somerset 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
Somerset Above average
Source: Map AI Methodology
Income Statistics Overview
| Metric | Somerset | New Jersey Avg | US Average |
|---|---|---|---|
| Median Household Income | $124,243 | $103,817 | $80,455 |
| Median Personal Income | $82,641 | $76,200 | $60,758 |
| Average Yearly Income Growth | 4.0% | 4.4% | 4.8% |
| Six-Figure Earners | 22.8% | 19.9% | 13.9% |
| $200k+ Households | 20.6% | 21.6% | 13.2% |
The median household income in Somerset is about 20% higher than in New Jersey. Income has been growing slower in Somerset (4.0%/yr) than in New Jersey (4.4%/yr).
About 23% of adults in Somerset 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 Somerset, New Jersey grew by 45.0% from 2009 to 2024, reaching $124,243 in 2024. That's an average of about 4.0% per year.
Income Inequality and the Gender Pay Gap in Somerset
| Metric | Somerset | New Jersey Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.499 | 0.544 | 0.552 |
| Male Median Income | $90,863 | $87,197 | $69,667 |
| Female Median Income | $80,881 | $70,502 | $56,850 |
| Gender Pay Gap | 11.0% | 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 Somerset, it is 0.499, 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 12% more than women's income in Somerset, New Jersey. Over a 35-year career, a 12% wage gap accumulates to roughly $349,370 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Somerset, New Jersey has narrowed from about 19% to 11% in 2024. Over that period the gap was widest at 24% in 2019, and was narrowest at 9% in 2012. In dollar terms, the gap has narrowed by $2,945 since 2009.
Employment
| Metric | Somerset | New Jersey Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.0% | 6.3% | 5.2% |
| Working from Home | 20.6% | 16.8% | 15.0% |
| Commute time (minutes) | 28 | 26 | 22 |
Approximately 558 people are unemployed in Somerset, New Jersey.
The average commute time in Somerset is 28 minutes, longer than the 26 minutes in New Jersey.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Somerset, New Jersey has fallen from 7.5% to 4.0% in 2024. Over that period the rate peaked at 8.2% in 2013 and fell as low as 3.8% in 2023.
Conclusion
Considering all these factors, Somerset, 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 Somerset, New Jersey.
How Rich Is Somerset, New Jersey?
Somerset 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 $124,243, about 20% higher than the New Jersey average of $103,817.
How fast is household income rising in Somerset, New Jersey?
Between 2009 and 2024, the median household income in Somerset, New Jersey rose 45%, from $85,673 to $124,243. Over the same years, income here lagged behind New Jersey as a whole: +45% against +50%.
What was the median household income in Somerset in 2023?
In 2023, the median household income in Somerset, New Jersey was $116,607, up 4% from $111,870 in 2022. The New Jersey median that year was $101,191.
What was the median household income in Somerset in 2020?
In 2020, the median household income in Somerset, New Jersey was $96,065. By 2024 it had risen 29% to $124,243.
Is unemployment high in Somerset, New Jersey?
Unemployment in Somerset, New Jersey is only 4.0%, well below the New Jersey rate of 6.3%, a sign of a tight labor market where employers compete for workers.
What is the Gini coefficient in Somerset, New Jersey?
The Gini coefficient in Somerset is 0.499. 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 Somerset, New Jersey?
Since 2009, the income gap between men and women in Somerset, New Jersey has narrowed from about 19% to 11% in 2024. Over that period the gap was widest at 24% in 2019, and was narrowest at 9% in 2012. In dollar terms, the gap has narrowed by $2,945 since 2009.
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