Summit, New Jersey Income Statistics
Summit 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.
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A+
Summit Top grade
Source: Map AI Methodology
Income Statistics Overview
| Metric | Summit | New Jersey Avg | US Average |
|---|---|---|---|
| Median Household Income | $195,525 | $103,817 | $80,455 |
| Median Personal Income | $123,084 | $76,200 | $60,758 |
| Average Yearly Income Growth | 5.2% | 4.4% | 4.8% |
| Six-Figure Earners | 37.2% | 19.9% | 13.9% |
| $200k+ Households | 49.1% | 21.6% | 13.2% |
The median household income in Summit is about 88% higher than in New Jersey. Income has been growing faster in Summit (5.2%/yr) than in New Jersey (4.4%/yr).
About 37% of adults in Summit 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 Summit, New Jersey grew by 69.3% from 2009 to 2024, reaching $195,525 in 2024. That's an average of about 5.2% per year.
Income Inequality and the Gender Pay Gap in Summit
| Metric | Summit | New Jersey Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.520 | 0.544 | 0.552 |
| Male Median Income | $128,810 | $87,197 | $69,667 |
| Female Median Income | $118,804 | $70,502 | $56,850 |
| Gender Pay Gap | 7.8% | 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 Summit, it is 0.520, 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 8% more than women's income in Summit, New Jersey. Over a 35-year career, a 8% wage gap accumulates to roughly $350,210 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Summit, New Jersey has narrowed from about 39% to 8% in 2024. Over that period the gap was widest at 44% in 2010. In dollar terms, the gap has narrowed by $31,229 since 2009.
Employment
| Metric | Summit | New Jersey Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.4% | 6.3% | 5.2% |
| Working from Home | 23.8% | 16.8% | 15.0% |
| Commute time (minutes) | 26 | 26 | 22 |
Approximately 668 people are unemployed in Summit, New Jersey.
The average commute time in Summit is 26 minutes, about the same as in New Jersey.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Summit, New Jersey has fallen from 6.8% to 5.4% in 2024. Over that period the rate peaked at 7.2% in 2012 and fell as low as 4.3% in 2023.
Conclusion
Considering all these factors, Summit, New Jersey has an overall wealth index grade of A+, making it notably better than New Jersey, and far better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Summit, New Jersey.
How Rich Is Summit, New Jersey?
Summit 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 it is one of the most prosperous areas in the country. The median household income is $195,525, about 88% higher than the New Jersey average of $103,817.
Are incomes growing in Summit, New Jersey?
Between 2009 and 2024, the median household income in Summit, New Jersey rose 69%, from $115,498 to $195,525. Over the same years, income here outpaced New Jersey as a whole: +69% against +50%.
What was the median household income in Summit in 2023?
In 2023, the median household income in Summit, New Jersey was $199,492, up 7% from $186,030 in 2022. The New Jersey median that year was $101,191.
What was the median household income in Summit in 2020?
In 2020, the median household income in Summit, New Jersey was $145,784. By 2024 it had risen 34% to $195,525.
Do many residents of Summit, New Jersey earn over $100,000?
Yes. 37% of adults in Summit, New Jersey earn $100,000 or more a year (about 1 in 3), against 20% (about 1 in 5) in New Jersey. 49% of households have a combined income of $200,000 or more, compared with 22% in New Jersey.
What is the Gini coefficient in Summit, New Jersey?
The Gini coefficient in Summit is 0.520. 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 Summit, New Jersey?
Since 2009, the income gap between men and women in Summit, New Jersey has narrowed from about 39% to 8% in 2024. Over that period the gap was widest at 44% in 2010. In dollar terms, the gap has narrowed by $31,229 since 2009.
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