Somerset Households Among Richest in Nation
Five New Jersey counties boast some of the highest concentrations of wealth in U.S., NJ Spotlight reports.
Somerset County is among five New Jersey counties with some of the highest concentrations of wealth in the nation, according to US. Census Bureau data reported by NJ Spotlight.
Somerset joins Morris, Bergen, Hunterdon and Monmouth counties in boasting large percentages of households with an annual income of $200,000 or more.
In 2011, 16 percent of Somerset County households made more than $200,000, with a median household income of $96,360. However, median income is around 4 percent lower than peak 2008 levels of more than $100,000 in Somerset.
While all New Jersey counties have higher-than-average concentrations of wealth, the latest census data shows that many have not fully recovered from the effects of the recession, which technically stretched from December 2007 through June 2009. The inflation-adjusted median household income in 11 counties was lower in 2011 than at the start of the recession five years earlier, NJ Spotlight reports.
NJ Spotlight is an issue-driven news website that provides critical insight to New Jersey’s communities and businesses. It is non-partisan, independent, policy-centered and community-minded.