The suburban township of Millburn, New Jersey, is dealing with a stagnant population of approximately 20,000 residents. This can be mistakenly blamed on the cost of living, but you’ll see more about incomes in Millburn, New Jersey, later on. Real estate agents in Millburn NJ consider that their beautiful residential suburb has plenty of things to offer to newcomers, and the fact that the township was ranked among the best places to live in New Jersey is saying something. Let’s go into details and see what realtors in Millburn NJ experience on a daily basis.
Housing Market in Millburn, New Jersey
Because you’re looking for real estate agents in Millburn NJ, we’ll first cover the housing market and see what all the fuss is about. Yes, the housing costs in Millburn, New Jersey, are relatively high, but let’s see what the benefits are. Just to get it out of the way, realtors in Millburn NJ shared with us that the city’s median home value is $869,000. As with any other number, it’s always important what you’re comparing it to. If you want to compare the real estate prices from Millburn to the ones from New Jersey, yes, there is a big difference, but you can look at other areas, and you’ll see that the balance can shift in the other direction as well.
The main thing you have to know about the housing market in Millburn, New Jersey, is that almost 91% of all housing is owner-occupied. This means that even if the housing expenses are high, Millburn residents can afford to buy them. We’ll look at what real estate agents in Millburn NJ have to say about incomes in a short minute. The fact that 92% of all housing belongs to the single-family home type also draws attention to the city’s lifestyle. Just so you fully grasp what we’re talking about, the highest percentage of homes based on size is 38%, and that is the percentage of homes with five or more bedrooms. Relocating to a new city is also about whether your lifestyle fits with the city. This isn’t particularly an ideal place for young professionals who haven’t settled down yet. Let's look at the Job Market in Millburn, New Jersey.
The job market in Millburn, New Jersey
Now, we’ll get into some details that real estate agents in Millburn NJ shared with us concerning the city’s economy and the job market. Like before, the first thing you should know is that Millburn’s median household income is $104,000. The city’s median family income is $147,000, and the median income per cap is $61,000. Think for one second and understand what that means in regards to the city’s cost of living and expenditures.
Now that you start to understand what living in Millburn, New Jersey, means, let’s look at incomes based on information from realtors in Millburn NJ. First, let’s see the occupations that offer the highest median income in the city. Architecture and Engineering Occupations have the highest median earnings in the city, reaching $139,000. Number two on this list are Legal Occupations with median earnings of $125,000, followed by Management with $105,000. Based on industries, however, in the first place, we have the Manufacturing Industry with median earnings of $140,000. In second place, we have the Finance and Insurance Industry with median earnings of $131,000, and in third, we have the Arts, Entertainment, and Recreation Industry with $118,000.
Living in Millburn, New Jersey
As one of the best-known New Jersey suburbs, Millburn is a walkable residential community designed for family life with low crime rates and excellent schools. Just contact real estate agents in Millburn NJ, for more information about this incredible community. This place is designed for family life and family living that also includes children. One look at the education quality and, if you have young children, you’ll be talking to one of the best realtors in Millburn NJ in a matter of minutes.
In Millburn, it isn’t only about owning a home, but also about that kind of lifestyle that that home, neighborhood, and the city will allow you to have. Think of large lots, with front and back yards, with large trees giving you just enough privacy and plenty of space available for your children to play in the safety of their own garden and more than enough space inside the home as well.
