These 5 New Jersey Suburbs Make The List Of Wealthiest In America

For decades, part of the classic "American Dream" was for a family to buy a home in the Suburbs and escape City Life. For many Middle-Class Families, living in the Suburbs is a representation of their social status.

But today, the Middle Class accounts for only 50 percent of United States citizens. In New Jersey, residents need an average Household Income of $152,186 to buy a house in The Garden State.  So only people who fit in a higher income bracket can now achieve "The American Dream".

According to the research team at Go Banking Rates, there is now a high percentage of wealthy people living in the Suburbs. 23 of the Wealthiest Suburban Communities in the United States are located on the East Coast.

What New Jersey Suburbs Made The List Of America's Wealthiest?

On the Go Banking Rates List of the Wealthiest Suburbs in America, they focused on communities with 5,000 or more households and limited their overall rankings to 50 Cities. These are the Five New Jersey Communities that made the list:

*Summit, New Jersey (26th Overall)
The residents in this Union County town have an average household income of $291,509 and Median Home Value is $1,244,244. Originally a farming community in the early 19th century, Summit has evolved into a destination community for wealthy families looking for clean air near the mountains.

*Tenafly, New Jersey (27th Overall)
Located in Bergen County, Tenafly's average household income is $291,096 and the Median home value is $1,168,510. A hot spot during the Revolutionary War, the town is well-known for its Parks and Open Spaces because the community was built up around the hills and valleys.

*Westfield, New Jersey (33rd Overall)
The residents in this Union County town have an Average household income of $281,738 and the Median Home Value is $1,138,497. Westfield is best known for the downtown area and the community's proximity to New York City.

*Ridgewood, New Jersey (38th Overall)
Located in Bergen County, Ridgewood's average household income is $277,428 and the Median home value is $1,055,405. Originally settled by descendants of Dutch Immigrants, Ridgewood saw the growth that laid the foundation for what the town is today because of the railroad that had a station in the town as people traveled to and from New York City.

*Princeton, New Jersey (41st Overall)
The residents in this Mercer County town have an Average household income of $269,420 and the Median Home Value is $967,165. Princeton is home to one of the oldest colleges/universities in the United States and was a hub for travelers from Philadelphia to New York City during the 19th and 20th centuries.

No matter how "Wealthy" the people who live in a community may be, everyone still has to pay property taxes in New Jersey.  How do your property taxes compare to the rest of the state?