You Might Be Considered 'Upper Class' In New Jersey If You Make This Much Money
New Jersey's income is significantly higher than the national average, and the state is well known for its high cost of living. But what does it take to be upper class in The Garden State? There are several ways to define "upper class," and belonging to the top 25% to 10% of earners is one common definition. Per U.S. Census Bureau data from 2024, the top 21.8% of New Jersey households made over $200,000, and this figure can be considered a reasonable threshold for being "upper class". Per this definition, out of the 3,543,944 households residing in the state, just over 770,000 would qualify as upper class.
A look at 2022 figures from the Internal Revenue Service (IRS) reveals that the top 5% of New Jersey taxpayers earned at least $338,942 annually. Meanwhile, the threshold for getting into the state's top 1% of earners — the absolute highest echelon of the upper class — was just over $830,000. In New Jersey, over 43,000 taxpayers belonged to this subset of the upper class as of 2022.
Other ways to calculate upper class status — and a caveat about being a top-earner in New Jersey
There's another way to define upper class, and that's earning at least twice as much as the median household income. In New Jersey — one of the states with the highest income — that bar is high. As of 2024, the state's median household income was $104,294, according to Census Bureau figures. Using that definition, someone would need to earn about $208,600 to reach the upper-class status in New Jersey. This figure aligns quite closely with the $200,000 threshold discussed above.
Although a significant portion of residents in New Jersey technically fall into the upper class category, their money doesn't go as far in The Garden State as it would in the nation's cheapest locales. For one, the state has notoriously high housing costs. Brokerage firm Redfin named New Jersey as the ninth most expensive place to buy a home, with a median sales price of $538,000 and a median monthly mortgage payment of $2,787. New Jersey is also one of the states with the highest property taxes. According to a SmartAsset report, to live comfortably in the state in 2025, a family comprising four members would need to earn over $282,000 — a figure that significantly exceeds the "upper class" benchmark for households. Meanwhile, single individuals would need approximately $109,000 to enjoy a comfortable life in New Jersey.