Palmyra, NJ Profile: Facts & Data

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Palmyra, New Jersey - Basic Facts

The Borough of Palmyra had a population of 7,534 as of July 1, 2023. Palmyra ranks in the upper quartile for Population Density when compared to the other cities, towns and Census Designated Places (CDPs) in New Jersey. See peer rankings below.

The primary coordinate point for Palmyra is located at latitude 40.0071 and longitude -75.0282 in Burlington County. The formal boundaries for the Borough of Palmyra encompass a land area of 1.86 sq. miles and a water area of 0.69 sq. miles. Burlington County is in the Eastern time zone (GMT -5).

The Borough of Palmyra has a C5 Census Class Code which indicates an active incorporated place that is independent of any county subdivision and serves as a county subdivision equivalent. It also has a Functional Status Code of "A" which identifies an active government providing primary general-purpose functions.


Jump to... (On This Page!)
  1. Palmyra 2023 Demographic Data
  2. Growth Rates for Palmyra (Historical & 5-Year Forecast)
  3. Peer Comparisons (Rank and Percentile)
  1. Neighborhoods Demographics (Home Values, Household Income, etc.)
  2. New Jersey Research Tools (Easy Tools & Current Data)
  3. New Jersey Data Comparison Tool - 2023 Demographics
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Palmyra, NJ Data & Demographics (As of July 1, 2023)

POPULATION

Total Population 7,534 (100%)
Population in Households 7,534 (100.0%)
Population in Families 5,801 (77.0%)
Population in Group Quarters1 0
Population Density 4,074
Diversity Index2 58
 
 

INCOME

Median Household Income $82,054
Average Household Income $111,789
% of Income for Mortgage4 16%
Per Capita Income $49,484
Wealth Index5 100
Socioeconomic Status Index6 Moderate (52.4)
 

HOUSING

Total HU (Housing Units) 3,506 (100%)
Owner Occupied HU 2,301 (65.6%)
Renter Occupied HU 1,034 (29.5%)
Vacant Housing Units 171 ( 4.9%)
Median Home Value $214,686
Average Home Value $302,206
Housing Affordability Index3 112
 

HOUSEHOLDS

Total Households 3,335
Average Household Size 2.26
Family Households 1,978
Average Family Size 3.00
NOTES
  1. Group Quarters - a place where people live or stay in a group living arrangement. Includes college residents halls, nursing facilities, military barracks, and correctional facilities.
  2. The Diversity Index is a scale of 0 to 100 that represents the likelihood that two persons, chosen at random from the same area, belong to different races or ethnic groups. If an area's entire population belongs to one race AND one ethnic group, then the area has zero diversity. An area's diversity index increases to 100 when the population is evenly divided into two or more race/ethnic groups.
  3. The Housing Affordability Index base is 100 and represents a balance point where a resident with a median household income can normally qualify to purchase a median price home. Values above 100 indicate increased affordability, while values below 100 indicate decreased affordability.
  4. The % of Income for Mortgage quantifies the percentage of median household income dedicated to mortgage payments on a home priced at the median value (assuming a 30-year mortgage and a 20% down payment).
  5. The Wealth Index is based on a number of indicators of affluence including average household income and average net worth, but it also includes the value of material possessions and resources. It represents the wealth of the area relative to the national level. Values above or below 100 represent above-average wealth or below-average wealth compared to the national level.
  6. The Socioeconomic Index ranges from zero (lowest relative status) to 100 (highest relative status). This measure quantifies disparities in social position of an area's inhabitants and is built from a broad range of demographic, housing, and socioeconomic inputs. More information on this measure can be found in Esri's SEI tutorial.

GROWTH RATE / YEAR

2020-2023 2023-2028
Population 0.40% 0.20%
Households 0.60% 0.49%
Families   0.41%
Median Household Income   1.74%
Per Capita Income   2.35%
Owner Occupied HU   1.05%

Palmyra, NJ - Peer Comparisons by Rank and Percentile

The table below compares Palmyra to the other 700 incorporated cities, towns and CDPs in New Jersey by rank and percentile using July 1, 2023 data. The location Ranked # 1 has the highest value. A location that ranks higher than 75% of its peers would be in the 75th percentile of the peer group.

Variable Description Rank Percentile
Total Population # 216 69th
Population Density # 173 75th
Median Household Income # 495 29th
Housing Affordability Index # 633 90th
Per Capita Income # 376 46th
Diversity Index # 278 60th

Additional comparisons and rankings can be made with a VERY EASY TO USE New Jersey Census Data Comparison Tool.

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