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Budd Lake, NJ Profile: Facts & Data

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Budd Lake, New Jersey - Basic Facts

The Budd Lake Census Designated Place had a population of 9,685 as of July 1, 2020.

The primary coordinate point for Budd Lake is located at latitude 40.8712 and longitude -74.7341 in Morris County. The formal boundaries for the Budd Lake Census Designated Place encompass a land area of 5.44 sq. miles and a water area of 0.98 sq. miles. Morris County is in the Eastern time zone (GMT -5). The elevation is 955 feet.

The Budd Lake Census Designated Place (GNIS ID: 2389258) has a U1 Census Class Code which indicates a census designated place with an official federally recognized name. It also has a Functional Status Code of "S" which identifies a statistical entity.

The Budd Lake Census Designated Place is located within Township of Mount Olive, a minor civil division (MCD) of Morris County.

Alternate Unofficial Names for Budd Lake: Buddlake, Budds Lake, Budd's Lake.

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Budd Lake, NJ Data & Demographics (As of July 1, 2020)

POPULATION

Total Population 9,685 (100%)
Population in Households 9,672 (99.9%)
Population in Families 8,103 (83.7%)
Population in Group Quarters1 13 ( 0.1%)
Population Density 1,779
Diversity Index2 57
 
 

INCOME

Median Household Income $97,015
Average Household Income $125,593
% of Income for Mortgage4 14%
Per Capita Income $47,074
Wealth Index5 134
 

HOUSING

Total HU (Housing Units) 3,679 (100%)
Owner Occupied HU 1,988 (54.0%)
Renter Occupied HU 1,485 (40.4%)
Vacant Housing Units 205 ( 5.6%)
Median Home Value $331,209
Average Home Value $361,160
Housing Affordability Index3 127
 

HOUSEHOLDS

Total Households 3,474
Average Household Size 2.78
Family Households 2,443
Average Family Size 3
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.

GROWTH RATE / YEAR

 2010-2020 2020-2025
Population 0.75% 0.77%
Households 0.71% 0.72%
Families 0.23% 0.8%
Median Household Income   2.33%
Per Capita Income   2.22%
Owner Occupied HU   1.27%

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Budd Lake, NJ - Peer Comparisons by Rank and Percentile

The table below compares Budd Lake to the other 545 incorporated cities, towns and CDPs in New Jersey by rank and percentile using July 1, 2020 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 # 145 74th
Population Density # 354 35th
Median Household Income # 213 61st
Housing Affordability Index # 275 50th
Per Capita Income # 224 59th
Diversity Index # 183 67th

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

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