Madison, NJ Profile: Facts & Data

The primary coordinate point for Madison is located at latitude 40.7598 and longitude -74.4171 in Morris County. The formal boundaries for the Borough of Madison encompass a land area of 4.3 sq. miles and a water area of 0.01 sq. miles. Morris County is in the Eastern time zone (GMT -5). The elevation is 249 feet.

The Borough of Madison 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.

Alternate Unofficial Names for Madison: Battle Hill, Bottle Hill, South Hanover.

Madison, NJ Data & Demographics (As of July 1, 2022)

POPULATION
Total Population	16,969 (100%)
Population in Households	15,381 (90.6%)
Population in Families	12,714 (74.9%)
Population in Group Quarters¹	1,588 ( 9.4%)
Population Density	3,934
Diversity Index²	54


INCOME
Median Household Income	$158,886
Average Household Income	$230,300
% of Income for Mortgage⁴	25%
Per Capita Income	$77,753
Wealth Index⁵	262

HOUSING
Total HU (Housing Units)	6,041 (100%)
Owner Occupied HU	3,811 (63.1%)
Renter Occupied HU	1,905 (31.5%)
Vacant Housing Units	325 ( 5.4%)
Median Home Value	$754,116
Average Home Value	$837,503
Housing Affordability Index³	89

HOUSEHOLDS
Total Households	5,716
Average Household Size	2.69
Family Households	3,748
Average Family Size	3.00

NOTES

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.
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.
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.
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).
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.

Madison, NJ - Peer Comparisons by Rank and Percentile

The table below compares Madison to the other 701 incorporated cities, towns and CDPs in New Jersey by rank and percentile using July 1, 2022 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.

GROWTH RATE / YEAR	2020-2022	2022-2027
Population	0.08%	0.08%
Households	0.09%	0.09%
Families		0.09%
Median Household Income		2.73%
Per Capita Income		2.71%
Owner Occupied HU		0.45%

Variable Description	Rank	Percentile
Total Population	# 70	90th
Population Density	# 183	74th
Median Household Income	# 100	86th
Housing Affordability Index	# 185	26th
Per Capita Income	# 97	86th
Diversity Index	# 318	55th

Madison, NJ Profile: Facts & Data

Madison, New Jersey - Basic Facts

Madison, NJ Data & Demographics (As of July 1, 2022)

POPULATION

INCOME

HOUSING

HOUSEHOLDS

GROWTH RATE / YEAR

Madison, NJ - Peer Comparisons by Rank and Percentile

Madison, NJ - Most Popular Things to Do

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