Packanack Lake, NJ Profile: Facts & Data

The primary coordinate point for Packanack Lake is located at latitude 40.9426 and longitude -74.2563 in Passaic County. Passaic County is in the Eastern time zone (GMT -5).

The Packanack Lake Census Designated Place is located within Township of Wayne, a minor civil division (MCD) of Passaic County.

A Census Designated Place (CDP) is a statistical counterpart to a self-governing (incorporated) place such as a city, town, or village. A CDP is not a legal entity and has no governmental functions.

Packanack Lake, NJ Data & Demographics (As of July 1, 2023)

POPULATION
Total Population	6,218 (100%)
Population in Households	6,218 (100.0%)
Population in Families	5,733 (92.2%)
Population in Group Quarters¹	0
Population Density	3,342
Diversity Index²	42


INCOME
Median Household Income	$155,881
Average Household Income	$219,659
% of Income for Mortgage⁴	23%
Per Capita Income	$73,726
Wealth Index⁵	296
Socioeconomic Status Index⁶	High (69.6)

HOUSING
Total HU (Housing Units)	2,142 (100%)
Owner Occupied HU	1,982 (92.5%)
Renter Occupied HU	105 ( 4.9%)
Vacant Housing Units	55 ( 2.6%)
Median Home Value	$593,584
Average Home Value	$601,627
Housing Affordability Index³	92

HOUSEHOLDS
Total Households	2,087
Average Household Size	2.98
Family Households	1,707
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.
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.

Packanack Lake, NJ - Peer Comparisons by Rank and Percentile

The table below compares Packanack Lake 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.

GROWTH RATE / YEAR	2020-2023	2023-2028
Population	-0.21%	-0.54%
Households	-0.09%	-0.24%
Families		-0.21%
Median Household Income		1.89%
Per Capita Income		2.41%
Owner Occupied HU		-0.09%

Variable Description	Rank	Percentile
Total Population	# 254	64th
Population Density	# 236	66th
Median Household Income	# 98	86th
Housing Affordability Index	# 453	65th
Per Capita Income	# 132	81st
Diversity Index	# 478	32nd

Packanack Lake, NJ Profile: Facts & Data

Packanack Lake, New Jersey - Basic Facts

Packanack Lake, NJ Data & Demographics (As of July 1, 2023)

POPULATION

INCOME

HOUSING

HOUSEHOLDS

GROWTH RATE / YEAR

Packanack Lake, NJ - Peer Comparisons by Rank and Percentile

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