Far Hills, NJ Profile: Facts & Data

The Borough of Far Hills had a population of 915 as of July 1, 2024. Far Hills ranks in the lower 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 Far Hills is located at latitude 40.6843 and longitude -74.6357 in Somerset County. The formal boundaries for the Borough of Far Hills encompass a land area of 4.8 sq. miles and a water area of 0.08 sq. miles. Somerset County is in the Eastern time zone (GMT -5).

The Borough of Far Hills 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.

Far Hills, NJ Data & Demographics (As of July 1, 2024)

POPULATION
Total Population	915 (100%)
Population in Households	915 (100.0%)
Population in Families	765 (83.6%)
Population in Group Quarters¹	0
Population Density	189
Diversity Index²	49


INCOME
Median Household Income	$155,313
Average Household Income	$206,448
% of Income for Mortgage⁴	39%
Per Capita Income	$84,159
Wealth Index⁵	235
Socioeconomic Status Index⁶	High (68.6)

HOUSING
Total HU (Housing Units)	416 (100%)
Owner Occupied HU	306 (73.6%)
Renter Occupied HU	67 (16.1%)
Vacant Housing Units	43 (10.3%)
Median Home Value	$963,855
Average Home Value	$1,262,418
Housing Affordability Index³	55

HOUSEHOLDS
Total Households	373
Average Household Size	2.45
Family Households	263
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.

Far Hills, NJ - Peer Comparisons by Rank and Percentile

The table below compares Far Hills to the other 700 incorporated cities, towns and CDPs in New Jersey by rank and percentile using July 1, 2024 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	2020-2024	2024-2029
Population	-0.23%	-0.64%
Households	0.06%	-0.22%
Families		-0.23%
Median Household Income		2.87%
Per Capita Income		2.92%
Owner Occupied HU		0.20%

Variable Description	Rank	Percentile
Total Population	# 557	20th
Population Density	# 666	5th
Median Household Income	# 122	83rd
Housing Affordability Index	# 112	16th
Per Capita Income	# 98	86th
Diversity Index	# 398	43rd

Far Hills, NJ Profile: Facts & Data

Far Hills, New Jersey - Basic Facts

Far Hills, NJ Data & Demographics (As of July 1, 2024)

POPULATION

INCOME

HOUSING

HOUSEHOLDS

GROWTH RATE / YEAR

Far Hills, NJ - Peer Comparisons by Rank and Percentile

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