07931 ZIP Code Demographics & Rankings

ZIP Code Type: STANDARD
County: Somerset County
Centroid: Latitude 40.702, Longitude -74.642
Time Zone: Eastern Time Zone (UTC -5 hours)
Observes DST: Yes

ZIP Code 07931 has segments in 2 Counties (Morris, Somerset).

Businesses Addresses: 149
PO Box Addresses: 304
Residential Addresses: 1,046

Multi-Family Addresses: 0
Single Family Addresses: 1,046

The ZIP Code maps and database are updated 4 times per year.
Database updated: July 1, 2020, Maps updated: August 4, 2020.

Far Hills, NJ 07931 Data & Demographics (As of July 1, 2020)

POPULATION
Total Population	3,548 (100%)
Population in Households	3,402 (95.9%)
Population in Families	3,001 (84.6%)
Population in Group Quarters¹	146 ( 4.1%)
Population Density	164
Diversity Index²	39


INCOME
Median Household Income	$177,822
Average Household Income	$250,104
% of Income for Mortgage⁴	20%
Per Capita Income	$82,466
Wealth Index⁵	367

HOUSING
Total HU (Housing Units)	1,278 (100%)
Owner Occupied HU	923 (72.2%)
Renter Occupied HU	246 (19.2%)
Vacant Housing Units	109 ( 8.5%)
Median Home Value	$867,386
Average Home Value	$1,082,611
Housing Affordability Index³	131

HOUSEHOLDS
Total Households	1,169
Average Household Size	2.91
Family Households	877
Average Family Size	3

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.

Far Hills, NJ 07931 - Peer Comparisons by Rank and Percentile

The table below compares 07931 to the other 575 ZIP Codes 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.

GROWTH RATE / YEAR	2010-2020	2020-2025
Population	0.38%	0.07%
Households	0.2%	0.05%
Families	0.16%	0.05%
Median Household Income		1.07%
Per Capita Income		1.15%
Owner Occupied HU		0.22%

Variable Description	Rank	Percentile
Total Population	# 470	18th
Population Density	# 533	7th
Median Household Income	# 25	96th
Housing Affordability Index	# 295	51st
Per Capita Income	# 33	94th
Diversity Index	# 364	37th

Far Hills, NJ 07931 ZIP Code Profile

ZIP Code 07931: Basic Data & USPS Preferred City Name

Far Hills, NJ 07931 Data & Demographics (As of July 1, 2020)

POPULATION

INCOME

HOUSING

HOUSEHOLDS

GROWTH RATE / YEAR

Far Hills, NJ 07931 - Peer Comparisons by Rank and Percentile

Popular Places Near ZIP Code 07931

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