Cape May, NJ
Population 2,789 · New Jersey
About Cape May, NJ
Cape May is a small town located in New Jersey with a population of 2,789 residents according to the latest US Census Bureau American Community Survey data. The median household income is $57,230 per year, which is 24% below the national median of $75,149. The median age of 54.4 years is notably older the US median age of 38.9 years, suggesting a more established community with a higher proportion of long-term residents.
Housing Market Overview
The housing market in Cape May features a median home value of $823,800, which is 236% above the national median of $244,900. This places Cape May in a higher-cost housing market, where property demand often outpaces supply. Median monthly rent is $1,013, 13% below the national average of $1,163/month. Of the 3,898 total housing units, 63% are owner-occupied (862 units) and 37% are renter-occupied (507 units). The balanced mix of owners and renters indicates a diverse housing market.
Economy & Employment
The local economy in Cape May shows an unemployment rate of 2.5%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 7.5%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Cape May have an average one-way commute time of 17.7 minutes, one of the shorter commutes in the region.
Education & Demographics
50.0% of Cape May residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This significantly higher educational attainment rate often correlates with access to knowledge-economy jobs and higher household incomes. The community's demographic composition includes 0.4% White, 2.3% Hispanic or Latino, 3.4% Black or African American, and 9.1% Asian residents, with 6.0% of the population being foreign-born.
How Cape May Ranks in New Jersey
Cost of Living in Cape May, NJ
Compared to national averages, Cape May has a median household income of $57,230 (24% below the national median of $75,149). Home values average $823,800, which is 236% above the national median. Monthly rent at $1,013 is 13% below the US average of $1,163. Within New Jersey, Cape May's income is 51% below the state average of $115,667, and home values are 75% above the state median of $469,644.
Why Live in Cape May, NJ?
Cape May offers rent that’s lower than the national average at $1,013/month, and a strong job market with an unemployment rate of just 2.5%, and a well-educated community where 50.0% of residents hold a bachelor’s degree or higher. Additionally, the city features a low poverty rate of 7.5%, better than the national average, and short commute times averaging just 17.7 minutes.
Potential considerations include median household income ($57,230) that falls below the national average, and a competitive housing market where the typical home costs $823,800. However, Cape May’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Cape May has a population of 2,789 with a median age of 54.4 years. Compare Cape May with other cities to see how it stacks up, or explore all cities in New Jersey.
Similar Cities Near Cape May
Cities in New Jersey with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Keasbey | 2,793 | $65,948 | $328,100 | Compare |
| Clinton | 2,784 | $142,563 | $407,800 | Compare |
| Spring Lake | 2,782 | $146,976 | $2,000,001 | Compare |
| Hewitt | 2,797 | $182,516 | $436,700 | Compare |
| Pennington | 2,798 | $171,282 | $608,200 | Compare |
| Stockton University | 2,801 | $0 | $0 | Compare |
| Riverton | 2,771 | $126,818 | $354,900 | Compare |
| Pine Ridge at Crestwood | 2,756 | $61,563 | $133,800 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in New Jersey
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
Compare Cape May With Other Cities
Frequently Asked Questions about Cape May
What is the population of Cape May, NJ?
The population of Cape May, NJ is 2,789 according to the latest US Census Bureau American Community Survey estimates. This makes it a small town in New Jersey.
What is the median household income in Cape May?
The median household income in Cape May, NJ is $57,230 per year, which is 24% below the national median of $75,149.
What is the median home value in Cape May?
The median home value in Cape May, NJ is $823,800, which is 236% above the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Cape May?
The median monthly rent in Cape May, NJ is $1,013, which is 13% below the national average of $1,163/month.
What is the unemployment rate in Cape May?
The unemployment rate in Cape May, NJ is 2.5%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Cape May, NJ a good place to live?
Cape May offers a moderate cost of living, a competitive housing market, and a strong job market. With a population of 2,789 and a median age of 54.4, the city appeals to established professionals and retirees.
How educated is Cape May, NJ?
50.0% of residents in Cape May aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This above-average educational attainment often reflects a knowledge-based local economy.
What is the cost of living in Cape May?
Key cost-of-living indicators for Cape May, NJ: median home value is $823,800 (236% above national), median rent is $1,013/month, and median household income is $57,230. The home-value-to-income ratio is 14.4x, which suggests housing may be stretched relative to local earnings.
What is the poverty rate in Cape May?
The poverty rate in Cape May, NJ is 7.5%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Cape May, NJ?
Cape May's population is 0.4% White, 2.3% Hispanic or Latino, 3.4% Black or African American, 9.1% Asian, and 1.8% two or more races. 6.0% of residents are foreign-born.