Milltown, NJ
Population 6,994 · New Jersey
About Milltown, NJ
Milltown is a small town located in New Jersey with a population of 6,994 residents according to the latest US Census Bureau American Community Survey data. The median household income is $119,958 per year, which is 60% above the national median of $75,149. The median age of 40.3 years is close to the US median age of 38.9 years.
Housing Market Overview
The housing market in Milltown features a median home value of $423,000, which is 73% above the national median of $244,900. This places Milltown in a higher-cost housing market, where property demand often outpaces supply. Median monthly rent is $1,500, 29% above the national average of $1,163/month. Of the 2,632 total housing units, 76% are owner-occupied (1,949 units) and 24% are renter-occupied (615 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Milltown shows an unemployment rate of 4.8%, which is near the national rate of 3.7%. The poverty rate stands at 1.1%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Milltown have an average one-way commute time of 29 minutes.
Education & Demographics
43.2% of Milltown residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This is in line with national trends in educational attainment. The community's demographic composition includes 0.0% White, 0.4% Hispanic or Latino, 2.0% Black or African American, and 6.6% Asian residents, with 20.0% of the population being foreign-born.
Cost of Living in Milltown, NJ
Compared to national averages, Milltown has a median household income of $119,958 (60% above the national median of $75,149). Home values average $423,000, which is 73% above the national median. Monthly rent at $1,500 is 29% above the US average of $1,163. Within New Jersey, Milltown's income is 4% above the state average of $115,667, and home values are 10% below the state median of $469,644.
Why Live in Milltown, NJ?
Milltown offers a strong local economy with a median household income of $119,958, well above the national average, and a well-educated community where 43.2% of residents hold a bachelor’s degree or higher, and a low poverty rate of 1.1%, better than the national average.
Potential considerations include a competitive housing market where the typical home costs $423,000. However, Milltown’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Milltown has a population of 6,994 with a median age of 40.3 years. Compare Milltown with other cities to see how it stacks up, or explore all cities in New Jersey.
Similar Cities Near Milltown
Cities in New Jersey with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Midland Park | 6,996 | $140,063 | $586,200 | Compare |
| Mountainside | 6,967 | $210,100 | $755,600 | Compare |
| Stratford | 6,965 | $100,735 | $238,200 | Compare |
| Linwood | 6,954 | $135,904 | $351,100 | Compare |
| Barrington | 7,047 | $84,334 | $244,400 | Compare |
| Lincroft | 6,901 | $168,945 | $719,000 | Compare |
| Keyport | 7,159 | $79,036 | $374,800 | Compare |
| Allendale | 6,820 | $156,992 | $764,600 | 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 Milltown With Other Cities
Frequently Asked Questions about Milltown
What is the population of Milltown, NJ?
The population of Milltown, NJ is 6,994 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 Milltown?
The median household income in Milltown, NJ is $119,958 per year, which is 60% above the national median of $75,149.
What is the median home value in Milltown?
The median home value in Milltown, NJ is $423,000, which is 73% above the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Milltown?
The median monthly rent in Milltown, NJ is $1,500, which is 29% above the national average of $1,163/month.
What is the unemployment rate in Milltown?
The unemployment rate in Milltown, NJ is 4.8%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Milltown, NJ a good place to live?
Milltown offers above-average incomes, a competitive housing market, and growing employment opportunities. With a population of 6,994 and a median age of 40.3, the city appeals to a broad range of residents.
How educated is Milltown, NJ?
43.2% of residents in Milltown 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 Milltown?
Key cost-of-living indicators for Milltown, NJ: median home value is $423,000 (73% above national), median rent is $1,500/month, and median household income is $119,958. The home-value-to-income ratio is 3.5x, a moderate figure by national standards.
What is the poverty rate in Milltown?
The poverty rate in Milltown, NJ is 1.1%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Milltown, NJ?
Milltown's population is 0.0% White, 0.4% Hispanic or Latino, 2.0% Black or African American, 6.6% Asian, and 4.6% two or more races. 20.0% of residents are foreign-born.