Palmyra, NJ
Population 7,447 · New Jersey
About Palmyra, NJ
Palmyra is a small town located in New Jersey with a population of 7,447 residents according to the latest US Census Bureau American Community Survey data. The median household income is $85,014 per year, which is 13% above the national median of $75,149. The median age of 42.7 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 Palmyra features a median home value of $216,600, which is 12% below the national median of $244,900. This positions Palmyra in a moderately priced market relative to the rest of the country. Median monthly rent is $1,680, 44% above the national average of $1,163/month. Of the 3,406 total housing units, 70% are owner-occupied (2,285 units) and 30% are renter-occupied (998 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Palmyra shows an unemployment rate of 5.7%, which is significantly above the national rate of 3.7%, suggesting economic challenges in the area. The poverty rate stands at 8.9%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Palmyra have an average one-way commute time of 25.2 minutes.
Education & Demographics
29.7% of Palmyra 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 3.7% White, 1.5% Hispanic or Latino, 3.4% Black or African American, and 1.7% Asian residents, with 7.8% of the population being foreign-born.
Cost of Living in Palmyra, NJ
Compared to national averages, Palmyra has a median household income of $85,014 (13% above the national median of $75,149). Home values average $216,600, which is 12% below the national median. Monthly rent at $1,680 is 44% above the US average of $1,163. Within New Jersey, Palmyra's income is 27% below the state average of $115,667, and home values are 54% below the state median of $469,644.
Why Live in Palmyra, NJ?
Palmyra offers a strong local economy with a median household income of $85,014, well above the national average, and affordable housing with a median home value of $216,600, below the US average of $244,900, and a low poverty rate of 8.9%, better than the national average.
Palmyra has a population of 7,447 with a median age of 42.7 years. Compare Palmyra with other cities to see how it stacks up, or explore all cities in New Jersey.
Similar Cities Near Palmyra
Cities in New Jersey with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Haddon Heights | 7,488 | $126,055 | $354,700 | Compare |
| Berlin | 7,503 | $101,008 | $310,000 | Compare |
| Washington | 7,287 | $79,280 | $260,200 | Compare |
| Mystic Island | 7,616 | $71,917 | $290,000 | Compare |
| Rumson | 7,265 | $250,001 | $1,609,400 | Compare |
| Yorketown | 7,265 | $163,375 | $575,700 | Compare |
| Emerson | 7,263 | $153,963 | $626,000 | Compare |
| Wharton | 7,254 | $92,548 | $348,100 | 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 Palmyra With Other Cities
Frequently Asked Questions about Palmyra
What is the population of Palmyra, NJ?
The population of Palmyra, NJ is 7,447 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 Palmyra?
The median household income in Palmyra, NJ is $85,014 per year, which is 13% above the national median of $75,149.
What is the median home value in Palmyra?
The median home value in Palmyra, NJ is $216,600, which is 12% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Palmyra?
The median monthly rent in Palmyra, NJ is $1,680, which is 44% above the national average of $1,163/month.
What is the unemployment rate in Palmyra?
The unemployment rate in Palmyra, NJ is 5.7%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Palmyra, NJ a good place to live?
Palmyra offers above-average incomes, affordable housing, and growing employment opportunities. With a population of 7,447 and a median age of 42.7, the city appeals to a broad range of residents.
How educated is Palmyra, NJ?
29.7% of residents in Palmyra aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The educational profile reflects the area's industry mix and employment landscape.
What is the cost of living in Palmyra?
Key cost-of-living indicators for Palmyra, NJ: median home value is $216,600 (12% below national), median rent is $1,680/month, and median household income is $85,014. The home-value-to-income ratio is 2.5x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Palmyra?
The poverty rate in Palmyra, NJ is 8.9%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Palmyra, NJ?
Palmyra's population is 3.7% White, 1.5% Hispanic or Latino, 3.4% Black or African American, 1.7% Asian, and 14.9% two or more races. 7.8% of residents are foreign-born.