Parsippany, NJ
Population 21,869 · New Jersey
About Parsippany, NJ
Parsippany is a mid-sized city located in New Jersey with a population of 21,869 residents according to the latest US Census Bureau American Community Survey data. The median household income is $102,152 per year, which is 36% above the national median of $75,149. The median age of 41.4 years is close to the US median age of 38.9 years.
Housing Market Overview
The housing market in Parsippany features a median home value of $540,800, which is 121% above the national median of $244,900. This places Parsippany in a higher-cost housing market, where property demand often outpaces supply. Median monthly rent is $1,732, 49% above the national average of $1,163/month. Of the 9,331 total housing units, 49% are owner-occupied (4,447 units) and 51% are renter-occupied (4,574 units). The higher proportion of renters may reflect a transient population, younger demographics, or high housing costs relative to income.
Economy & Employment
The local economy in Parsippany shows an unemployment rate of 5.4%, which is near the national rate of 3.7%. The poverty rate stands at 5.9%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Parsippany have an average one-way commute time of 26.8 minutes.
Education & Demographics
60.0% of Parsippany 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, 0.3% Hispanic or Latino, 1.7% Black or African American, and 6.2% Asian residents, with 44.2% of the population being foreign-born.
How Parsippany Ranks in New Jersey
Cost of Living in Parsippany, NJ
Compared to national averages, Parsippany has a median household income of $102,152 (36% above the national median of $75,149). Home values average $540,800, which is 121% above the national median. Monthly rent at $1,732 is 49% above the US average of $1,163. Within New Jersey, Parsippany's income is 12% below the state average of $115,667, and home values are 15% above the state median of $469,644.
Why Live in Parsippany, NJ?
Parsippany offers a strong local economy with a median household income of $102,152, well above the national average, and a well-educated community where 60.0% of residents hold a bachelor’s degree or higher, and a low poverty rate of 5.9%, better than the national average.
Potential considerations include a competitive housing market where the typical home costs $540,800. However, Parsippany’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Parsippany has a population of 21,869 with a median age of 41.4 years. Compare Parsippany with other cities to see how it stacks up, or explore all cities in New Jersey.
Similar Cities Near Parsippany
Cities in New Jersey with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Lindenwold | 21,534 | $55,099 | $168,300 | Compare |
| Secaucus | 21,437 | $134,746 | $557,800 | Compare |
| Hillsborough | 22,302 | $142,275 | $411,400 | Compare |
| Elmwood Park | 21,287 | $100,852 | $456,000 | Compare |
| Roselle | 22,455 | $82,967 | $336,500 | Compare |
| Summit | 22,512 | $199,107 | $969,900 | Compare |
| North Plainfield | 22,667 | $83,529 | $350,700 | Compare |
| Pleasantville | 20,604 | $52,403 | $177,700 | 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 Parsippany With Other Cities
Frequently Asked Questions about Parsippany
What is the population of Parsippany, NJ?
The population of Parsippany, NJ is 21,869 according to the latest US Census Bureau American Community Survey estimates. This makes it a mid-sized city in New Jersey.
What is the median household income in Parsippany?
The median household income in Parsippany, NJ is $102,152 per year, which is 36% above the national median of $75,149.
What is the median home value in Parsippany?
The median home value in Parsippany, NJ is $540,800, which is 121% above the national median of $244,900. A significant portion of residents rent their homes.
What is the average rent in Parsippany?
The median monthly rent in Parsippany, NJ is $1,732, which is 49% above the national average of $1,163/month.
What is the unemployment rate in Parsippany?
The unemployment rate in Parsippany, NJ is 5.4%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Parsippany, NJ a good place to live?
Parsippany offers above-average incomes, a competitive housing market, and growing employment opportunities. With a population of 21,869 and a median age of 41.4, the city appeals to a broad range of residents.
How educated is Parsippany, NJ?
60.0% of residents in Parsippany 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 Parsippany?
Key cost-of-living indicators for Parsippany, NJ: median home value is $540,800 (121% above national), median rent is $1,732/month, and median household income is $102,152. The home-value-to-income ratio is 5.3x, a moderate figure by national standards.
What is the poverty rate in Parsippany?
The poverty rate in Parsippany, NJ is 5.9%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Parsippany, NJ?
Parsippany's population is 0.4% White, 0.3% Hispanic or Latino, 1.7% Black or African American, 6.2% Asian, and 3.7% two or more races. 44.2% of residents are foreign-born.