Summit, NJ
Population 22,512 · New Jersey
About Summit, NJ
Summit is a mid-sized city located in New Jersey with a population of 22,512 residents according to the latest US Census Bureau American Community Survey data. The median household income is $199,107 per year, which is 165% above the national median of $75,149. The median age of 40.6 years is close to the US median age of 38.9 years.
Housing Market Overview
The housing market in Summit features a median home value of $969,900, which is 296% above the national median of $244,900. This places Summit in a higher-cost housing market, where property demand often outpaces supply. Median monthly rent is $2,308, 98% above the national average of $1,163/month. Of the 8,603 total housing units, 72% are owner-occupied (5,836 units) and 28% are renter-occupied (2,294 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Summit shows an unemployment rate of 4.3%, which is near the national rate of 3.7%. The poverty rate stands at 3.9%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Summit have an average one-way commute time of 34.8 minutes.
Education & Demographics
72.7% of Summit 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 1.2% White, 0.5% Hispanic or Latino, 2.1% Black or African American, and 7.8% Asian residents, with 17.4% of the population being foreign-born.
How Summit Ranks in New Jersey
Cost of Living in Summit, NJ
Compared to national averages, Summit has a median household income of $199,107 (165% above the national median of $75,149). Home values average $969,900, which is 296% above the national median. Monthly rent at $2,308 is 98% above the US average of $1,163. Within New Jersey, Summit's income is 72% above the state average of $115,667, and home values are 107% above the state median of $469,644.
Why Live in Summit, NJ?
Summit offers a strong local economy with a median household income of $199,107, well above the national average, and a well-educated community where 72.7% of residents hold a bachelor’s degree or higher, and a low poverty rate of 3.9%, better than the national average.
Potential considerations include a competitive housing market where the typical home costs $969,900. However, Summit’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Summit has a population of 22,512 with a median age of 40.6 years. Compare Summit with other cities to see how it stacks up, or explore all cities in New Jersey.
Similar Cities Near Summit
Cities in New Jersey with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Roselle | 22,455 | $82,967 | $336,500 | Compare |
| North Plainfield | 22,667 | $83,529 | $350,700 | Compare |
| Hillsborough | 22,302 | $142,275 | $411,400 | Compare |
| Parsippany | 21,869 | $102,152 | $540,800 | Compare |
| Glassboro | 23,375 | $80,388 | $276,900 | Compare |
| Lindenwold | 21,534 | $55,099 | $168,300 | Compare |
| Secaucus | 21,437 | $134,746 | $557,800 | Compare |
| Elmwood Park | 21,287 | $100,852 | $456,000 | 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 Summit With Other Cities
Frequently Asked Questions about Summit
What is the population of Summit, NJ?
The population of Summit, NJ is 22,512 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 Summit?
The median household income in Summit, NJ is $199,107 per year, which is 165% above the national median of $75,149.
What is the median home value in Summit?
The median home value in Summit, NJ is $969,900, which is 296% above the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Summit?
The median monthly rent in Summit, NJ is $2,308, which is 98% above the national average of $1,163/month.
What is the unemployment rate in Summit?
The unemployment rate in Summit, NJ is 4.3%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Summit, NJ a good place to live?
Summit offers above-average incomes, a competitive housing market, and growing employment opportunities. With a population of 22,512 and a median age of 40.6, the city appeals to a broad range of residents.
How educated is Summit, NJ?
72.7% of residents in Summit 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 Summit?
Key cost-of-living indicators for Summit, NJ: median home value is $969,900 (296% above national), median rent is $2,308/month, and median household income is $199,107. The home-value-to-income ratio is 4.9x, a moderate figure by national standards.
What is the poverty rate in Summit?
The poverty rate in Summit, NJ is 3.9%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Summit, NJ?
Summit's population is 1.2% White, 0.5% Hispanic or Latino, 2.1% Black or African American, 7.8% Asian, and 7.3% two or more races. 17.4% of residents are foreign-born.