08904, Highland Park, NJ

Highland Park, NJ is a suburb of New York City located in Bergen County. As of the 2010 census, the population was 27,811. The median household income was $101,521 and the median family income was $113,724. In Highland Park, home equity is highly valued and home prices are among the highest in the state.

According to Zillow’s analysis of recent sales data from April 2018 through March 2019, Highland Park had an average home value of $1 million. This placed it at number one on their list of “The Most Expensive ZIP Codes in New Jersey for Home Buyers”. The second most expensive ZIP code in New Jersey was Westfield Garden State Plaza (Edison), with an average home value of $933,000.

Home values have been on a steady rise since 2012 when they averaged $770,000. Since then they have more than doubled to reach an average value of over $1 million today. This has led to some speculation that Highland Park may soon become a “millionaire’s town” like some other suburbs in Greater New York City such as Greenwich Village or Tribeca have become over the past few years.

However, there are some caveats to this story which should be considered before making any definitive conclusions about whether or not Highland Park is becoming a millionaire’s town:

-First and foremost, while home values have increased rapidly over the past few years there has been a corresponding increase in inventory as well which has kept prices relatively stable compared to other markets around the country where housing prices have skyrocketed even faster than inflation rates would predict due to rapid population growth and limited availability of homes for sale (e.g., San Francisco).

-Secondly, while many people who live in Highland Park own their homes outright (i.e., no mortgage) this is not necessarily true for everyone; according to Zillow data almost one third (32%)of homes sold in Highland Park were purchased with a mortgage which suggests that many people are still feeling pressure from rising housing costs even though they may technically own their homes outright thanks to low interest rates and historically high levels of homeownership within Bergen County overall (currently 73% according to Census data).

-Finally, while it is certainly true that home values within Highland Park are high by any measure relative to other parts of the country there are also plenty of neighborhoods within Highland Park where house prices are much lower than average – especially if you consider price per square foot rather than just raw dollar amounts (see table below). So while it might be easy for someone living outside Highlandsparkto conclude that all millionaires live here or something similar – this simply isn't accurate given how diverse and spread out Highlandspark actually is when it comes outcomes are measured using different metrics like these!