Monmouth County generated the most wealth in New Jersey during the past decade, according to a new study, in a sign that the county was well positioned during the pandemic to take advantage of the shift to remote work.
SmartAsset, a financial advising company, found home values soared − and household income followed. It left Monmouth County ranked 71st out of more than 3,000 counties nationwide, placing the county in the top 3 percentile.
"Not all that surprising," said Kimberly Newsome, a real estate agent with Century 21 Thomson & Co. in Middletown. With the COVID-19 pandemic, "all of a sudden, people can start living where they love instead of being tied to living within a commutable distance because they can work remotely."
SmartAsset looked at the change in median home values, median income and investment income during the past decade in counties nationwide to develop an index that measures the growth of wealth.
The study comes as the U.S. is seeing record-high prices both for homes and the stock market, while household income has declined when adjusted for inflation.
Monmouth County's wealth appeared to pick up steam after the pandemic hit in the spring of 2020, when people moved out of the densely populated cities to the suburbs in search of more space.
The median price of a single-family home was $700,000 in November 2023, up from $452,000 in November 2019. And the median household income of $117,699 in 2022 was up from $102,579 in 2019, trade group and federal data shows.
Looking over a decade, SmartAsset said, Monmouth County had the biggest increase in wealth in New Jersey. Its median home value grew by $285,136; its median household income grew by $25,830; and its investment income grew by $17,000.
"It's not surprising to me," said Kelly Fernandes, a real estate agent with Heritage House Sotheby's International Realty in Rumson. "Ten years ago, it was just starting. During COVID, as people began moving away from city life and appreciating Monmouth County's central location and lifestyle, its popularity continued to grow."
Other tidbits from the report:
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Ocean County had the 10th biggest increase in wealth statewide. While its median home value grew by $215,184, income rose at a slower clip. Household income increased by $15,508; and investment income grew by $8,000. It is a sign that the county's second-home market surged.
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Rounding out the five New Jersey counties with the biggest increases in wealth: Bergen, Morris, Hudson, and Cape.
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Nantucket County, Massachusetts, had the biggest wealth increase nationwide thanks to a whopping $1.48 million hike in the median value of a house.
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San Mateo County, California, part of Silicon Valley, had the second highest wealth increase nationwide. Its median income gained $48,635, and its investment income gained $56,000.