| ZIP Code | 07940 |
|---|---|
| City | Madison |
| State | New Jersey (NJ) |
| County | Morris County |
| Area Code | 862/973 |
| Elevation | 304 ft |
| Latitude | 40.760535 |
|---|---|
| Longitude | -74.41948 |
| Timezone | New York (DST) |
| FIPS | 34027 |
| ZIP Type | Standard |
| Status | Active |
Race & Ethnicity
Age Breakdown
Key Indicators
| Median Age | 35.2 yrs ↓ 6% since 2019 |
|---|---|
| Avg Household Size | 2.68 |
| Below Poverty | 2.4% ▼ 76% below avg |
| College Grads | 74.4% ▲ 92% above avg |
| Unemployment | 6.8% ▲ 38% above avg |
| No HS Diploma | 134 (1.4%) |
| HS Graduate | 1,541 (15.6%) |
| Some College | 466 (4.7%) |
| Associates | 390 (3.9%) |
| Bachelors | 407 (4.1%) |
| Graduate Degree | 6,953 (70.3%) |
Education
Housing Tenure
Home Value Distribution
Financials
| Median HH Income | $168,520 ▲ 121% above avg ↑ 15% since 2019 |
|---|---|
| Median Home Value | $883,200 ▲ 217% above avg ↑ 22% since 2019 |
| Home/Income Ratio | 5.2x (nat avg ~3.5x) |
| Median Rent | $2,248/mo ↑ 24% since 2019 |
| Total Units | 5,733 |
| Vacant Units | 167 |
| Avg HH Size | 2.68 |
Income Distribution
How People Get to Work
Commute Time
Year Built
Summary
| Total Units | 5,733 |
|---|---|
| Vacant | 167 |
| Owner Occupied | 64.2% |
| Renter Occupied | 35.8% |
| Avg HH Size | 2.68 |
ZIP code 07940 is located in Madison, New Jersey, within Morris County. With a population of 17,675, this is a moderately populated ZIP code with a relatively young community — the median age is 35.2 years. Economically, 07940 is a affluent ZIP code: the median household income of $168,520 is more than double the national average.
Real estate in ZIP code 07940 represents among the most expensive housing markets in the country. The median home value of $883,200 is more than double the national average. Renters can expect to pay around $2,248 per month in median rent. Homeownership is strong here — 64.2% of occupied units are owner-occupied, suggesting an established, stable residential community. Median home values have increased by 22% since 2019.
The population of 07940 is primarily White (72.91%). Residents are highly educated — 74.4% hold a bachelor's degree or higher, which is significantly above the national average. Poverty affects a relatively small share of residents at 2.4%. Household income has grown by 15% since 2019.
The unemployment rate in 07940 stands at 6.8%, which is above the national average. About 25% of workers are remote. As in most parts of the country, driving alone is the dominant commute mode at 52%.
Overall, ZIP code 07940 in Madison, NJ is characterized as affluent, highly educated, a relatively young community, and predominantly owner-occupied. With 17,675 residents, a median household income of $168,520, and a median home value of $883,200, it offers a clear picture of life in this part of New Jersey.