Towaco, New Jersey Demographics & Population 2026
During the 2020–2024 ACS period, Towaco, New Jersey had a total population of 5,612, the 277th largest community in New Jersey, with a median household income of $205,636, which is 99% higher than the state average. The poverty rate is 2.5%.
Data vintage: U.S. Census Bureau ACS 2020–2024 5-Year Estimates · refreshed July 2026 · Methodology & source notes
Key Takeaways
- Household income is 99% above the state average — one of the wealthiest communities in New Jersey.
- An exceptionally low poverty rate of 2.5% — among the lowest in New Jersey.
- 73.3% of adults hold a bachelor's degree or higher — top 10% in New Jersey.
- Near full employment with an unemployment rate of just 2.0%.
Towaco Quick Facts
How Towaco Changed
Change from the 2019–2023 ACS period to 2020–2024. These are rolling five-year estimates, not year-over-year measurements.
| Metric | 2019–2023 | 2020–2024 | Change |
|---|---|---|---|
| Population | 5,627 | 5,612 | -0.3% |
| Median household income | $197,696 | $205,636 | +4.0% |
| Median home value | $690,900 | $701,300 | +1.5% |
How Towaco Compares
Median Household Income
Median Home Value
Economy & Housing
Household Income Distribution
Detailed income brackets
Employment
Housing Overview
People & Demographics
Age Distribution
Race & Ethnicity
Diversity Index
Moderate diversity with one or two groups making up the majority.
State average: 66 | National average: 61
Education
Educational Attainment (Adults 25+)
Towaco Rankings in New Jersey
Explore New Jersey Rankings
Other Cities in Morris County
| City | Population | Median Income | Poverty | Home Value |
|---|---|---|---|---|
| Parsippany | 21,345 | $99,405 | 6.7% | $555,400 |
| Morristown | 20,453 | $121,340 | 7.8% | $567,600 |
| Dover | 18,563 | $73,737 | 14.2% | $366,700 |
| Madison | 16,447 | $171,471 | 3.2% | $943,200 |
| Florham Park | 13,564 | $158,696 | 8.7% | $791,400 |
| Lake Hiawatha | 11,018 | $104,663 | 3.4% | $428,600 |
| Pompton Plains | 10,971 | $117,959 | 5.6% | $539,000 |
| Lincoln Park | 10,957 | $123,397 | 2.9% | $443,300 |
| Budd Lake | 10,650 | $114,154 | 4.6% | $456,100 |
| Lake Hopatcong | 10,259 | $117,625 | 4.0% | $424,200 |
Cities Similar to Towaco
These cities in the same state have comparable population and economic profiles.
| City | Population | Median Income | Home Value | Bachelor's+ | Poverty |
|---|---|---|---|---|---|
| Neshanic Station | 5,640 | $221,395 | $770,300 | 78.3% | 0.2% |
| Rutgers University-Busch Campus | 5,920 | N/A | N/A | 87.7% | 0.0% |
| Old Tappan | 6,008 | $205,385 | $951,300 | 76.9% | 2.3% |
| Norwood | 5,724 | $178,311 | $709,100 | 60.6% | 2.8% |
| Englewood Cliffs | 5,362 | $230,611 | $1,401,600 | 74.7% | 5.3% |
Population Overview
Towaco is a small city located in New Jersey, within Morris County. The total population is 5,612. It ranks as the 277th most populous out of 700 Census-designated places in New Jersey.
Age Demographics
The median age in Towaco is 47.0 years. This is 17% higher than the state median of 40.1 years. 12.7% of residents are 75 or older, suggesting a significant retirement-age population with implications for healthcare services and senior housing.
Economy, Income & Housing
The median household income in Towaco is $205,636. This is 99% higher than the state median of $103,556. It is also 155% higher than the national median of $80,734. The poverty rate stands at 2.5%. This is 74% lower than the state poverty rate of 9.7%. This exceptionally low poverty rate indicates strong economic prosperity across the community. The unemployment rate is 2.0%. This is 68% lower than the state rate of 6.3%. The median home value is $701,300. Housing costs are 54% higher than the state median of $454,400. The home-value-to-income ratio is 3.4x. 93.0% of occupied housing units are owner-occupied. This homeownership rate is 46% higher than the state average of 63.8%.
Race & Ethnicity
The largest racial or ethnic group in Towaco is White (non-Hispanic), making up 74.8% of the population. Asian residents account for 13.2%. The Black or African American population (1.9%) is well below the state average of 12.2%. The Hispanic or Latino population (9.6%) is well below the state average of 22.5%.
Education
73.3% of residents aged 25 and older hold a bachelor's degree or higher. This places Towaco in the top 10% of all cities in the state for educational attainment. This is 68% higher than the state rate of 43.6%. Nationally, 35.7% of adults hold at least a bachelor's degree. The high school graduation rate (or equivalent) is 98.0%. Notably, 29.0% of adults hold a graduate or professional degree, indicating a highly educated workforce.
Data Sources & Methodology
All demographic data for Towaco, New Jersey is sourced from the U.S. Census Bureau's American Community Survey (ACS) 2020–2024 5-Year Estimates. The ACS collects data from approximately 3.5 million households annually and pools five years of responses so that even small communities can be measured, though the margin of error widens as the population falls. Comparisons are made against New Jersey state averages and national averages calculated from the same dataset. Rankings reflect the city's position among all 700 Census-designated places in New Jersey. Read more about how these figures are produced on our methodology page, or visit data.census.gov for official data.
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Frequently Asked Questions
What is the population of Towaco, New Jersey?
Towaco, New Jersey has a population of 5,612 according to the most recent U.S. Census ACS 5-Year Estimates.
What is the median household income in Towaco, NJ?
The median household income in Towaco is $205,636, which is 155% higher than the national median of $80,734.
What is the poverty rate in Towaco, NJ?
The poverty rate in Towaco is 2.5%. This means approximately 139 residents live below the federal poverty line.
What is the racial makeup of Towaco, New Jersey?
Towaco's population is 74.8% White, 1.9% Black, 9.6% Hispanic/Latino, and 13.2% Asian.
What is the median home value in Towaco, NJ?
The median home value in Towaco is $701,300. The home-value-to-income ratio is 3.4x.
How educated is Towaco, New Jersey?
73.3% of adults (25+) in Towaco hold a bachelor's degree or higher, and 29.0% hold a graduate or professional degree.