Study Ranks Ridgewood No. 2 in NJ for Young Families

According to a recent study of "family-friendliness" in the state, Ridgewood ranks No. 2 among places for young families to settle down in New Jersey.

San Francisco-based "financial literacy" website NerdWallet looked at public school quality, cost of living and income figures in 140 municipalities around the state where populations exceed 10,000. Among the top ten towns, led by Sayreville, the village ranked highest in median household income at $154,348 and second in median home value at $702,900.

Fair Lawn, Bergenfield and Cliffside Park rounded out the rankings among Bergen County towns.

But housing wasn’t the only statistic examined, said NerdWallet analyst Mike Anderson.

“When you’re looking to buy a home, the value of the home – the price itself – doesn’t matter a whole lot,” he said in a phone interview. “You have to look at the town holistically.”

For young families getting their feet on the ground, Anderson said, high quality schools, affordability and long-term growth combine to make the ideal place to settle down. According to NerdWallet, Ridgewood has all three.

Their study also found that income growth surpassed most other towns in the state, rising almost 50 percent in the last decade.

“We look at income growth because it suggests that the economy is doing well and will continue to do well,” Anderson said.

That fact has been highlighted in other studies this year of Ridgewood’s demographics. The municipality was also named a “booming suburb” for upward growth trends, and in August was ranked the 12th highest-earning town in America by CNN Money.