Florham Park, NJ

This borough of 14,838 residents needs 562 more housing units over the next five years. Florham Park is part of the North Jersey Transportation Planning Authority.

Housing snapshot

Population
14,838 (2026)
Households
4,831
Median household income
$176,125 (2026)
Typical home value
$1,063,064
Owner-occupied
64%
Five-year housing need
562 units

Comparison to other New Jersey municipalities

Florham Park: $176,125 Median income (2026 estimate)
<$46K >$255K
Florham Park: 5.15 jobs to household ratio
<0.11 >2.52
Florham Park: Permits since 2021 represent 11.8% of housing
<0% >12.6%
On this page

How affordable is this community?

The typical home in Florham Park, NJ is valued at $1,063,064, well above the New Jersey average of $576,578. With a median household income of $176,125 in Florham Park, NJ, the typical home is far out of reach for most households, requiring roughly $95,868 more in annual income to afford.

This chart tracks whether housing prices are keeping pace with local incomes. The gap between what homes cost and what households can afford reveals affordability trends over time.

How is the population changing?

Florham Park, NJ has a population of roughly 13,564, growing modestly at 1.4% per year.

Population growth patterns reveal how communities are evolving. This chart shows historical population changes by age group and projects future trends based on demographic patterns.

How has employment changed over time?

Jobs by industry sector since 2012. Switch between local jobs — counted where the jobs are located — and resident jobs, counted where the workers live. On the local view the most recent year is a nowcast: it grows the latest local LODES job mix forward using recent county employment growth from QCEW and the BLS local employment series, so the newest point tracks today's economy instead of data that is roughly two years old.

How are households changing by income?

With roughly 4,831 households, Florham Park, NJ is growing modestly at 1.4% per year.

Understanding how households at different income levels are growing or declining helps identify which groups face the greatest housing pressure and where new housing is most needed.

Who lives here today?

The housing stock in Florham Park, NJ is relatively mixed, with detached single-family as the most common type at 49%. Homeownership is the norm in Florham Park, NJ, with 64% of units owner-occupied.

Households may have different structure type preferences depending on characteristics such as household size, income, employment, presence of children, age of individuals, and lifestyle choices. Understanding the housing stock in corresponding terms helps assess how well existing units align with existing households' ideals.

What does the housing stock look like?

The mix of housing types and ownership patterns shapes a community's character. This chart breaks down housing units by structure type and whether they're owner-occupied or rented.

How much new housing supply is needed?

To keep up with growth and fill current housing shortages, Florham Park, NJ needs 562 new units over the next 5 years.

442
Units needed to keep up with expected growth
Projected total household growth from 2026 to 2031.
9.1%
Projected household growth rate
Expected increase in total households from 4,831 in 2026 to 5,273 in 2031.
120
Units to address shortages in existing housing stock
Production needs to address vacancy rates and other factors.
20
Replacement housing
Effective annual loss rate is 0.8 per 1,000 units.
15
Ownership vacancy adjustment
Owner-occupied vacancy is 1.1%. This is below the minimum stable target of 1.5%.
85
Substandard housing adjustment
Substandard housing rate is 2.79%. This is above National avg. of 0.98%.
562
Total 5-year housing production need (2026-2031)
112
Annual production pace
Average units needed per year to meet 5-year need
11.1%
Total housing unit growth
Percent increase in housing stock over 5 years
2.2%
Annual housing unit growth
Average percent increase in housing stock per year

How does this place compare to similar communities?