Living in Cape May, New Jersey
Cost of living, income, home prices, rent and demographics of Cape May · Census data 2020–2024
Cape May has 2,767 residents with a median age of 56.7. The median household income is $62,576 (40% lower than the New Jersey median), the median home value is $863,900, the median rent is $1,013/month.
Cape May at a glance
- Population
- 2,767
- Median age
- 56.7State: 40.1
- Median household income
- $62,576State: $103,556
- Median home value
- $863,900State: $454,400
- Median rent
- $1,013/moState: $1,720
- Homeowners
- 64.5%
- Bachelor's degree or higher
- 55.9%
- Average commute
- 18 min
Is Cape May a good place to live?
Pros: An average commute of 18 minutes; unemployment of 3.4%.
Cons: Median household income 40% lower than the New Jersey median; home values 90% higher than the state median; a poverty rate of 10.3%.
The weather is best in May–June and August–September.
Cost of living in Cape May
Housing is the biggest part of the cost of living. In Cape May the median home value is $863,900, 160% higher than the U.S. median. Renters pay a median of $1,013 per month, which is 24.3% of household income. Homeowners with a mortgage pay $2,586 a month in housing costs.
Cape May median household income
The median household income in Cape May is $62,576 and the income per person is $71,810. 10.3% of residents live below the poverty line (New Jersey: 9.7%).
Housing in Cape May: homes for sale and rent
- Housing units
- 3,819
- Owner-occupied
- 64.5%
- Renter-occupied
- 35.5%
- Vacant
- 62.3%Includes seasonal homes
- Median year built
- 1973
- Average household size
- 1.82
62.3% of homes are vacant most of the year, a sign that Cape May has many vacation and second homes.
Cape May demographics
- Population
- 2,767
- Median age
- 56.7
- Under 18
- 11.3%
- 65 and older
- 33.3%
- Households
- 1,438
- Foreign-born
- 7.3%
- Veterans
- 4.2%Adults 18+
Hispanic or Latino can be of any race. Population history of Cape May ›
Education in Cape May
55.9% of adults 25 and older in Cape May have a bachelor's degree or higher (New Jersey: 43.6%), and 23.3% have a graduate or professional degree.
Jobs and commute in Cape May
- Unemployment rate
- 3.4%State: 6.3%
- Average commute
- 18 minState: 31 min
- Work from home
- 11.4%
- Drive alone
- 70.4%
- Public transit
- 0.5%
- Walk to work
- 5.8%
- Homes with broadband
- 94.2%
Cape May vs nearby towns
| Town | Population | Median income | Home value | Rent |
|---|---|---|---|---|
| Cape May | 2,767 | $62,576 | $863,900 | $1,013 |
| West Cape May | 1,011 | $91,250 | $751,100 | $1,232 |
| Diamond Beach | 350 | $125,357 | $696,700 | — |
| Lower | 21,956 | $84,962 | $364,900 | $1,386 |
| Cape May Point | 138 | $86,125 | $1,050,000 | — |
| Erma | 1,959 | $96,885 | $409,900 | $1,530 |
| Wildwood Crest | 3,077 | $69,089 | $590,900 | $957 |
| North Cape May | 3,731 | $86,962 | $393,300 | $1,709 |
| Wildwood | 5,130 | $75,222 | $391,300 | $997 |
More for people moving to Cape May
Cape May ZIP code ›Weather and climate ›Living in Cape May: FAQ
What is the median household income in Cape May, NJ?
The median household income in Cape May is $62,576, 40% lower than the New Jersey median of $103,556 (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
What is the average home price in Cape May?
The median home value in Cape May is $863,900, compared with $454,400 in New Jersey.
How much is rent in Cape May?
The median gross rent in Cape May is $1,013 per month, about 24.3% of household income.
Is Cape May, NJ a good place to live?
Pluses: an average commute of 18 minutes; unemployment of 3.4%. Minuses: median household income 40% lower than the New Jersey median; home values 90% higher than the state median; a poverty rate of 10.3%.
What is the median age in Cape May?
The median age in Cape May is 56.7 years (New Jersey: 40.1).
How long is the commute in Cape May?
The average commute to work in Cape May is 18 minutes; 11.4% of workers work from home.
What is the unemployment rate in Cape May?
The unemployment rate in Cape May is 3.4% (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
How educated is Cape May?
55.9% of adults in Cape May have a bachelor's degree or higher.
Source: U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024 (margins of error apply, especially in small towns). Figures are in 2024 dollars.
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