Living in Rainbow Lakes, New Jersey
Cost of living, income, home prices, rent and demographics of Rainbow Lakes · Census data 2020–2024
Rainbow Lakes has 1,375 residents with a median age of 38.7. The median household income is $93,051 (10% lower than the New Jersey median), the median home value is $481,800, the median rent is $2,022/month.
Rainbow Lakes is a small town, so Census survey estimates have wide margins of error. Treat percentages as approximate.
Rainbow Lakes at a glance
- Population
- 1,375
- Median age
- 38.7State: 40.1
- Median household income
- $93,051State: $103,556
- Median home value
- $481,800State: $454,400
- Median rent
- $2,022/moState: $1,720
- Homeowners
- 67.4%
- Bachelor's degree or higher
- 52.4%
- Average commute
- 24 min
Is Rainbow Lakes a good place to live?
Pros: An average commute of 24 minutes; unemployment of 5.1%; a poverty rate of 7.1%.
Cons: Median household income 10% lower than the New Jersey median; home values 6% higher than the state median.
The weather is best in May–June and August–September.
Cost of living in Rainbow Lakes
Housing is the biggest part of the cost of living. In Rainbow Lakes the median home value is $481,800, 45% higher than the U.S. median. Renters pay a median of $2,022 per month, which is 27.8% of household income. Homeowners with a mortgage pay $3,307 a month in housing costs.
Rainbow Lakes median household income
The median household income in Rainbow Lakes is $93,051 and the income per person is $46,939. 7.1% of residents live below the poverty line (New Jersey: 9.7%).
Housing in Rainbow Lakes: homes for sale and rent
- Housing units
- 540
- Owner-occupied
- 67.4%
- Renter-occupied
- 32.6%
- Vacant
- 0%Includes seasonal homes
- Median year built
- 1959
- Average household size
- 2.55
Rainbow Lakes demographics
- Population
- 1,375
- Median age
- 38.7
- Under 18
- 23.9%
- 65 and older
- 6.3%
- Households
- 540
- Foreign-born
- 26.5%
- Veterans
- 0%Adults 18+
Hispanic or Latino can be of any race. Population history of Rainbow Lakes ›
Education in Rainbow Lakes
52.4% of adults 25 and older in Rainbow Lakes have a bachelor's degree or higher (New Jersey: 43.6%), and 18.5% have a graduate or professional degree.
Jobs and commute in Rainbow Lakes
- Unemployment rate
- 5.1%State: 6.3%
- Average commute
- 24 minState: 31 min
- Work from home
- 24%
- Drive alone
- 67.8%
- Public transit
- 2.5%
- Walk to work
- 0%
- Homes with broadband
- 97.6%
Rainbow Lakes vs nearby towns
| Town | Population | Median income | Home value | Rent |
|---|---|---|---|---|
| Rainbow Lakes | 1,375 | $93,051 | $481,800 | $2,022 |
| Mount Tabor | 1,184 | $115,199 | $454,800 | — |
| Mountain Lakes | 4,585 | $250,001 | $917,000 | $3,501 |
| Denville | 17,205 | $160,817 | $564,600 | $1,817 |
| Parsippany-Troy Hills | 56,397 | $112,327 | $536,200 | $1,736 |
| Parsippany | 21,345 | $99,405 | $555,400 | $1,742 |
| Morris Plains | 6,315 | $154,923 | $643,300 | $2,835 |
| Troy Hills | 5,179 | $183,707 | $650,500 | $3,108 |
| Rockaway | 6,613 | $107,053 | $448,100 | $1,587 |
More for people moving to Rainbow Lakes
Rainbow Lakes ZIP code ›Weather and climate ›Living in Rainbow Lakes: FAQ
What is the median household income in Rainbow Lakes, NJ?
The median household income in Rainbow Lakes is $93,051, 10% 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 Rainbow Lakes?
The median home value in Rainbow Lakes is $481,800, compared with $454,400 in New Jersey.
How much is rent in Rainbow Lakes?
The median gross rent in Rainbow Lakes is $2,022 per month, about 27.8% of household income.
Is Rainbow Lakes, NJ a good place to live?
Pluses: an average commute of 24 minutes; unemployment of 5.1%; a poverty rate of 7.1%. Minuses: median household income 10% lower than the New Jersey median; home values 6% higher than the state median.
What is the median age in Rainbow Lakes?
The median age in Rainbow Lakes is 38.7 years (New Jersey: 40.1).
How long is the commute in Rainbow Lakes?
The average commute to work in Rainbow Lakes is 24 minutes; 24% of workers work from home.
What is the unemployment rate in Rainbow Lakes?
The unemployment rate in Rainbow Lakes is 5.1% (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
How educated is Rainbow Lakes?
52.4% of adults in Rainbow Lakes 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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