PlainZIP

Madison, NJ · standard

ZIP Code 07940

Morris County, New Jersey - Census ACS demographics, housing tenure, and business patterns, benchmarked against every US ZIP.

17,278
1,435/sq mi
$172,708
Median income
$940,900
Median home value
74.2%
Bachelor's or higher

The verdict

Madison pairs a top-decile household income with top-decile home values, in a low-density, homeowner-dominated area.

Top 2%
household income, US ZIPs
Top 3%
home value, US ZIPs
1,435
people per sq mi
64%
owner-occupied homes

Source: U.S. Census Bureau ACS 5-Year Estimates (2019–2023). Percentiles rank ZIP 07940 against every reporting US ZIP.

ZIP code 07940 is a mid-sized community (a standard USPS delivery area) in Madison, Morris County, New Jersey, home to 17,278 residents across 12.0 square miles, a density of 1,435 people per square mile, in the New York time zone.

ZIP 07940 skews affluent, with a median household income of $172,708 (42% above the New Jersey average), while per-capita income is $87,285. Local economic indicators show a 3.2% poverty rate alongside 6.4% unemployment. The typical home here is valued at $940,900 (82% above the state average); renters pay a median of $2,251 monthly, and 64.0% of units are owner-occupied.

This is a highly-educated ZIP: 74.2% of adults hold a bachelor's degree or higher, the median age is 35.3, and the average commute is 27 minutes. Beyond these figures, 10 nearby ZIP codes within about 10 miles are surfaced below, along with 6 more sharing Morris County, letting you compare 07940 to its immediate surroundings rather than a national baseline alone.

Every figure on this page is sourced from the U.S. Census Bureau American Community Survey 5-Year Estimates (including median rent) and the FHFA House Price Index, no estimates, no proprietary scoring. Verify with Census →

Top industries in ZIP 07940

Top 5 sectors by establishment count in Madison, NJ

Which industries have the most business establishments in ZIP 07940.

establishments

What this shows Establishment counts come from the Census ZIP Code Business Patterns program, which counts physical business locations rather than employees or revenue.

Source U.S. Census Bureau · ZIP Code Business Patterns (ZBP) As of 2023

Source: U.S. Census Bureau, American Community Survey 5-Year Estimates + ZIP Code Business Patterns + FHFA HPI ACS demographics and median rent, ZBP business establishments, FHFA HPI for ZIP 07940, Madison, NJ · 2023 Census ACS 5-Year Estimates use a rolling 60-month sample for stable small-geography estimates; ZBP updated annually; FHFA HPI updated quarterly/annually.

Quick Facts

17,278

Population

12.0

Area (sq mi)

1,435

People / sq mi

New York

Time Zone

standard

ZIP Type

Neighborhood Scorecard
Get an A-F grade across income, safety, housing, rent, education, commute, and childcare for this ZIP code.
View Scorecard →

Who lives in ZIP 07940?

35.3

Median Age

47.8%

Male

52.2%

Female

14.3%

Foreign-Born

White 74.5%
African American 2.7%
Asian 6.3%
American Indian or Alaska Native 0.2%
Native Hawaiian or Pacific Islander 0.1%
Two or More Ethnicities 13.6%
Hispanic or Latino 13.5%

Hispanic or Latino is an ethnicity category from the Census Bureau and may overlap with other categories above.

Source: U.S. Census Bureau, ACS 5-Year Estimates (2023)

How much do residents earn?

$172,708

Median Household Income

+42% vs state

$87,285

Per Capita Income

3.2%

Poverty Rate

6.4%

Unemployment Rate

27.0 min

Mean Commute Time

How ZIP 07940 ranks nationally

Madison, NJ household income vs. every US ZIP code

Median household income, the full national distribution, with this ZIP marked

$172,708 Top 2% higher than 98% of 30,318 US ZIPs

$0–$20,000: 118 US ZIPs (0%). Below this entry. $20,000–$40,000: 1,573 US ZIPs (5%). Below this entry. $40,000–$60,000: 7,092 US ZIPs (23%). Below this entry. $60,000–$80,000: 9,980 US ZIPs (33%). Below this entry. $80,000–$100,000: 5,778 US ZIPs (19%). Below this entry. $100,000–$120,000: 2,855 US ZIPs (9%). Below this entry. $120,000–$140,000: 1,362 US ZIPs (4%). Below this entry. $140,000–$160,000: 686 US ZIPs (2%). Below this entry. $160,000–$180,000: 364 US ZIPs (1%). This entry sits in this band. $180,000–$200,000: 186 US ZIPs (1%). Above this entry. $200,000–$220,000: 324 US ZIPs (1%). Above this entry. This ZIP $0 $200K+ every reporting US ZIP, bucketed by value

Each bar is a $20K-wide band; taller bars hold more US ZIPs. The dashed line + filled bar mark this entry. Hover or tap any bar for its full count, share, and where it sits relative to this entry.

Source U.S. Census Bureau, ACS 5-Year Estimates · 2019–2023

Source: U.S. Census Bureau, ACS 5-Year Estimates (2023)

What is the education profile here?

High School Graduate or Higher 87.6%
Bachelor's Degree or Higher 74.2%

Source: U.S. Census Bureau, ACS 5-Year Estimates (2023)

What does housing look like?

5,820

Total Housing Units

5,653

Occupied Units

167

Vacant Units

2.65

Avg Household Size

Occupancy Type

Owner 64.0%
Renter 36.0%

$940,900

Median Home Value

+82% vs state

$2,251

Median Rent

1961

Median Year Built

Source: U.S. Census Bureau, ACS 5-Year Estimates (2023)

How have home values changed over time?

FHFA House Price Index, annual appreciation data based on repeat sales and appraisals

+8.4%

YoY Change (2024)

269

HPI Index (2000 = 100)

+169%

Total Change Since 2000

Home values in ZIP 07940 have increased 8.4% over the past year (2024). Since 2000, this ZIP has seen +169% cumulative appreciation.

Year Annual Change HPI Index
2020 +1.1% 201
2021 +7.2% 215
2022 +4.1% 224
2023 +10.6% 248
2024 +8.4% 269

Source: Federal Housing Finance Agency (FHFA) House Price Index, All-Transactions, Five-Digit ZIP Codes (Developmental Index). Index base = 100 in year 2000. Data through 2024. ZIP codes with few transactions may show missing values.

What businesses operate in this ZIP?

Census Bureau data shows 527 business establishments in ZIP 07940, employing approximately 13,267 people with a combined annual payroll of $1,379,152,000.

527

Businesses

13,267

Employees

$1.4B

Annual Payroll

16

Industry Sectors

Industry Establishments % of Total
Real estate and rental and leasing 62 11.8%
Accommodation and food services 62 11.8%
Retail trade 61 11.6%
Professional, scientific, and technical services 59 11.2%
Health care and social assistance 57 10.8%
Other services (except public administration) 49 9.3%
Finance and insurance 37 7.0%
Construction 33 6.3%
Administrative and support and waste management and remediation services 29 5.5%
Wholesale trade 20 3.8%
Educational services 16 3.0%
Arts, entertainment, and recreation 15 2.9%
Management of companies and enterprises 9 1.7%
Information 7 1.3%
Transportation and warehousing 5 0.9%
Manufacturing 4 0.8%

Source: U.S. Census Bureau, ZIP Code Business Patterns (ZBP), 2023. Employment figures may include noise for disclosure avoidance.

Nearby ZIP Codes

Want a side-by-side? Compare 07940 vs 07961 →

ZIP 07940 vs its nearest neighbors, by population

Resident population of this ZIP and the closest reporting ZIP codes within ~10 miles.

residents

What this shows Among its immediate neighbors, ZIP 07940 ranks #3 by population - useful context the national average alone can't give.

Source U.S. Census Bureau · ACS 5-Year Estimates As of 2019–2023

ZIP 07940 vs its nearest neighbors, by median income

Median household income of this ZIP and the closest reporting ZIP codes within ~10 miles.

median income

What this shows By household income, ZIP 07940 ranks #6 of 9 neighboring ZIPs, local affluence varies block to block, not just metro to metro.

Source U.S. Census Bureau · ACS 5-Year Estimates As of 2019–2023
ZIP Code City Population Distance
07961 Convent Station, NJ 4 1.6 mi
07928 Chatham, NJ 19,144 2.3 mi
07932 Florham Park, NJ 9,868 1.8 mi
07935 Green Village, NJ 313 2.1 mi
07981 Whippany, NJ 8,865 4.3 mi
07974 New Providence, NJ 11,768 4.4 mi
07922 Berkeley Heights, NJ 12,246 5.9 mi
07927 Cedar Knolls, NJ 3,403 4.6 mi
07901 Summit, NJ 22,806 4.1 mi
07078 Short Hills, NJ 13,250 4.6 mi

More ZIP Codes in Morris County

07960 standard
Morristown, NJ
Pop: 43,747
07054 standard
Parsippany, NJ
Pop: 29,305
07801 standard
Dover, NJ
Pop: 25,386
07869 standard
Randolph, NJ
Pop: 25,291
07866 standard
Rockaway, NJ
Pop: 22,098
07950 standard
Morris Plains, NJ
Pop: 19,564

Related Areas

Morris County Madison, NJ New Jersey

Frequently Asked Questions

What county is ZIP code 07940 in? ▼
ZIP code 07940 (Madison) is located in Morris County, New Jersey. Morris County contains multiple ZIP codes, see the full list at /counties/morris-nj.
What is the population of ZIP code 07940? ▼
ZIP code 07940 in Madison, NJ has a population of 17,278 according to the Census Bureau ACS 2023 estimates.
What is the median household income in ZIP 07940? ▼
The median household income in ZIP 07940 is $172,708, which is 126% above the national average of $76,288.
What is the average home value in ZIP 07940? ▼
The median home value in ZIP 07940 is $940,900, which is 238% above the national average of $278,155.
What is the demographic makeup of ZIP 07940? ▼
The largest racial group in ZIP 07940 is White at 74.5%. Hispanic or Latino residents make up 13.5% of the population.
How many businesses are in ZIP code 07940? ▼
ZIP code 07940 has 527 business establishments employing approximately 13,267 people, according to Census Bureau ZIP Code Business Patterns (ZBP) 2023 data.
What are the main industries in ZIP code 07940? ▼
The top industries by establishment count in ZIP 07940 are: Real estate and rental and leasing (62), Accommodation and food services (62), Retail trade (61). There are 16 industry sectors represented in total.
How have home values changed in ZIP code 07940? ▼
According to the FHFA House Price Index, home values in ZIP 07940 increased by 8.4% in 2024. Since 2000, home values in this ZIP have appreciated by approximately 169%. This is a developmental index based on repeat sales and appraisal data from Fannie Mae and Freddie Mac.
What is the education level in ZIP code 07940? ▼
In ZIP code 07940, 87.6% of residents aged 25+ have a high school diploma or higher, and 74.2% hold a bachelor's degree or higher. These figures come from the Census Bureau ACS 5-Year Estimates (2023).
What is the average commute time in ZIP 07940? ▼
The mean commute time for workers in ZIP code 07940 is 27.0 minutes according to Census ACS data. The national average is roughly 26 minutes, so commuters here spend more time traveling to work than typical.
What percentage of residents own vs. rent in ZIP 07940? ▼
In ZIP code 07940, approximately 64.0% of occupied housing units are owner-occupied and 36.0% are renter-occupied, based on Census ACS 2023 data.
What is the poverty rate in ZIP code 07940? ▼
The poverty rate in ZIP code 07940 is 3.2% according to Census Bureau ACS 2023 estimates. This measures the percentage of the population living below the federal poverty threshold.

Read our methodology to see how this data is sourced, computed, and verified.