ZIP Code 07940
standardSource:
Madison · Morris County · New Jersey
- Population
- 17,278
- Median income
- $172,708
- Median home value
- $940,900
- Bachelor's or higher
- 74.2%
- Land area
- 12.0 sq mi
1,435/sq mi
▲ 126% vs US
higher than 98% of US ZIPs
▲ 238% vs US
higher than 97% of US ZIPs
Median age 35.3
New York
ZIP code 07940 in Madison, New Jersey has a population of 17,278. The median household income is $172,708, which is 126% above the national average. Median home value is $940,900, 238% above the US average. 74.2% of residents hold a bachelor's degree or higher.
ZIP code 07940 is classified by USPS as a standard delivery area and covers roughly 12.0 square miles in Madison, Morris County, New Jersey. The area is home to 17,278 residents, producing a population density of 1,435 people per square mile, and falls within the New York time zone. These USPS and Census boundary values drive every downstream statistic on this page, including the benchmarks that compare 07940 against New Jersey and the nation.
On the economic side, the median household income for ZIP 07940 sits at $172,708 (42% above the New Jersey average), while per-capita income is $87,285. The poverty rate stands at 3.2% and the unemployment rate at 6.4%. On housing, the median home value is $940,900 (82% above the state average) with median rent at $2,251 per month, and 64.0% of occupied units are owner-occupied, a direct signal of whether 07940 behaves more like a homeowner neighborhood or a renter-heavy ZIP.
Education and household profile round out the picture: 74.2% of adults hold a bachelor's degree or higher, the median age is 35.3, and the average commute is 27 minutes. We also surface 10 nearby ZIP codes within roughly 10 miles and 6 additional ZIPs sharing Morris County, so you can benchmark 07940 against its immediate geography rather than a national average alone. Every figure is sourced from the U.S. Census Bureau American Community Survey 5-Year Estimates, HUD Fair Market Rents, and FHFA Home Price Index data, no estimates, no proprietary scoring. Verify with HUD →
Top industries in ZIP 07940
Top 5 sectors by establishment count
Which industries have the most business establishments in ZIP 07940.
- Real estate and rental and leasing
Real estate and rental and leasing
62 establishments
- Accommodation and food services
Accommodation and food services
62 establishments
- Retail trade
Retail trade
61 establishments
- Professional, scientific, and technical services
Professional, scientific, and technical services
59 establishments
- Health care and social assistance
Health care and social assistance
57 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, American Community Survey 5-Year Estimates + ZIP Code Business Patterns + HUD FMR + FHFA HPI ACS demographics, ZBP business establishments, HUD Fair Market Rents, 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; HUD FMR + 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
Who lives in ZIP 07940?
35.3
Median Age
47.8%
Male
52.2%
Female
14.3%
Foreign-Born
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
Source: U.S. Census Bureau, ACS 5-Year Estimates (2023)
What is the education profile here?
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
$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 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
Related Areas
Frequently Asked Questions
What county is ZIP code 07940 in? ▼
What is the population of ZIP code 07940? ▼
What is the median household income in ZIP 07940? ▼
What is the average home value in ZIP 07940? ▼
What is the demographic makeup of ZIP 07940? ▼
How many businesses are in ZIP code 07940? ▼
What are the main industries in ZIP code 07940? ▼
How have home values changed in ZIP code 07940? ▼
What is the education level in ZIP code 07940? ▼
What is the average commute time in ZIP 07940? ▼
What percentage of residents own vs. rent in ZIP 07940? ▼
What is the poverty rate in ZIP code 07940? ▼
ZIP Code Research Guides
Official Data Resources for Madison, NJ
Verify and explore additional data for this area using these official government sources.
Source: U.S. Census Bureau, ACS 5-Year Estimates (2023). Business data: Source: Census ZIP Code Business Patterns (ZBP) 2023. Home value trends: Source: FHFA House Price Index (HPI), Five-Digit ZIP Codes.
PlainZIP is not affiliated with the U.S. Census Bureau or any government agency.
Read our methodology , how this data is sourced, computed, and verified.