A small city located in New Jersey, Hoboken has a population of slightly more than 54,000. Young professionals should feel welcome, as they account for an above-average percentage of the community, while retirees are less well-represented. Overall, the city's residents, at an average age of just under 34, skew decidedly younger than most cities in New Jersey. The majority of Hoboken residents rent, and 33% of residents own their homes despite a relatively steep average rent of $1,723/month, significantly higher than the state average of $1,272.
With an average commute time of about 43 minutes, longer than most cities in New Jersey, Hoboken residents know that it takes some patience traveling to work. Public transportation is the most common mode of getting to work, used by 40% of residents, who capitalize on the local transit options. Driving a vehicle is the second-most preferred way to get to work, chosen by 17% of residents. A small percentage of workers (5%) commute on foot, though the number is significantly higher than the national average.
Compared to the national average (7%), Hoboken has a large number of residents older than 25 with advanced degrees, as 17% possess a Master's degree or a Doctorate. Further, 39% have a Bachelor's degree, which also outpaces the national average. Many Hoboken residents work in one of four industries: scientific, finance, retail, and education. Combined, these industries account for 41% of the workforce in the city. Meanwhile, in terms of job function, 23% of residents work in management, which ranks as the top field in the city. Hoboken workers bring in an average annual income of just over $131K, about $45,000 more than their peers elsewhere in the state. Hoboken's average income also compares favorably to the national average ($73,345).