Summit is a city in New Jersey state in USA with a population of 21913 residents.. The poverty rate of Summit is 5.1%, which is 64% lower than national average. The typical household in Summit earns $142845 a year, compared to the national median of $67,500. Nearly 17.5% of households earn less than $50,000 a year compared to 39% national rate.

A high school education is a basic prerequisite for most jobs, and in Summit, only 95% of adults have a high school diploma, compared to the 87.7% of adults nationwide. The unemployment rate of Summit remained 5.7%, which is 21% higher than national rate. Nearly 1 times comparable to 4.7% national rate, according to the Census. Higher educational attainment can lead to improved job security and reduce the likelihood of financial insecurity. In Summit, only 70% of adults have a bachelor's degree and 11% have some college but no degree.

Cost of living in Summit is 185, which is 85% higher than national average. Median home value in Summit is $831700 , which is 262% higher than national average. While median income in Summit remained $142845, which is 112% higher than national average. Not only are incomes low in the town, but it also has a high cost of living, meaning a dollar does not go as far as it might elsewhere.