Numbers that Matter: Fort Lee's Demographics

Demographic Overview

Fort Lee’s population of approximately 40,000 residents consists of a diverse community. For example, around 42% of Fort Lee is Asian, primarily of Korean descent, and about 20% as Hispanic or Latino. This diversity generates demand for various cultural goods, services, and dining options, making Fort Lee an attractive location for businesses catering to these varied communities.

Fort Lee's age distribution further shapes economic activity. 22% of residents are between 25 and 44 years old, while 30% fall into the 45-64 age bracket. This adult age spread supports the town’s workforce and drives consumption in the dining, entertainment, and fitness sectors. Additionally, 17% of residents are 65 or older, a steadily increasing demographic and spurring demand for healthcare services, assisted living, and lifestyle amenities tailored to seniors.

Housing Market

Fort Lee’s real estate market remains one of the most competitive in New Jersey. The median home price is currently around $650,000, significantly higher than the state average of $452,000. This trend, driven by Fort Lee’s proximity to New York City and its robust amenities, has led to a 5% increase in property values over the past year alone.

High property prices mean that 42% of Fort Lee homeowners spend over 30% of their income on housing, classifying them as cost-burdened. Renters face similar challenges, with a median monthly rent of $2,200, higher than the state median of $1,700. These housing costs affect disposable income and reshape consumer spending patterns, prompting businesses to consider value-based services and affordable options to attract budget-conscious residents.

Income and Employment Trends

Fort Lee’s median household income is $85,000, higher than the national median of $70,784 but slightly lower than New Jersey’s average of $89,703. 34% of households earn between $100,000 and $200,000 annually, a strong indicator of the town’s robust middle-class segment that supports local industries, from dining and retail to real estate.

However, income disparity exists within Fort Lee, with 11% of households earning below $30,000. Many residents work in professional, management, and technical roles, contributing to higher income brackets. Still, lower-wage service industries, such as retail and hospitality, employ a significant population share, underscoring income inequality affecting spending habits. Businesses targeting Fort Lee’s population benefit from tailoring services across income levels, mainly as 21% of the population is employed in the high-income healthcare and finance sectors, while 14% work in retail or hospitality.

Education Levels

Fort Lee’s residents are well-educated, with 57% holding at least a bachelor’s degree, a figure higher than the state (43%) and national (38%) averages. This emphasis on education has cultivated a skilled labor force and fostered economic stability in Fort Lee, attracting industries that require high educational attainment, particularly in finance, real estate, and technology.

The community’s focus on education extends beyond economic mobility, influencing local spending on educational services. Families with children actively invest in tutoring, enrichment programs, and extracurriculars, supporting a thriving market for academic and after-school programs. Additionally, 32% of residents have advanced degrees, providing a skilled pool for high-level positions in local and nearby metropolitan industries.

Business and Community Engagement

Small businesses are integral to Fort Lee’s economy, with 65% of local businesses employing fewer than 20 people. The town has cultivated a supportive ecosystem for these enterprises, fueled by frequent community events and a “shop local” ethos among residents. Fort Lee hosts annual events that drive traffic to local businesses, with 74% of residents reporting participating in local events at least twice a year. This support for small businesses is further bolstered by government initiatives that foster entrepreneurship and support business continuity.

Community involvement remains central to Fort Lee’s economy, with nearly 50% of households donating to local causes or participating in fundraising events annually. Fort Lee residents consistently prioritize community engagement, creating a stable base for local businesses and a steady demand for services that enhance the town’s community-driven culture.

What Lies Ahead of Fort Lee?

As Fort Lee’s population grows, with projections of a 4% increase over the next decade, demographic trends will continue to shape the town’s economy. The combination of an educated, diverse, and engaged population provides a solid foundation for sustainable growth. However, the challenge remains balancing rising living costs with accessible amenities as local businesses and government work together to continue building our inclusive community.