Monmouth County generated the most wealth in New Jersey during the past decade, according to a new study, in a sign that the county was well positioned during the pandemic to take advantage of the shift to remote work.

SmartAsset, a financial advising company, found home values soared − and household income followed. It left Monmouth County ranked 71st out of more than 3,000 counties nationwide, placing the county in the top 3 percentile.

“Not all that surprising,” said Kimberly Newsome, a real estate agent with Century 21 Thomson & Co. in Middletown. With the COVID-19 pandemic, “all of a sudden, people can start living where they love instead of being tied to living within a commutable distance because they can work remotely.”

SmartAsset looked at the change in median home values, median income and investment income during the past decade in counties nationwide to develop an index that measures the growth of wealth.

The study comes as the U.S. is seeing record-high prices both for homes and the stock market, while household income has declined when adjusted for inflation.

Monmouth County’s wealth appeared to pick up steam after the pandemic hit in the spring of 2020, when people moved out of the densely populated cities to the suburbs in search of more space.

The median price of a single-family home was $700,000 in November 2023, up from $452,000 in November 2019. And the median household income of $117,699 in 2022 was up from $102,579 in 2019, trade group and federal data shows.

Looking over a decade, SmartAsset said, Monmouth County had the biggest increase in wealth in New Jersey. Its median home value grew by $285,136; its median household income grew by $25,830; and its investment income grew by $17,000.

“It’s not surprising to me,” said Kelly Fernandes, a real estate agent with Heritage House Sotheby’s International Realty in Rumson. “Ten years ago, it was just starting. During COVID, as people began moving away from city life and appreciating Monmouth County’s central location and lifestyle, its popularity continued to grow.”

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Other tidbits from the report:

• Ocean County had the 10th biggest increase in wealth statewide. While its median home value grew by $215,184, income rose at a slower clip. Household income increased by $15,508; and investment income grew by $8,000. It is a sign that the county’s second-home market surged.

• Rounding out the five New Jersey counties with the biggest increases in wealth: Bergen, Morris, Hudson, and Cape.

• Nantucket County, Massachusetts, had the biggest wealth increase nationwide thanks to a whopping $1.48 million hike in the median value of a house.

• San Mateo County, California, part of Silicon Valley, had the second highest wealth increase nationwide. Its median income gained $48,635, and its investment income gained $56,000.

Not that everyone in Monmouth County is living the high life. Federal data shows the county’s median household income hasn’t kept pace with median home values, meaning potential home buyers will have to dig deeper to afford a home.

But real estate agents say demand for homes in many Monmouth County towns continues to outpace supply, pushing real estate values higher.

“The fact that down in Monmouth County, not only do you have beautiful properties and you are able to get into the city, but you’ve got the ocean,” Newsome from Century 21 Thomson & Co. said. “I mean, you can look at Morris County, Essex County and all these other counties, and you don’t have the standard of living you do when you’re near the beach. And I think that’s a huge driver.”

Michael L. Diamond is a business reporter who has been writing about the New Jersey economy and health care industry for more than 20 years. He can be reached at mdiamond@gannettnj.com.

This article originally appeared on Asbury Park Press: SmartAsset’s study shows Monmouth County shows largest wealth increase