SHORT HILLS - New Jersey is home to the wealthiest town in the country, and those who live there say they aren't surprised.

Time Magazine ranks Short Hills No. 1 on its list of richest towns in America.
It's no wonder the wealthy favor the Essex County town, with its classic architecture and well-manicured lawns.  

"It's a wonderful town," says Hook Bailey. "Absolutely awesome."

Leah Robinson agrees. "It's a beautiful area with trees and parks -- everything for raising kids," she says.

According to Time, nearly 70 percent of Short Hills residents earn more than $150,000 a year, and the average home price is about $2.1 million.  

Robinson says wealthy, successful people favor the town because of the reasonable commute to New York.

The school system, including Millburn High School, is also considered one of the best in the state. Overall, a top-level education is clearly important to those living in America's wealthiest cities.  

"I think that wealth supports the school system," says Jim Lachance. "And in my opinion, it makes the area and neighborhood better."

In its ranking, Time discovered about 80 percent of the people in the 10 wealthiest zip codes have at least a Bachelor's degree. Compare that to only about 30 percent in the average American zip code.

Among the other richest towns in America: McLean, Virginia; Darien, Connecticut; and Chappaqua, New York, the home of Bill and Hillary Clinton.