Cape May Point was called Stites Beach until 1876 when the name was changed to Seagrove. It was incorporated as a borough by an Act of the New Jersey Legislature on April 19, 1878, from portions of Lower Township, based on the results of a referendum held three days earlier. It was reincorporated on August 19, 1891 and returned to Lower Township on April 8, 1896. Cape May Point re-emerged as an independent municipality on April 6, 1908, based on the results of a referendum held on April 21, 1908.
According to the United States Census Bureau, the borough has a total area of 0.3 square miles (0.8 km²), of which, 0.3 square miles (0.8 km²) of it is land and 0.04 square miles (0.1 km²) of it (6.45%) is water.
There were 133 households out of which 6.8% had children under the age of 18 living with them, 54.1% were married couples living together, 3.8% had a female householder with no husband present, and 41.4% were non-families. 35.3% of all households were made up of individuals and 23.3% had someone living alone who was 65 years of age or older. The average household size was 1.81 and the average family size was 2.27.
In the borough the population was spread out with 6.6% under the age of 18, 0.8% from 18 to 24, 10.4% from 25 to 44, 34.4% from 45 to 64, and 47.7% who were 65 years of age or older. The median age was 64 years. For every 100 females there were 95.9 males. For every 100 females age 18 and over, there were 89.1 males.
The median income for a household in the borough was $55,313, and the median income for a family was $69,750. Males had a median income of $63,250 versus $30,833 for females. The per capita income for the borough was $52,689. None of the families and 1.7% of the population were living below the poverty line.
In three-member Commissions, as in Cape May Point, the Departments of Public Affairs and Public Safety are combined, as are the Departments of Public Works and Parks and Public Property. Revenue and Finance is the third portfolio. The borough adopted this form of government in 1916.
The Commissioners have the Executive, Administrative, Judicial, and Legislative powers over their respective departments. As a group, the Commissioners have complete control over all affairs of the municipality. Immediately following the election, the three Commissioners choose a mayor from among themselves. Mayoral duties include chairing municipal meetings and general oversight of community affairs.
Current members of the Cape May Point Borough Commission are:
Cape May Point is a non-operating school district, in that all students are sent to schools outside of the district.
For grades K-6, public school students attend Cape May City Elementary School in Cape May City, as part of a sending/receiving relationship with the Cape May City School District. The school had an enrollment of 150 students in the 2005-06 school year.
For grades 7 - 12, public school students attend the schools of the Lower Cape May Regional School District, which serves students from Cape May City, Lower Township and West Cape May, along with students from Cape May Point. Schools in the district (with 2005-06 enrollment data from the National Center for Education Statistics) are Richard M. Teitelman School (grades 7 and 8; 647 students) and Lower Cape May Regional High School (grades 9-12; 1,195).