Before you decide to relocate to New Jersey, it’s important to research the exact cost of living around the state. And that’s what we’re going to help you do.
These are the places in New Jersey that cost a pretty penny — the most expensive cities in the state.
We used Saturday Night Science to compare the 2018-2022 American Community Survey on cost of living for the 259 places in New Jersey with more than 5,000 people.
After we saved up for months and could finally afford it, we landed on this list of the ten most expensive cities in New Jersey for 2024.
Table Of Contents: Top Ten | Methodology | Summary | Table
The 10 Most Expensive Places To Live In New Jersey For 2024
What’s the most expensive place to live in New Jersey? Well, HomeSnacks crunched the numbers and discovered that Short Hills is the most expensive place to live in New Jersey.
Bridgeton (the cheapest place to live in New Jersey) can show these guys how to live on a budget in the coming years. Read on for how these places had costs rise faster than inflation.
And if you already knew these places were expensive, check out some more reading about New Jersey and the most expensive cities in the country:
The 10 Most Expensive Places To Live In New Jersey For 2024
/10
Population: 14,448
Cost Of Living Index: 243
Median Income: $250,001
Average Home Price: $1,908,688
Home Price To Income Ratio: 7.6x
More on Short Hills: Data | Cost Of Living | Real Estate
The overall cost of living in Short Hills is 243. The median income in Short Hills comes in at $250,001 and the average home value is $1,908,688 for 2024.
/10
Population: 5,347
Cost Of Living Index: 218
Median Income: $213,261
Average Home Price: $1,437,753
Home Price To Income Ratio: 6.7x
More on Englewood Cliffs: Data | Crime | Cost Of Living | Real Estate
The overall cost of living in Englewood Cliffs is 218. The median income in Englewood Cliffs comes in at $213,261 and the average home value is $1,437,753 for 2024.
/10
Population: 7,285
Cost Of Living Index: 208
Median Income: $250,001
Average Home Price: $1,812,105
Home Price To Income Ratio: 7.2x
More on Rumson: Data | Crime | Cost Of Living | Real Estate
The overall cost of living in Rumson is 208. The median income in Rumson comes in at $250,001 and the average home value is $1,812,105 for 2024.
/10
Population: 11,007
Cost Of Living Index: 207
Median Income: $204,917
Average Home Price: $1,396,762
Home Price To Income Ratio: 6.8x
More on Franklin Lakes: Data | Crime | Cost Of Living | Real Estate
The overall cost of living in Franklin Lakes is 207. The median income in Franklin Lakes comes in at $204,917 and the average home value is $1,396,762 for 2024.
/10
Population: 8,313
Cost Of Living Index: 200
Median Income: $234,476
Average Home Price: $1,204,841
Home Price To Income Ratio: 5.1x
More on Upper Saddle River: Data | Crime | Cost Of Living | Real Estate
The overall cost of living in Upper Saddle River is 200. The median income in Upper Saddle River comes in at $234,476 and the average home value is $1,204,841 for 2024.
/10
Population: 6,625
Cost Of Living Index: 193
Median Income: $215,000
Average Home Price: $1,001,940
Home Price To Income Ratio: 4.7x
More on North Caldwell: Data | Crime | Cost Of Living | Real Estate
The overall cost of living in North Caldwell is 193. The median income in North Caldwell comes in at $215,000 and the average home value is $1,001,940 for 2024.
/10
Population: 6,096
Cost Of Living Index: 185
Median Income: $227,500
Average Home Price: $1,021,125
Home Price To Income Ratio: 4.5x
More on Woodcliff Lake: Data | Crime | Cost Of Living | Real Estate
The overall cost of living in Woodcliff Lake is 185. The median income in Woodcliff Lake comes in at $227,500 and the average home value is $1,021,125 for 2024.
/10
Population: 22,555
Cost Of Living Index: 183
Median Income: $176,702
Average Home Price: $1,115,201
Home Price To Income Ratio: 6.3x
More on Summit: Data | Crime | Cost Of Living | Real Estate
The overall cost of living in Summit is 183. The median income in Summit comes in at $176,702 and the average home value is $1,115,201 for 2024.
/10
Population: 30,450
Cost Of Living Index: 180
Median Income: $176,695
Average Home Price: $848,521
Home Price To Income Ratio: 4.8x
More on Princeton: Data | Crime | Cost Of Living | Real Estate
The overall cost of living in Princeton is 180. The median income in Princeton comes in at $176,695 and the average home value is $848,521 for 2024.
/10
Population: 26,043
Cost Of Living Index: 178
Median Income: $211,224
Average Home Price: $978,934
Home Price To Income Ratio: 4.6x
More on Ridgewood: Data | Crime | Cost Of Living | Real Estate
The overall cost of living in Ridgewood is 178. The median income in Ridgewood comes in at $211,224 and the average home value is $978,934 for 2024.
Methodology: How We Determined The Most Expensive Places To Live In The Garden State For 2024
The two most important things to think about when it comes to being able to afford a city in New Jersey are:
- How much money do I make?
- How much do I have to spend to live there?
You need to understand your costs in the context of how much money you make.
For example, if the median household earns $100,000 and spends $40,000 on housing, it’s actually cheaper to live there than a place with a median income of $50,000 and housing costs of $21,000. You might spend more on housing, but you have more money overall to play with.
With that example in mind, we derived several statistics from the latest Census American Community Survey 2018-2022 around incomes and costs. They are:
- Overall Cost Of Living Index
- Median Home Price / Median Income (lower is better)
- Median Income / Median Rent (Higher is better)
- Median Home Price
You can then compare these metrics in each of the places in New Jersey to figure out which is the most expensive.
You are left with a “Cost of Living Index” by taking the average rank of each of these metrics for each city.
So we used that cost of living index to rank all of the 259 places in New Jersey that have more than 5,000 people.
The place with the highest cost of living in New Jersey according to the data is Short Hills. We updated this article for 2024. This article is our tenth time ranking the most expensive places to live in New Jersey.
Summary: Taking A Chunk Out Of Your Paycheck In New Jersey For 2024
Well, there you have it, the places in New Jersey that have the highest cost of living, with Short Hills ranking as the most expensive city in the Garden State.
The most expensive cities in New Jersey are Short Hills, Englewood Cliffs, Rumson, Franklin Lakes, Upper Saddle River, North Caldwell, Woodcliff Lake, Summit, Princeton, and Ridgewood.
Here’s a look at the most affordable cities in New Jersey according to the data:
- Bridgeton
- Crestwood Village
- Millville
For more New Jersey reading, check out:
- Best Places To Live In New Jersey
- Cheapest Places To Live In New Jersey
- Most Dangerous Cities In New Jersey
- Best Places To Raise A Family In New Jersey
- Safest Places In New Jersey
- Worst Places To Live In New Jersey
Most Expensive Cities In New Jersey
| Rank | City | Cost Of Living | Population | Median Income | Average Home Price | Home/Income Ratio |
|---|---|---|---|---|---|---|
| 1 | Short Hills | 243 | 14,448 | $250,001 | $1,908,688 | 7.6x |
| 2 | Englewood Cliffs | 218 | 5,347 | $213,261 | $1,437,753 | 6.7x |
| 3 | Rumson | 208 | 7,285 | $250,001 | $1,812,105 | 7.2x |
| 4 | Franklin Lakes | 207 | 11,007 | $204,917 | $1,396,762 | 6.8x |
| 5 | Upper Saddle River | 200 | 8,313 | $234,476 | $1,204,841 | 5.1x |
| 6 | North Caldwell | 193 | 6,625 | $215,000 | $1,001,940 | 4.7x |
| 7 | Woodcliff Lake | 185 | 6,096 | $227,500 | $1,021,125 | 4.5x |
| 8 | Summit | 183 | 22,555 | $176,702 | $1,115,201 | 6.3x |
| 9 | Princeton | 180 | 30,450 | $176,695 | $848,521 | 4.8x |
| 10 | Ridgewood | 178 | 26,043 | $211,224 | $978,934 | 4.6x |
| 11 | Old Tappan | 178 | 5,863 | $195,833 | $993,658 | 5.1x |
| 12 | Tenafly | 177 | 15,299 | $207,652 | $1,066,620 | 5.1x |
| 13 | Watchung | 175 | 6,417 | $157,065 | $905,582 | 5.8x |
| 14 | Fair Haven | 173 | 6,221 | $229,643 | $1,262,730 | 5.5x |
| 15 | Upper Montclair | 170 | 12,441 | $234,620 | $1,111,886 | 4.7x |
| 16 | Westfield | 169 | 30,839 | $203,235 | $1,040,776 | 5.1x |
| 17 | Blackwells Mills | 169 | 10,047 | $233,516 | $859,886 | 3.7x |
| 18 | Chatham | 169 | 9,199 | $250,001 | $1,092,337 | 4.4x |
| 19 | Closter | 168 | 8,555 | $181,652 | $917,085 | 5.0x |
| 20 | Allendale | 168 | 6,817 | $163,875 | $891,873 | 5.4x |
| 21 | Little Silver | 168 | 6,104 | $216,974 | $936,174 | 4.3x |
| 22 | Mountainside | 167 | 6,991 | $162,531 | $851,670 | 5.2x |
| 23 | Hoboken | 166 | 58,754 | $168,137 | $795,620 | 4.7x |
| 24 | Bernardsville | 166 | 7,888 | $220,060 | $890,901 | 4.0x |
| 25 | Madison | 164 | 16,521 | $163,567 | $906,312 | 5.5x |
| 26 | Glen Rock | 164 | 12,086 | $202,586 | $857,563 | 4.2x |
| 27 | Florham Park | 163 | 12,790 | $141,620 | $852,042 | 6.0x |
| 28 | Norwood | 162 | 5,657 | $156,630 | $747,730 | 4.8x |
| 29 | Morganville | 160 | 5,153 | $129,521 | $772,658 | 6.0x |
| 30 | Paramus | 159 | 26,582 | $136,824 | $866,706 | 6.3x |
| 31 | Montvale | 159 | 8,413 | $175,179 | $787,501 | 4.5x |
| 32 | Glen Ridge | 159 | 7,797 | $246,429 | $970,075 | 3.9x |
| 33 | Manasquan | 158 | 5,921 | $130,240 | $1,004,601 | 7.7x |
| 34 | Cresskill | 156 | 9,105 | $162,430 | $824,668 | 5.1x |
| 35 | Edgewater | 155 | 14,394 | $136,806 | $641,816 | 4.7x |
| 36 | Ramsey | 154 | 14,739 | $160,589 | $705,649 | 4.4x |
| 37 | Martinsville | 154 | 12,370 | $194,485 | $818,627 | 4.2x |
| 38 | Oradell | 154 | 8,208 | $196,023 | $793,885 | 4.0x |
| 39 | Belmar | 154 | 5,877 | $89,736 | $853,550 | 9.5x |
| 40 | Park Ridge | 152 | 9,098 | $164,241 | $706,489 | 4.3x |
| 41 | Kinnelon | 151 | 9,986 | $170,905 | $745,748 | 4.4x |
| 42 | New Providence | 150 | 13,595 | $167,188 | $806,187 | 4.8x |
| 43 | Fanwood | 150 | 7,723 | $177,727 | $651,607 | 3.7x |
| 44 | Hillsdale | 149 | 10,125 | $175,802 | $698,480 | 4.0x |
| 45 | Belle Mead | 148 | 5,867 | $203,942 | $831,721 | 4.1x |
| 46 | Palisades Park | 147 | 20,231 | $93,250 | $844,948 | 9.1x |
| 47 | Emerson | 147 | 7,281 | $141,908 | $655,975 | 4.6x |
| 48 | Oceanport | 147 | 6,119 | $132,723 | $795,055 | 6.0x |
| 49 | Ocean City | 145 | 11,260 | $98,576 | $1,016,356 | 10.3x |
| 50 | Robertsville | 144 | 12,646 | $188,068 | $757,233 | 4.0x |
| 51 | Haddonfield | 144 | 12,456 | $178,362 | $698,505 | 3.9x |
| 52 | Waldwick | 144 | 10,068 | $150,861 | $600,598 | 4.0x |
| 53 | Midland Park | 144 | 7,022 | $136,326 | $623,608 | 4.6x |
| 54 | Roseland | 144 | 6,221 | $135,451 | $686,003 | 5.1x |
| 55 | Morris Plains | 144 | 6,104 | $144,540 | $620,521 | 4.3x |
| 56 | Bradley Gardens | 143 | 14,345 | $170,063 | $630,122 | 3.7x |
| 57 | Ridgefield | 143 | 11,465 | $105,609 | $677,879 | 6.4x |
| 58 | Westwood | 143 | 11,241 | $160,466 | $617,848 | 3.9x |
| 59 | Leonia | 143 | 9,273 | $110,679 | $726,904 | 6.6x |
| 60 | River Edge | 142 | 12,022 | $150,073 | $685,672 | 4.6x |
| 61 | Yorketown | 142 | 7,206 | $156,838 | $645,687 | 4.1x |
| 62 | Green Knoll | 142 | 6,635 | $149,228 | $666,439 | 4.5x |
| 63 | Rutherford | 140 | 18,754 | $128,576 | $638,326 | 5.0x |
| 64 | North Haledon | 140 | 8,801 | $128,472 | $617,950 | 4.8x |
| 65 | Franklin Center | 140 | 5,583 | $132,787 | $671,628 | 5.1x |
| 66 | Secaucus | 138 | 21,470 | $129,348 | $594,469 | 4.6x |
| 67 | Oakland | 138 | 12,734 | $162,848 | $624,707 | 3.8x |
| 68 | Monmouth Junction | 138 | 9,750 | $121,857 | $607,055 | 5.0x |
| 69 | Caldwell | 138 | 8,897 | $117,879 | $625,878 | 5.3x |
| 70 | Heathcote | 138 | 6,773 | $119,979 | $634,445 | 5.3x |
| 71 | Fort Dix | 137 | 7,781 | $91,250 | $0 | 0.0x |
| 72 | Lincroft | 137 | 6,793 | $186,875 | $883,672 | 4.7x |
| 73 | Fair Lawn | 136 | 34,948 | $141,540 | $601,965 | 4.3x |
| 74 | Cliffside Park | 136 | 25,546 | $96,734 | $573,933 | 5.9x |
| 75 | Metuchen | 136 | 14,958 | $154,339 | $566,292 | 3.7x |
| 76 | Hasbrouck Heights | 136 | 12,080 | $114,219 | $603,225 | 5.3x |
| 77 | Lakewood | 135 | 68,555 | $54,826 | $574,494 | 10.5x |
| 78 | Dayton | 135 | 8,361 | $136,130 | $576,456 | 4.2x |
| 79 | Margate City | 135 | 5,331 | $112,661 | $892,163 | 7.9x |
| 80 | West Freehold | 134 | 14,448 | $117,108 | $587,875 | 5.0x |
| 81 | Succasunna | 134 | 9,835 | $162,566 | $558,704 | 3.4x |
| 82 | Carlstadt | 134 | 6,341 | $89,669 | $578,158 | 6.4x |
| 83 | Morristown | 133 | 20,126 | $113,926 | $772,172 | 6.8x |
| 84 | Hawthorne | 133 | 19,456 | $105,168 | $536,528 | 5.1x |
| 85 | Woodland Park | 133 | 13,291 | $90,323 | $546,965 | 6.1x |
| 86 | Wood-Ridge | 133 | 9,978 | $132,901 | $617,275 | 4.6x |
| 87 | West Long Branch | 133 | 8,547 | $114,036 | $856,215 | 7.5x |
| 88 | East Rutherford | 132 | 10,020 | $92,536 | $553,445 | 6.0x |
| 89 | Englewood | 131 | 29,109 | $93,134 | $543,826 | 5.8x |
| 90 | Point Pleasant | 131 | 19,024 | $106,203 | $625,208 | 5.9x |
| 91 | New Milford | 131 | 16,888 | $107,976 | $590,506 | 5.5x |
| 92 | Springdale | 131 | 15,247 | $169,016 | $536,240 | 3.2x |
| 93 | Red Bank | 131 | 12,868 | $89,500 | $594,880 | 6.6x |
| 94 | Brookdale | 131 | 10,312 | $149,392 | $590,716 | 4.0x |
| 95 | Dumont | 130 | 18,014 | $116,708 | $543,620 | 4.7x |
| 96 | Moorestown-Lenola | 130 | 14,379 | $136,574 | $606,651 | 4.4x |
| 97 | Totowa | 130 | 10,975 | $112,097 | $558,674 | 5.0x |
| 98 | Kendall Park | 130 | 10,624 | $159,362 | $629,077 | 3.9x |
| 99 | Maywood | 130 | 10,040 | $119,057 | $569,144 | 4.8x |
| 100 | Strathmore | 130 | 6,904 | $153,988 | $587,875 | 3.8x |