The 10 Most Expensive Places To Live In New Jersey For 2023

The 10 Most Expensive Places To Live In New Jersey For 2023

1. Palisades Park

The median income in Palisades Park comes in at $76,297 and the median home value is $604,500 for 2023.

2. Englewood Cliffs

The median income in Englewood Cliffs comes in at $191,875 and the median home value is $1,159,200 for 2023.

3. Fairview

The median income in Fairview comes in at $54,904 and the median home value is $429,600 for 2023.

4. Oceanport

The median income in Oceanport comes in at $111,400 and the median home value is $568,500 for 2023.

5. Mountainside

The median income in Mountainside comes in at $133,365 and the median home value is $649,600 for 2023.

6. Belmar

The median income in Belmar comes in at $90,461 and the median home value is $639,800 for 2023.

7. Edgewater

The median income in Edgewater comes in at $126,483 and the median home value is $653,000 for 2023.

8. Asbury Park

The median income in Asbury Park comes in at $54,676 and the median home value is $382,900 for 2023.

9. Union City

The median income in Union City comes in at $53,177 and the median home value is $382,200 for 2023.

10. Long Branch

The median income in Long Branch comes in at $65,369 and the median home value is $392,600 for 2023.

Methodology: How We Determined The Most Expensive Places To Live In The Garden State For 2023

The two most important things to think about when it comes to being able to afford if you can live comes down to:

1. How much do money do I make?
2. How much do I have 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 2017-2021 around incomes and costs. They are:

• Median Home Price / Median Income (lower is better)
• Median Income / Median Rent (Higher is better)
• Median Home Price

We added simply median home price because high home prices generally correlate with higher expenses for all costs related to homes (heating, electricity, etc).

You can then compare these metrics in each of the places in New Jersey to figure out which is the most expensive.

What you are left with is 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 in order to rank all of the 184 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 Palisades Park. You can download the data here.