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


We used science and data to determine which cities in New Jersey that will put a big dent in your wallet.

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Editor’s Note: We updated this article for 2023. This is our tenth time ranking the most expensive places to live in New Jersey.

Everyone wants a home that mixes affordability with comfort and New Jersey does this very well. Families love the Garden State's beaches, midlands, and mountains as tourists before moving here and calling it home.

But before you decide to relocate, you have to do some research into the exact cost of living around the state -- and that's how we're going to help you.

These are the places in New Jersey that cost a pretty penny -- the most expensive cities in the state.

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 2023.

So where is the most expensive place to live in New Jersey? That would be Palisades Park.
the 2017-2021 American Community Survey for the 184 places in New Jersey with more than 5,000 people.

Here are the 10 most expensive places to live in New Jersey for 2023:

  1. Palisades Park
  2. Englewood Cliffs
  3. Fairview
  4. Oceanport
  5. Mountainside
  6. Belmar
  7. Edgewater
  8. Asbury Park
  9. Union City
  10. Long Branch

What's the most expensive place to live in New Jersey? Well, HomeSnacks crunched the numbers and discovered that Palisades Park is the most expensive place to live in New Jersey.

So hopefully Clayton (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 2023

1. Palisades Park

Palisades Park, NJ

Overall SnackAbility

8.5
/10

Population: 20,291
Rank Last Year: 3 (Up 2)
Home Price To Income Ratio: 7.9x (most expensive)
Income To Rent Ratio: 45.0x (30th most expensive)
More on Palisades Park: Real Estate | Data | Photos

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

2. Englewood Cliffs

Englewood Cliffs, NJ

Source: Public domain
Overall SnackAbility

10
/10

Population: 5,358
Rank Last Year: 1 (Down 1)
Home Price To Income Ratio: 6.0x (9th most expensive)
Income To Rent Ratio: 54.8x (66th most expensive)
More on Englewood Cliffs: Real Estate | Data | Photos

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

3. Fairview

Overall SnackAbility

8
/10

Population: 14,918
Rank Last Year: 4 (Up 1)
Home Price To Income Ratio: 7.8x (2nd most expensive)
Income To Rent Ratio: 40.4x (17th most expensive)
More on Fairview: Real Estate | Data

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

4. Oceanport

Oceanport, NJ

Overall SnackAbility

9.5
/10

Population: 6,115
Rank Last Year: 12 (Up 8)
Home Price To Income Ratio: 5.1x (33rd most expensive)
Income To Rent Ratio: 42.2x (20th most expensive)
More on Oceanport: Real Estate | Data | Photos

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

5. Mountainside

Mountainside, NJ

Source: Public domain
Overall SnackAbility

10
/10

Population: 7,003
Rank Last Year: 2 (Down 3)
Home Price To Income Ratio: 4.9x (40th most expensive)
Income To Rent Ratio: 45.6x (3most expensive)
More on Mountainside: Real Estate | Data | Photos

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

6. Belmar

Belmar, NJ

Overall SnackAbility

8.5
/10

Population: 5,869
Rank Last Year: 5 (Down 1)
Home Price To Income Ratio: 7.1x (4th most expensive)
Income To Rent Ratio: 55.1x (68th most expensive)
More on Belmar: Real Estate | Data | Photos

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

7. Edgewater

Edgewater, NJ

Overall SnackAbility

7.5
/10

Population: 14,234
Rank Last Year: 16 (Up 9)
Home Price To Income Ratio: 5.2x (30th most expensive)
Income To Rent Ratio: 49.3x (46th most expensive)
More on Edgewater: Real Estate | Data | Photos

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

8. Asbury Park

Asbury Park, NJ

Overall SnackAbility

5
/10

Population: 15,305
Rank Last Year: 6 (Down 2)
Home Price To Income Ratio: 7.0x (6th most expensive)
Income To Rent Ratio: 39.1x (13th most expensive)
More on Asbury Park: Real Estate | Data | Photos

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

9. Union City

Union City, NJ

Overall SnackAbility

5
/10

Population: 67,903
Rank Last Year: 9 (Up 1)
Home Price To Income Ratio: 7.2x (3rd most expensive)
Income To Rent Ratio: 39.9x (15th most expensive)
More on Union City: Real Estate | Data | Photos

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

10. Long Branch

Long Branch, NJ

Overall SnackAbility

6
/10

Population: 31,734
Rank Last Year: 13 (Up 2)
Home Price To Income Ratio: 6.0x (10th most expensive)
Income To Rent Ratio: 44.0x (26th most expensive)
More on Long Branch: Real Estate | Data | Photos

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

Map Of The Cheapest Places To Live In New Jersey
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.

Summary: Taking A Chunk Out Of Your Paycheck In New Jersey For 2023

Well there you have it, the places in New Jersey that have the highest cost of living, with Palisades Park ranking as the most expensive city in the Garden State.

Here's a look at the most affordable cities in New Jersey according to the data:

  1. Clayton
  2. Stratford
  3. Runnemede

For more New Jersey reading, check out:

Detailed List Of The Most Expensive Cities In New Jersey

Rank City ExpensiveScore Population Home/Income Ratio Income/Rent Ratio
1 Palisades Park 23.0 20,291 7.9x 45.0x
2 Englewood Cliffs 25.67 5,358 6.0x 54.8x
3 Fairview 29.0 14,918 7.8x 40.4x
4 Oceanport 31.33 6,115 5.1x 42.2x
5 Mountainside 33.33 7,003 4.9x 45.6x
6 Belmar 34.0 5,869 7.1x 55.1x
7 Edgewater 34.67 14,234 5.2x 49.3x
8 Asbury Park 35.33 15,305 7.0x 39.1x
9 Union City 35.33 67,903 7.2x 39.9x
10 Long Branch 38.67 31,734 6.0x 44.0x
11 Florham Park 43.0 12,655 4.7x 50.9x
12 Passaic 43.33 70,308 7.0x 39.7x
13 Harrison 44.33 18,824 5.3x 38.9x
14 Paramus 44.67 26,650 4.8x 52.8x
15 Jersey City 45.67 287,146 5.4x 50.5x
16 Lodi 47.0 25,983 5.6x 49.1x
17 Red Bank 47.33 12,825 5.1x 46.9x
18 Tenafly 48.0 15,307 4.8x 60.2x
19 Elmwood Park 48.67 21,239 5.0x 42.4x
20 Garfield 49.67 32,481 5.6x 47.4x
21 Franklin Lakes 50.0 11,034 5.4x 65.7x
22 Prospect Park 51.0 6,301 5.7x 35.0x
23 Cliffside Park 52.0 25,515 5.3x 56.4x
24 West New York 52.33 52,485 5.5x 46.9x
25 Elizabeth 53.0 135,772 5.8x 42.5x
26 Ridgefield 54.0 11,477 4.9x 54.2x
27 Newark 54.0 306,247 6.6x 35.4x
28 Freehold 56.0 12,485 5.1x 40.9x
29 Summit 57.0 22,598 5.6x 74.5x
30 Watchung 57.33 6,483 4.9x 63.4x
31 Ocean City 57.67 11,211 6.7x 66.4x
32 Paterson 58.67 157,927 5.5x 38.0x
33 New Brunswick 59.0 55,671 5.4x 30.9x
34 Hoboken 59.67 59,369 4.8x 64.9x
35 Wallington 60.0 11,833 5.3x 56.4x
36 Perth Amboy 60.33 55,046 5.3x 37.0x
37 Leonia 60.33 9,283 5.3x 62.5x
38 Upper Saddle River 62.0 8,352 4.2x 62.9x
39 Guttenberg 62.0 11,833 4.8x 41.9x
40 Morris Plains 62.17 6,081 4.2x 55.9x
41 Princeton 63.33 30,717 5.4x 81.6x
42 Bayonne 63.83 70,553 4.9x 52.3x
43 East Rutherford 64.33 9,918 4.7x 54.9x
44 North Haledon 65.67 8,893 4.0x 48.4x
45 Boonton 66.33 8,770 4.8x 58.8x
46 Rumson 67.0 7,292 5.5x 99.1x
47 Woodland Park 67.33 13,265 4.6x 55.9x
48 Little Ferry 69.0 10,973 4.7x 53.0x
49 Madison 69.67 16,819 4.9x 76.1x
50 Highland Park 69.67 14,947 4.4x 53.2x
51 Allendale 70.0 6,820 4.4x 67.0x
52 Morristown 70.33 20,003 4.2x 56.9x
53 Kearny 70.5 41,790 4.7x 54.1x
54 Englewood 70.67 29,129 4.5x 58.0x
55 Manasquan 71.67 5,930 5.6x 102.2x
56 Tinton Falls 71.67 19,053 3.9x 43.8x
57 Atlantic City 72.33 38,481 5.1x 30.9x
58 Maywood 73.67 10,049 4.2x 56.6x
59 Caldwell 74.33 8,800 4.3x 60.9x
60 Roseland 74.67 6,240 3.8x 56.2x
61 Old Tappan 75.0 5,870 4.5x 75.1x
62 Mount Arlington 76.0 5,812 3.9x 43.5x
63 Ridgefield Park 77.0 13,202 4.5x 59.9x
64 Cresskill 77.33 9,096 4.3x 70.9x
65 Raritan 77.67 7,993 4.1x 52.5x
66 Plainfield 78.0 54,183 4.5x 47.0x
67 West Long Branch 79.0 8,470 4.5x 67.2x
68 Closter 80.0 8,573 4.2x 72.0x
69 Bound Brook 80.67 11,799 4.2x 44.7x
70 Fort Lee 80.67 39,701 3.9x 46.6x
71 East Orange 80.67 68,918 4.5x 44.5x
72 Brigantine 81.0 7,890 4.6x 61.2x
73 Clifton 82.33 89,460 4.3x 58.1x
74 Hackensack 82.67 45,723 4.1x 46.8x
75 Hasbrouck Heights 82.67 12,120 4.4x 64.6x
76 Westfield 83.0 30,950 4.4x 92.3x
77 Secaucus 83.33 21,439 3.9x 61.5x
78 Little Silver 83.67 6,103 3.3x 60.6x
79 Point Pleasant 84.33 18,839 4.0x 59.9x
80 Margate City 84.67 5,402 4.8x 79.3x
81 New Milford 85.0 16,912 4.5x 67.3x
82 Norwood 85.67 5,666 4.3x 74.6x
83 Emerson 86.5 7,317 4.1x 68.9x
84 Dover 86.67 18,418 4.0x 43.6x
85 Eato 87.0 13,446 4.4x 61.0x
86 Fair Haven 87.67 6,235 4.1x 89.8x
87 Ridgewood 89.33 25,991 4.1x 88.3x
88 Keyport 89.67 7,204 4.6x 59.2x
89 North Arlington 90.67 16,339 4.1x 62.8x
90 Rutherford 91.67 18,781 4.2x 74.6x
91 Ventnor City 93.33 9,333 4.0x 47.0x
92 Carteret 93.33 25,077 3.8x 45.7x
93 New Providence 93.67 13,570 4.1x 84.3x
94 Montvale 93.67 8,413 4.0x 86.2x
95 Chatham 95.0 9,208 4.0x 114.1x
96 Carlstadt 98.0 6,358 4.0x 67.4x
97 South River 98.33 16,087 3.9x 57.9x
98 Rockaway 98.67 6,587 4.0x 61.3x
99 Hawthorne 100.0 19,507 3.9x 68.0x
100 Kinnelon 100.0 9,994 3.8x 76.4x

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About Chris Kolmar

Chris Kolmar has been in the real estate business for almost ten years now. He originally worked for Movoto Real Estate as the director of marketing before founding HomeSnacks.

He believes the key to finding the right place to live comes down to looking at the data, reading about things to do, and, most importantly, checking it out yourself before you move.

If you've been looking for a place to live in the past several years, you've probably stumbled upon his writing already.

You can find out more about him on LinkedIn or his website.