The 10 Most Expensive Places To Live In New Jersey For 2024


The most expensive cities in New Jersey are Short Hills and Englewood Cliffs for 2024 based on Saturday Night Science.

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


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

Overall SnackAbility

7
/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.

Englewood Cliffs, NJ

Source: Public domain
Overall SnackAbility

10
/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.

Rumson, NJ

Source: Wikipedia User KLOTZ | CC BY-SA 4.0
Overall SnackAbility

10
/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.

Franklin Lakes, NJ

Source: Public domain
Overall SnackAbility

10
/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.

Upper Saddle River, NJ

Source: Wikipedia User Alexisrael | CC BY-SA 3.0
Overall SnackAbility

9.5
/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.

North Caldwell, NJ

Source: Wikipedia User EdZa | CC BY-SA 2.0
Overall SnackAbility

10
/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.

Woodcliff Lake, NJ

Source: Wikipedia User JERRYE & ROY KLOTZ MD | CC BY-SA 4.0
Overall SnackAbility

10
/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.

Summit, NJ

Source: Wikipedia User Original uploader was Daniel Case at en.wikipedia | GFDL
Overall SnackAbility

9.5
/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.

Overall SnackAbility

6
/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.

Ridgewood, NJ

Source: Wikipedia User Alexisrael | CC BY-SA 3.0
Overall SnackAbility

10
/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

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 a city in New Jersey are:

  1. How much money do I make?
  2. 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:

  1. Bridgeton
  2. Crestwood Village
  3. Millville

For more New Jersey reading, check out:

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
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.