Florham Park, NJ Cost Of Living
Cost Of Living In Florham Park, NJ Summary
Cost of living in Florham Park research summary. The cost of living index is set to 100 for the average place in the United States. A cost of living index above 100 means Florham Park is expensive. An index value below 100 means the city is a relatively cheap place to live.
On a city-by-city basis in New Jersey, home prices and rent have the biggest impact on the cost of living. Here are the key takeaways based on Saturday Night Science:
The cost of living index in Florham Park is 165, with 100 being the average.
The cost of living index in Florham Park is 1.6x higher than the national average.
Florham Park ranks as the #228 cheapest in New Jersey out of 260.
Florham Park ranks as the #5,981 cheapest out of 6,489 in the US.
The median home value in Florham Park is $994,735.
The median income in Florham Park is $147,714.
Table Of Contents
Florham Park's Overall Cost Of Living
Higher Than The National Average
What is the cost of living in Florham Park, NJ?
According to the most recent data on the cost of living, Florham Park has an overall cost of living index of 165, which is 1.6x higher than the national index of 100.
Compared to New Jersey, Florham Park has a cost of living index that's 1.4x higher than New Jersey's index of 122.
The standard of living in Florham Park ranks as #228 most affordable out of the 260 places we measured in New Jersey. By definition, that implies Florham Park ranks as the #32 most expensive place in the Garden State.
For more reading on life in Florham Park, check out:
In New Jersey
In America
Florham Park Cost Of Living Vs. New Jersey
Six factors go into calculating the cost of living index in Florham Park. Here is how it fairs on each of the criteria:
The Services index in Florham Park is 102.
The Groceries index in Florham Park is 103.
The Health index in Florham Park is 100.
The Housing index in Florham Park is 314.
The Transportation index in Florham Park is 96.
The Utilities index in Florham Park is 100.
| Living Expense | Florham Park | New Jersey | National Average | |
|---|---|---|---|---|
| Overall | 165 | 122 | 100 | |
| Services | 102 | 108 | 100 | |
| Groceries | 103 | 104 | 100 | |
| Health | 100 | 99 | 100 | |
| Housing | 314 | 159 | 100 | |
| Transportation | 96 | 101 | 100 | |
| Utilities | 100 | 107 | 100 | |
Florham Park, NJ Housing Cost Breakdown
Housing swings affordability the most between places in New Jersey, so we broke down housing costs into more detail. Home and income data comes from the most recent US Census ACS 2019-2023. The key points are:
The Median Home Value in Florham Park is $994,735.
The Median Rent in Florham Park is $3,009.
The Median Income in Florham Park is $147,714.
The Home Value To Income in Florham Park is 6.7x.
The Rent To Monthly Income in Florham Park is 0.24x.
| Statistic | Florham Park | New Jersey | United States |
|---|---|---|---|
| Median Home Value | $994,735 | $564,432 | $303,400 |
| Median Rent | $3,009 | $1,653 | $1,348 |
| Median Income | $147,714 | $101,050 | $78,538 |
| Home Value To Income | 6.7x | 5.6x | 3.9x |
| Rent To Monthly Income | 0.24x | 0.2x | 0.21x |
Median Home Value
Median Rent
Median Income
Florham Park, NJ Costs By Category
Detailed Florham Park Services Costs Vs. New Jersey
| Item | Florham Park | New Jersey |
|---|---|---|
| Shampoo | $1.44 | $1.28 |
| Movie | $14.15 | $12.13 |
| Bowling | $25.03 | $18 |
| Haircut | $29.17 | $24.26 |
| Beauty Salon | $40.36 | $45.56 |
Detailed Florham Park Groceries Costs Vs. New Jersey
| Item | Florham Park | New Jersey |
|---|---|---|
| Ground Beef | $5.64 | $5.84 |
| Fried Chicken | $1.55 | $1.57 |
| Milk | $4.74 | $4.67 |
| Potatoes | $5.21 | $4.93 |
| Pizza | $11.49 | $12.09 |
| Beer | $11.66 | $10.41 |
| Toothpaste | $3.66 | $3.7 |
Detailed Florham Park Health Costs Vs. New Jersey
| Item | Florham Park | New Jersey |
|---|---|---|
| Optometrist | $105.11 | $125.68 |
| Doctor | $117.94 | $135.78 |
| Dentist | $121.22 | $113.29 |
Detailed Florham Park Transportation Costs Vs. New Jersey
| Item | Florham Park | New Jersey |
|---|---|---|
| Gasoline | $3.45 | $3.46 |
| Tire Balancing | $77.33 | $59.92 |
Detailed Florham Park Utilities Costs Vs. New Jersey
| Item | Florham Park | New Jersey |
|---|---|---|
| All Electricity | $230.68 | $193.99 |
| Phone | $186.61 | $192.25 |
Florham Park SnackAbility
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Cost Of Living In Cities Around Florham Park
The cost of living varies in the cities and towns around Florham Park. Here's a quick look at the cost of living in the most populous nearby places:
Morristown, TN has a cost of living index of 84, 0.5x Florham Park.
Westfield, NJ has a cost of living index of 178, 1.1x Florham Park.
Summit, NJ has a cost of living index of 183, 1.1x Florham Park.
| City | Population | Cost Of Living | Vs. Florham Park |
|---|---|---|---|
| Morristown, TN | 30,983 | 84 | 0.5x |
| Westfield, NJ | 30,760 | 178 | 1.1x |
| Summit, NJ | 22,512 | 183 | 1.1x |
| Madison, NJ | 16,464 | 173 | 1.0x |
| Short Hills, NJ | 14,398 | 259 | 1.6x |
| Bradley Gardens, NJ | 14,315 | 150 | 0.9x |
| New Providence, NJ | 13,577 | 160 | 1.0x |
| Oakland, NJ | 12,700 | 139 | 0.8x |
| Glen Rock, NJ | 12,082 | 165 | 1.0x |
| Hasbrouck Heights, NJ | 12,067 | 138 | 0.8x |
