Morristown, NJ Cost Of Living
Cost Of Living In Morristown, NJ Summary
Cost of living in Morristown 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 Morristown 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 Morristown is 144, with 100 being the average.
The cost of living index in Morristown is 1.4x higher than the national average.
Morristown ranks as the #190 cheapest in New Jersey out of 260.
Morristown ranks as the #5,533 cheapest out of 6,489 in the US.
The median home value in Morristown is $871,223.
The median income in Morristown is $115,409.
Table Of Contents
Morristown's Overall Cost Of Living
Higher Than The National Average
What is the cost of living in Morristown, NJ?
According to the most recent data on the cost of living, Morristown has an overall cost of living index of 144, which is 1.4x higher than the national index of 100.
Compared to New Jersey, Morristown has a cost of living index that's 1.2x higher than New Jersey's index of 122.
The standard of living in Morristown ranks as #190 most affordable out of the 260 places we measured in New Jersey. By definition, that implies Morristown ranks as the #70 most expensive place in the Garden State.
For more reading on life in Morristown, check out:
In New Jersey
In America
Morristown Cost Of Living Vs. New Jersey
Six factors go into calculating the cost of living index in Morristown. Here is how it fairs on each of the criteria:
The Services index in Morristown is 98.
The Groceries index in Morristown is 102.
The Health index in Morristown is 100.
The Housing index in Morristown is 242.
The Transportation index in Morristown is 96.
The Utilities index in Morristown is 103.
| Living Expense | Morristown | New Jersey | National Average | |
|---|---|---|---|---|
| Overall | 144 | 122 | 100 | |
| Services | 98 | 108 | 100 | |
| Groceries | 102 | 104 | 100 | |
| Health | 100 | 99 | 100 | |
| Housing | 242 | 159 | 100 | |
| Transportation | 96 | 101 | 100 | |
| Utilities | 103 | 107 | 100 | |
Morristown, 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 Morristown is $871,223.
The Median Rent in Morristown is $2,171.
The Median Income in Morristown is $115,409.
The Home Value To Income in Morristown is 7.5x.
The Rent To Monthly Income in Morristown is 0.23x.
| Statistic | Morristown | New Jersey | United States |
|---|---|---|---|
| Median Home Value | $871,223 | $564,432 | $303,400 |
| Median Rent | $2,171 | $1,653 | $1,348 |
| Median Income | $115,409 | $101,050 | $78,538 |
| Home Value To Income | 7.5x | 5.6x | 3.9x |
| Rent To Monthly Income | 0.23x | 0.2x | 0.21x |
Median Home Value
Median Rent
Median Income
Morristown, NJ Costs By Category
Detailed Morristown Services Costs Vs. New Jersey
| Item | Morristown | 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 Morristown Groceries Costs Vs. New Jersey
| Item | Morristown | 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 Morristown Health Costs Vs. New Jersey
| Item | Morristown | New Jersey |
|---|---|---|
| Optometrist | $105.11 | $125.68 |
| Doctor | $117.94 | $135.78 |
| Dentist | $121.22 | $113.29 |
Detailed Morristown Transportation Costs Vs. New Jersey
| Item | Morristown | New Jersey |
|---|---|---|
| Gasoline | $3.45 | $3.46 |
| Tire Balancing | $77.33 | $59.92 |
Detailed Morristown Utilities Costs Vs. New Jersey
| Item | Morristown | New Jersey |
|---|---|---|
| All Electricity | $230.68 | $193.99 |
| Phone | $186.61 | $192.25 |
Morristown SnackAbility
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