What is the cost of living in Summit, NJ?
According to the most recent data on the cost of living, Summit has an overall cost of living index of 190, which is 1.9x higher than the national index of 100.
Compared to New Jersey, Summit has a cost of living index that's 1.5x higher than New Jersey's index of 125.
The standard of living in Summit ranks as #250 most affordable out of the 262 places we measured in New Jersey. By definition, that implies Summit ranks as the #12 most expensive place in the Garden State.
For more reading on life in Summit, check out:
Summit Cost Of Living Vs. New Jersey
Six factors go into calculating the cost of living index in Summit. Here is how it fares on each of the criteria:
The Services index in Summit is 109.
The Groceries index in Summit is 109.
The Health index in Summit is 373.
The Housing index in Summit is 111.
The Transportation index in Summit is 111.
The Utilities index in Summit is 110.
| Living Expense | Summit | New Jersey | National Average |
|---|---|---|---|
| Overall | 190 | 125 | 100 |
| Services | 109 | 107 | 100 |
| Groceries | 109 | 113 | 100 |
| Health | 373 | 155 | 100 |
| Housing | 111 | 116 | 100 |
| Transportation | 111 | 112 | 100 |
| Utilities | 110 | 113 | 100 |
Summit Cost Of Living Compared To New Jersey Averages
Index where 100 = national average. Source: cost-of-living index 2026.
For more reading on cost of living around New Jersey, check out:
Protect your home budget Compare home warranties in Summit Get matched →Source: Cost-of-living index 2026, normalized to US average = 100
Summit, 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 2020-2024. The key points are:
The Median Home Value in Summit is $1,372,010.
The Median Rent in Summit is $2,430.
The Median Income in Summit is $190,304.
The Home Value To Income in Summit is 7.2x.
The Rent To Monthly Income in Summit is 0.15x.
| Statistic | Summit | New Jersey | United States |
|---|---|---|---|
| Median Home Value | $1,372,010 | $569,411 | $332,700 |
| Median Rent | $2,430 | $1,720 | $1,413 |
| Median Income | $190,304 | $103,556 | $80,734 |
| Home Value To Income | 7.2x | 5.5x | 4.1x |
| Rent To Monthly Income | 0.15x | 0.2x | 0.21x |
Summit, NJ Costs By Category
Detailed Summit Services costs vs. New Jersey
| Item | Summit | 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 Summit Groceries costs vs. New Jersey
| Item | Summit | 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 Summit Health costs vs. New Jersey
| Item | Summit | New Jersey |
|---|---|---|
| Optometrist | $105.11 | $125.68 |
| Doctor | $117.94 | $135.78 |
| Dentist | $121.22 | $113.29 |
Detailed Summit Transportation costs vs. New Jersey
| Item | Summit | New Jersey |
|---|---|---|
| Gasoline | $3.45 | $3.46 |
| Tire Balancing | $77.33 | $59.92 |
Detailed Summit Utilities costs vs. New Jersey
| Item | Summit | New Jersey |
|---|---|---|
| All Electricity | $230.68 | $193.99 |
| Phone | $186.61 | $192.25 |
Summit SnackAbility
Cost Of Living In Cities Around Summit
The cost of living varies in the cities and towns around Summit. Here's a quick look at the cost of living in the most populous nearby places:
Westfield, NJ has a cost of living index of 182, 1.0x Summit.
Madison, NJ has a cost of living index of 178, 0.9x Summit.
Short Hills, NJ has a cost of living index of 263, 1.4x Summit.
| City | Population | Cost Of Living | Vs. Summit |
|---|---|---|---|
| Westfield, NJ | 31,111 | 182 | 1.0x |
| Madison, NJ | 16,447 | 178 | 0.9x |
| Short Hills, NJ | 14,923 | 263 | 1.4x |
| Bradley Gardens, NJ | 14,165 | 152 | 0.8x |
| New Providence, NJ | 13,727 | 167 | 0.9x |
| Florham Park, NJ | 13,564 | 174 | 0.9x |
| Hasbrouck Heights, NJ | 12,115 | 140 | 0.7x |
| Martinsville, NJ | 11,559 | 166 | 0.9x |
| Lincoln Park, NJ | 10,957 | 133 | 0.7x |
| Succasunna, NJ | 9,799 | 141 | 0.7x |
