Most Expensive Places To Live In New Jersey For 2020


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

Editor’s Note: We updated this article for 2020. This is our sixth time ranking the most expensive places to live in New Jersey.

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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 2020.

So where is the most expensive place to live in New Jersey? That would be Englewood Cliffs.
the 2014-2018 American Community Survey for the 186 places in New Jersey with more than 5,000 people.

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

So hopefully Stratford (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 2020

Englewood Cliffs, NJ

Source: Public domain
Overall SnackAbility

10
/10

Population: 5,356
Rank Last Year: 1 (No Change)
Home Price To Income Ratio: 7.1x (6th most expensive)
Income To Rent Ratio: 44.7x (29th most expensive)
More on Englewood Cliffs: Real Estate | Data | Photos

The median income in Englewood Cliffs comes in at $145,729 and the median home value is $1,041,200 for 2020.

Palisades Park, NJ

Overall SnackAbility

9
/10

Population: 20,554
Rank Last Year: 2 (No Change)
Home Price To Income Ratio: 8.1x (4th most expensive)
Income To Rent Ratio: 43.8x (26th most expensive)
More on Palisades Park: Real Estate | Data | Photos

The median income in Palisades Park comes in at $64,684 and the median home value is $525,600 for 2020.

Ridgefield, NJ

Source: Public domain
Overall SnackAbility

9
/10

Population: 11,248
Rank Last Year: 3 (No Change)
Home Price To Income Ratio: 6.5x (11th most expensive)
Income To Rent Ratio: 43.4x (25th most expensive)
More on Ridgefield: Real Estate | Data | Photos

Ridgefield is a borough in Bergen County, New Jersey, United States. As of the 2010 United States Census, the borough's population was 11,032, reflecting an increase of 202 from the 10,830 counted in the 2000 Census, which had in turn increased by 834 from the 9,996 counted in the 1990 Census.

The median income in Ridgefield comes in at $67,500 and the median home value is $436,200 for 2020.

Asbury Park, NJ

Overall SnackAbility

4
/10

Population: 15,674
Rank Last Year: 5 (Up 1)
Home Price To Income Ratio: 8.4x (2nd most expensive)
Income To Rent Ratio: 33.6x (8th most expensive)
More on Asbury Park: Real Estate | Data | Photos

Asbury Park is a city in Monmouth County, New Jersey, United States, located on the Jersey Shore and part of the New York City Metropolitan Area. As of the 2010 United States Census, the city's population was 16,116, reflecting a decline of 814 from the 16,930 counted in the 2000 Census, which had in turn increased by 131 from the 16,799 counted in the 1990 Census.

The median income in Asbury Park comes in at $41,336 and the median home value is $346,300 for 2020.

Edgewater, NJ

Overall SnackAbility

7
/10

Population: 12,184
Rank Last Year: 4 (Down 1)
Home Price To Income Ratio: 5.3x (35th most expensive)
Income To Rent Ratio: 45.3x (32nd most expensive)
More on Edgewater: Real Estate | Data | Photos

Edgewater is a borough located along the Hudson River in Bergen County, New Jersey, United States. As of the 2010 United States Census, the borough had a population of 11,513, reflecting an increase of 3,836 from the 7,677 counted in the 2000 Census, which had in turn increased by 2,676 from the 5,001 counted in the 1990 Census.

The median income in Edgewater comes in at $107,143 and the median home value is $563,800 for 2020.

Belmar, NJ

Overall SnackAbility

8
/10

Population: 5,647
Rank Last Year: 6 (No Change)
Home Price To Income Ratio: 7.5x (5th most expensive)
Income To Rent Ratio: 54.5x (75th most expensive)
More on Belmar: Real Estate | Data | Photos

The median income in Belmar comes in at $79,706 and the median home value is $600,800 for 2020.

Passaic, NJ

Source: Public domain
Overall SnackAbility

6
/10

Population: 70,131
Rank Last Year: 7 (No Change)
Home Price To Income Ratio: 9.0x (1st most expensive)
Income To Rent Ratio: 30.8x (3rd most expensive)
More on Passaic: Real Estate | Data | Photos

Passaic is a city in Passaic County, New Jersey, United States. As of the 2010 United States Census, the city had a total population of 69,781, maintaining its status as the 15th largest municipality in New Jersey with an increase of 1,920 residents from the 2000 Census population of 67,861, which had in turn increased by 9,820 from the 58,041 counted in the 1990 Census. Passaic is the tenth most densely populated municipality in the entire United States with 22,000+ people per square mile.

The median income in Passaic comes in at $36,226 and the median home value is $325,800 for 2020.

Cliffside Park, NJ

Source: Public domain
Overall SnackAbility

8.5
/10

Population: 24,883
Rank Last Year: 11 (Up 4)
Home Price To Income Ratio: 6.6x (9th most expensive)
Income To Rent Ratio: 48.1x (44th most expensive)
More on Cliffside Park: Real Estate | Data | Photos

The median income in Cliffside Park comes in at $66,952 and the median home value is $443,300 for 2020.

Overall SnackAbility

8
/10

Population: 14,269
Rank Last Year: 10 (Up 1)
Home Price To Income Ratio: 6.1x (14th most expensive)
Income To Rent Ratio: 41.7x (20th most expensive)
More on Fairview: Real Estate | Data

The median income in Fairview comes in at $57,706 and the median home value is $354,300 for 2020.

Lodi, NJ

Overall SnackAbility

7
/10

Population: 24,498
Rank Last Year: 8 (Down 2)
Home Price To Income Ratio: 6.2x (13th most expensive)
Income To Rent Ratio: 46.1x (34th most expensive)
More on Lodi: Real Estate | Data | Photos

The median income in Lodi comes in at $60,651 and the median home value is $376,200 for 2020.

How We Determined The Most Expensive Places To Live In The Garden State For 2020

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 2014-2018 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 186 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 Englewood Cliffs. You can download the data here.

Taking A Chunk Out Of Your Paycheck In New Jersey For 2020

Well there you have it, the places in New Jersey that have the highest cost of living, with Englewood Cliffs 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. Stratford
  2. Audubon
  3. Somerdale

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 Englewood Cliffs 12.33 5,356 7.1x 44.7x
2 Palisades Park 23.33 20,554 8.1x 43.8x
3 Ridgefield 31.67 11,248 6.5x 43.4x
4 Asbury Park 33.67 15,674 8.4x 33.6x
5 Edgewater 34.67 12,184 5.3x 45.3x
6 Belmar 36.33 5,647 7.5x 54.5x
7 Passaic 36.67 70,131 9.0x 30.8x
8 Cliffside Park 36.67 24,883 6.6x 48.1x
9 Fairview 38.67 14,269 6.1x 41.7x
10 Lodi 40.0 24,498 6.2x 46.1x
11 Union City 43.0 68,362 7.0x 38.0x
12 Red Bank 43.33 12,120 5.8x 46.6x
13 Long Branch 43.67 30,611 6.1x 45.1x
14 Franklin Lakes 47.33 10,883 6.0x 62.4x
15 Ocean City 48.33 11,202 8.2x 60.3x
16 Florham Park 49.0 11,672 5.0x 54.4x
17 Garfield 50.0 31,578 5.8x 44.6x
18 Jersey City 52.67 261,746 5.5x 49.4x
19 West New York 53.67 52,477 5.8x 42.4x
20 New Brunswick 54.33 56,084 6.1x 29.2x
21 Old Tappan 54.67 5,923 5.5x 63.7x
22 Cresskill 54.67 8,730 4.7x 55.3x
23 Guttenberg 56.0 11,436 5.5x 41.9x
24 Newark 56.67 280,463 6.6x 33.3x
25 Hoboken 57.33 53,211 5.1x 61.1x
26 Wallington 58.0 11,580 5.5x 52.9x
27 Freehold 58.0 11,855 5.2x 39.8x
28 Elizabeth 58.33 128,153 5.8x 41.0x
29 Morristown 58.33 18,769 4.8x 54.2x
30 Wildwood 58.33 5,073 6.8x 35.7x
31 Upper Saddle River 59.0 8,242 5.3x 68.4x
32 Paterson 59.33 145,800 6.0x 33.4x
33 Margate City 60.0 6,076 6.1x 62.1x
34 Paramus 60.67 26,613 5.0x 58.9x
35 Little Ferry 61.33 10,827 5.2x 46.1x
36 Rumson 61.33 6,805 6.3x 84.4x
37 East Rutherford 62.33 9,466 5.0x 54.3x
38 Harrison 62.33 16,180 5.0x 46.9x
39 Woodland Park 63.0 12,489 4.8x 51.7x
40 Summit 63.0 21,921 6.0x 80.8x
41 Bayonne 63.33 65,300 5.3x 49.1x
42 Closter 63.67 8,585 5.0x 63.7x
43 Prospect Park 65.67 5,861 5.1x 38.6x
44 Princeton 66.67 30,728 6.0x 88.4x
45 Atlantic City 67.0 38,372 5.9x 31.9x
46 Tinton Falls 68.0 17,731 4.2x 41.9x
47 Mountainside 68.0 6,820 5.1x 67.7x
48 Caldwell 68.0 7,971 5.2x 61.7x
49 Elmwood Park 68.67 20,112 4.5x 49.5x
50 North Haledon 68.67 8,446 4.3x 52.9x
51 Madison 69.33 16,042 5.4x 79.5x
52 Perth Amboy 72.67 51,832 4.8x 40.7x
53 Raritan 73.67 7,797 4.3x 47.0x
54 Tenafly 74.33 14,687 5.1x 88.4x
55 Manasquan 74.33 5,800 5.8x 91.5x
56 Leonia 74.67 9,111 5.2x 68.5x
57 Fort Lee 75.67 36,990 4.1x 43.4x
58 Roseland 75.67 5,849 4.0x 54.4x
59 Norwood 76.33 5,819 5.0x 73.5x
60 Clifton 77.0 85,169 4.5x 54.0x
61 Brigantine 77.33 8,966 4.9x 56.6x
62 Kearny 77.67 41,567 4.8x 54.2x
63 Ventnor City 78.0 10,232 4.8x 47.6x
64 Eato 78.0 12,237 5.0x 55.8x
65 Englewood 78.33 28,332 4.7x 59.3x
66 Westwood 79.0 11,145 4.3x 58.9x
67 Hackensack 79.33 44,381 4.4x 48.3x
68 Montvale 79.67 8,438 4.8x 73.6x
69 East Orange 79.67 64,400 4.8x 41.7x
70 North Arlington 80.0 15,724 4.7x 55.8x
71 Fair Haven 80.67 5,943 4.2x 65.0x
72 Morris Plains 81.33 5,625 4.0x 57.9x
73 Fanwood 82.0 7,602 3.4x 47.5x
74 Highland Park 82.33 13,992 4.5x 56.7x
75 Bernardsville 83.0 7,698 4.7x 86.5x
76 Woodcliff Lake 83.0 5,816 4.7x 94.4x
77 Secaucus 84.0 19,390 4.4x 63.4x
78 Rutherford 84.33 18,427 4.8x 70.2x
79 Wharton 85.33 6,521 4.2x 48.4x
80 Park Ridge 85.33 8,804 4.9x 83.5x
81 Allendale 85.67 6,762 4.5x 82.8x
82 Maywood 86.33 9,654 4.3x 60.4x
83 Watchung 86.67 6,034 4.7x 100.0x
84 Ridgewood 87.0 25,269 4.4x 84.5x
85 New Milford 87.0 16,578 4.5x 64.5x
86 Haledon 87.67 8,338 4.2x 46.3x
87 Middlesex 88.0 13,659 4.2x 52.1x
88 Mount Arlington 88.33 5,507 3.7x 47.2x
89 Hasbrouck Heights 88.67 12,091 4.5x 65.8x
90 Keyport 89.67 7,070 4.6x 51.8x
91 Chatham 89.67 8,881 4.4x 96.3x
92 New Providence 90.67 12,808 4.4x 82.1x
93 Midland Park 92.33 7,263 4.2x 69.7x
94 Westfield 93.0 30,086 4.3x 101.5x
95 Keansburg 93.33 9,788 4.1x 38.6x
96 Oceanport 95.67 5,724 4.3x 75.2x
97 South River 96.33 16,091 4.3x 55.5x
98 Emerson 96.67 7,611 3.9x 65.3x
99 Boonton 96.67 8,302 4.3x 65.5x
100 Plainfield 97.33 50,508 4.2x 49.1x

How Is The Area In ?

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.