These Are The 10 Most Expensive Places To Live In New Jersey For 2019

The 10 Most Expensive Places To Live In New Jersey For 2019

1. Englewood Cliffs

The median income in Englewood Cliffs comes in at $134,629 and the median home value is $995,300 for 2019.

2. Palisades Park

The median income in Palisades Park comes in at $64,589 and the median home value is $521,400 for 2019.

3. Ridgefield

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 $66,690 and the median home value is $447,300 for 2019.

4. Edgewater

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 $103,505 and the median home value is $560,000 for 2019.

5. Asbury Park

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 $39,324 and the median home value is $335,500 for 2019.

6. Belmar

The median income in Belmar comes in at $74,942 and the median home value is $560,100 for 2019.

7. Passaic

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 $34,920 and the median home value is $309,700 for 2019.

8. Lodi

The median income in Lodi comes in at $57,188 and the median home value is $369,800 for 2019.

9. Rumson

Rumson is a borough in Monmouth County, New Jersey, United States and is part of the New York Metropolitan Area. As of the 2010 census, the borough’s population was 7,122, reflecting a decline of 15 from 7,137 in 2000, which had in turn increased by 436 from 6,701 in 1990.

The median income in Rumson comes in at $158,229 and the median home value is $1,048,500 for 2019.

10. Fairview

The median income in Fairview comes in at $56,057 and the median home value is $351,400 for 2019.

How We Determined The Most Expensive Places To Live In The Garden State For 2019

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 2013-2017 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 187 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.