Summit, NJ Cost Of Living

Demographics | Crime | Cost Of Living
Updated: 2023-11-15

Cost Of Living In Summit, NJ Summary

Cost of living in Summit 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 Summit 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 Summit is 185, with 100 being the average.

  • The cost of living index in Summit is 1.9x higher than the national average.

  • Summit ranks as the #241 cheapest in New Jersey out of 251.

  • Summit ranks as the #6,242 cheapest out of 6,412 in the US.

  • The median home value in Summit is $852,300.

  • The median income in Summit is $151,505.

Table Of Contents

  1. Summary
  2. National Comparison
  3. Housing Breakdown
  4. Detailed Pricing
  5. Nearby Comparisons
185
Summit's Overall Cost Of Living
1.9x
Higher Than The National Average

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 185, which is 1.9x higher than the national index of 100.

Compared to New Jersey, Summit has a cost of living index that's 1.7x higher than New Jersey's index of 111.

The standard of living in Summit ranks as #241 most affordable out of the 251 places we measured in New Jersey. By definition, that implies Summit ranks as the #10 most expensive place in the Garden State.

For more reading on life in Summit, check out:

241 out of 251
In New Jersey
6,242 out of 6,412
In America

Summit Cost Of Living Vs. New Jersey

Six factors go into calculating the cost of living index in Summit. Here is how it fairs on each of the criteria:

  • The Services index in Summit is 106.

  • The Groceries index in Summit is 113.

  • The Health index in Summit is 102.

  • The Housing index in Summit is 363.

  • The Transportation index in Summit is 108.

  • The Utilities index in Summit is 94.

Living Expense Summit New Jersey National Average
Overall 185 111 100
Services 106 104 100
Groceries 113 104 100
Health 102 95 100
Housing 363 130 100
Transportation 108 106 100
Utilities 94 108 100
For more reading on cost of living around New Jersey, check out:
Summit Cost of Living Vs. NJ

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 2017-2021. The key points are:

  • The Median Home Value in Summit is $852,300.

  • The Median Rent in Summit is $2,033.

  • The Median Income in Summit is $151,505.

  • The Home Value To Income in Summit is 5.6x.

  • The Rent To Monthly Income in Summit is 0.16x.

Statistic Summit New Jersey United States
Median Home Value $852,300 $355,700 $244,900
Median Rent $2,033 $1,436 $1,163
Median Income $151,505 $89,703 $69,021
Home Value To Income 5.6x 4.0x 3.5x
Rent To Monthly Income 0.16x 0.19x 0.2x
Search Homes For Sale In Summit, NJ
$852,300
Median Home Value
$2,033
Median Rent
$151,505
Median Income

Summit, NJ Costs By Category

Detailed Summit Services Costs Vs. New Jersey

Item Summit New Jersey
Shampoo $1.09 $1.06
Movie $12.38 $10.68
Bowling $20.56 $14.67
Haircut $20.96 $18.62
Beauty Salon $45.37 $39.05

Detailed Summit Groceries Costs Vs. New Jersey

Item Summit New Jersey
Ground Beef $4.21 $4.22
Fried Chicken $1.94 $1.39
Milk $2.37 $2.05
Potatoes $3.52 $3.29
Pizza $11.27 $10.62
Beer $8.27 $9.38
Toothpaste $2.06 $2.34

Detailed Summit Health Costs Vs. New Jersey

Item Summit New Jersey
Optometrist $92.33 $108.57
Doctor $99.57 $116.17
Dentist $116.16 $99.13

Detailed Summit Transportation Costs Vs. New Jersey

Item Summit New Jersey
Gasoline $2.45 $2.22
Tire Balancing $53.07 $50.07

Detailed Summit Utilities Costs Vs. New Jersey

Item Summit New Jersey
All Electricity $147.86 $167.67
Phone $179.87 $175.64

Summit SnackAbility

9.5
/10
Overall SnackAbility
Jobs
8.5/10
Housing
10
Affordability
6
Diversity
8.5
Safety
8.5
Amenities
9
Education
9
Commute
3

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 170, 0.9x Summit.

  • Madison, NJ has a cost of living index of 164, 0.9x Summit.

  • Bradley Gardens, NJ has a cost of living index of 144, 0.8x Summit.

City Population Cost Of Living Vs. Summit
Westfield, NJ 30,950 170 0.9x
Madison, NJ 16,819 164 0.9x
Bradley Gardens, NJ 14,798 144 0.8x
Short Hills, NJ 14,500 241 1.3x
New Providence, NJ 13,570 154 0.8x
Florham Park, NJ 12,655 165 0.9x
Hasbrouck Heights, NJ 12,120 134 0.7x
Martinsville, NJ 11,980 155 0.8x
Lincoln Park, NJ 10,877 124 0.7x
Succasunna, NJ 9,530 134 0.7x

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