The Most Expensive Places to Live in New Jersey 2023: 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 well as tourists.
It shouldn’t come as a surprise that some of the most desirable places to live in the state are also some of the most expensive areas.
The peace of mind that comes with living in an affluent community is often worth a premium price for families who are looking for high-performing schools and a secure environment. These families are often willing to pay more money for this peace of mind.
Before making any choices, it is essential to have a clear understanding of the costs that are involved with the various options, despite the fact that there are undeniably advantages to living in the areas in question.
There’s something for everyone in New Jersey, whether you’re looking for a calm environment in which to bring up a family or an exciting setting in which to launch your professional life.
The New Jersey Communities That Are the Most Expensive to Live In 2023
The cost of living in New Jersey can be quite high, particularly if you plan on settling down in a major metropolis such as Newark or Jersey City.
People frequently decide that it does not make sense to commute long distances to work when they could just as easily live elsewhere and save money. The cost of living can be significantly higher than in other parts of the country, and people frequently decide that it does not make sense to do so.
It is essential to keep in mind, for anyone who is considering relocating to the state of New Jersey, that the cost of living will change depending on the area in which you choose to make your new home.
The cost of living in major metropolitan areas such as Newark and Jersey City is typically higher than in other parts of the state; consequently, if you want to maintain a comfortable standard of living while minimizing your financial outlay, you should probably look into moving to a more rural location.
The following are some of the New Jersey communities that rank among the Most Expensive Places to Live in New Jersey 2023:
Most Expensive Places to Live in New Jersey
17. Far Hills – Median Household Income: $137,472
The township of Far Hills is located in Somerset County, New Jersey. Far Hills is a five square mile affluent town, it is also well-known throughout the state since it is home to the yearly Far Hills Hunt and a New Jersey Transit Station.
By April 7, 1921, sections of Bernards Township were used to create Far Hills as a municipality. The New York State-based land developer and real estate dealer Evander H. Schley foresaw the desire for rural homes.
In the 1880s, he purchased a number of thousand acres of agricultural land in the municipalities of Bedminster and Bernards, some of it without having visited it before. In order to view Evander’s farms, Schley’s brother Grant and his wife Elizabeth visited one day in a chariot.
Elizabeth is credited with giving the place its moniker before a village was founded. She is said to have remarked on the scenic backdrop of the “far hills.”
16. Alpine – Median Household Income: $161,346
About 15 miles north of Midtown Manhattan, Alpine is a township in Bergen County, New Jersey, in the United States. It is located in the state of New Jersey’s furthest east municipality.
With 1,459 residents, Alpine is one of the wealthiest neighborhoods in New York City. Bergen County’s Alpine is among the greatest areas to reside in New Jersey. Several inhabitants in Alpine own their houses, giving the community a rustic vibe.
Numerous parks may be found in Alpine, which also has a large elderly population and conservative-leaning locals.
On April 8, 1903, a law passed by the New Jersey Legislature divided Harrington Township into Alpine. In 1904, a piece of Cresskill was taken up by the municipality.
The spouse of journalist Charles Nordhoff, who thought the landscape reminded her of the Swiss Alps, is credited with coming up with the name of the town.
In 2012, Forbes listed Alpine as one of the costliest zip codes in America, and it has continued to hold that illustrious position ever since.
15. Saddle River – Median Household Income: $197,898
Its lowest planning restriction of two acres for dwellings contributes to the pastoral character of the area, which is well renowned for its farmlands, streams, woods, and natural landscapes. Both contemporary mansions and elegant ancient properties may be found throughout the municipality.
Saddle River was inhabited by Lenni Lenape until the middle of the 18th century, who arrived there some 10,000 years ago. Just one single tribesman called Mashier remained at Saddle River after the entire community irrevocably fled in 1756 to take care of their graves.
Despite the fact that the Lenni Lenape did not leave behind any structures at Saddle River, a sizable rock known as Indian Rock, which served as a holy Native American gathering spot, is still there in the nearby woods along Twin Brooks Road.
The Lenni Lenape Native Americans were the very first people to live in the region that is known today as Saddle River.
14. Ho Ho Kus – Median Household Income: $230,682
Ho Ho Kus, a community in Bergen County close to New York City with a beautiful downtown, is one of the wealthiest communities in New Jersey. Ho-Ho-Kus, which was initially found in 1698, has a lengthy history with deep Native American origins.
As the original residents of the region that became Ho-Ho-Kus, the Lenni-Lenape American Indian Tribe resided here, used the routes, went fishing in the streams, roamed the forests, and worked the land.
The town of Ho-Ho-Kus was established on October 12, 1908, through an act of the New Jersey Legislature, based on what had previously been the town of Orvil, which had been founded on March 8, 1905, from parts of Orvil Township.
Based on per-capita income in the state of New Jersey, Ho-Ho-Kus is largely an affluent and upper-middle-class residential neighborhood of New York City. Ho-Ho-Kus, with a typical house price of $901,841, was placed 268th nationwide in the Forbes 2010 study of the costliest ZIP codes in America.
Ho-Ho-Kus’s name is still ambiguous in terms of its meaning. The name is most likely a derivation of the Delaware Indian phrase “Mah-Ho-Ho-Kus,” which means “the red cedar,” according to the town’s historical record on its webpage.
Most Expensive Places to Live in New Jersey
13. Short Hills – Median Household Income: $250,001
Short Hills is the most expensive town in New Jersey with a median household income of $250,001 annually.Short Hills, a posh neighborhood with winding roads and multimillion-dollar homes, is found in the town of Millburn in the county of Essex.
Essex County’s Millburn Township, also known as Short Hills, is a warm, endearing, and affluent community that is the ideal spot for both residents and guests to experience life.
It offers the ideal assortment of small-town life and accessibility to New York City, as well as its own unique mix of local businesses providing high-quality services and dining, leisure, and shopping.
Millburn had agricultural colonial beginnings from the start, transitioning to a mill industry in the 19th century, after which it became a Victorian residential area.
The Hessian House, other lovely residences from various eras, as well as the township’s two historic districts, Short Hills Park and Wyoming, are just a few of the many symbols of this rich past that are still visible today.
By way of a concession from Charles II to his brother James in 1664, Millburn Township was originally a component of the Elizabethtown and Newark colonies in New Jersey.
12. Ridgefield – Median Home Price: $786K
The cost of living in Belmar is consistently ranked among the highest in all of New Jersey.
The price of a home in the middle range is $786,851. The beaches and boardwalk in this town are very popular attractions. In addition to that, it has a lively nightlife and a flourishing arts scene.
Although the cost of living in Belmar is high, residents are able to enjoy a quality of life that more than makes up for the expense. The town has a lot to offer its residents, from its stunning beaches to its exciting nightlife, and residents can take advantage of all the town has to offer.
The high cost of living in Ridgefield is due in large part to the many different factors that contribute to it. The town can be found in Bergen County, which is widely regarded as one of the wealthiest counties in the state of New Jersey.
A significant portion of Ridgefield’s population is comprised of individuals who travel to New York City for work each day. Because of its close proximity to the city, the town is an attractive location for people who have the financial means to pay the higher rents and prices for homes.
Ridgefield, New Jersey has an excellent reputation among parents as a desirable place to raise a family because of the quality of its public schools.
11. Belmar – Median Home Price: $810K
In the state of New Jersey’s Monmouth County, you’ll find the town of Belmar. There are approximately 5,613 people living in the town as of the year 2020, and the median price of a home there is $810,134.
People who live in the New York City area frequently take vacations in this town because of its reputation as a beach town and its attractiveness as a vacation destination. In addition to its restaurants and lively nightlife, this town is well-known for its fishing and surfing opportunities.
Although the median home price is quite high, the town has a lot to offer in terms of amenities and things to do, so it may be worth the investment. Belmar stands out as one of the most expensive and exclusive beach towns in New Jersey, despite the fact that the state is home to a number of other beach communities.
There are many factors contributing to Belmar’s high cost of living. Because it is located on the coast, the cost of living in this town will likely be higher than in other kinds of towns.
The town is a popular vacation spot in the summer, and as a result, many travelers are willing to pay a higher rate to lodge in a location such as Belmar during the busy season.
The increased cost of living in Belmar is partially attributable to the fact that the town has a wide variety of amenities and activities available to its residents.
10. Princeton – Median Home Price: $818K
The cost of living in Princeton is consistently ranked among the highest in the state of New Jersey. At a median price of $818,546, purchasing a home is financially out of reach for the majority of people.
Those who are able to afford to live there, however, appreciate the rural atmosphere and the location’s close proximity to New York City. Those who place a high value on education will find that Princeton is an excellent location to call home due to the city’s abundance of illustrious educational institutions.
What factors contribute to Princeton’s high cost of living? The town can be found in one of the wealthiest counties in the country thanks to its location. This indicates that property values are quite high, and as a result, a large number of residents are in a financial position to pay market price for housing.
The fact that Princeton is home to a number of prestigious colleges and universities contributes significantly to the city’s already high cost of living. Many individuals, including students and faculty members, are willing to pay higher prices for goods and services in order to be located in close proximity to their respective places of employment or educational institutions.
Because Princeton is a relatively small town, there is less competition between different kinds of businesses than there would be in a larger city. Due to the absence of other competitors, prices for goods and services are frequently raised as a result.
Most Expensive Places to Live in New Jersey
9. Palisades Park – Median Home Price: $835K
The most expensive place to live in all of New Jersey is the borough of Palisades Park, which is located in Bergen County. The median price of a home there is $835,647, which is considerably higher than the median price of a home across the state, which is $461,990.
The location of Palisades Park is one factor that contributes to the city’s expensive housing market. The city is located directly across the Hudson River from the borough, and it is in close proximity to a number of other major metropolitan areas, including Newark and Jersey City.
Because of this, residents of Palisades Park who work in neighboring cities will find it convenient to commute to and from their homes in Palisades Park. The borough of Palisades Park is home to a variety of amenities, each of which plays a role in the high cost of housing in the area.
The commercial district of Palisades Park is bustling, and it features a large number of shops and restaurants. In addition, the borough is home to a number of parks, one of which is a sizable green space along the banks of the Hudson River.
The high cost of living in Palisades Park can be attributed to a number of different aspects of the local economy. The town is situated only a short distance away from New York City, which is widely regarded as one of the most expensive major cities in the United States.
Palisades Park is home to a number of high-end restaurants and boutiques, both of which contribute to the area’s already expensive cost of living. Because of the town’s stringent zoning laws, which limit the supply of housing, it can be challenging to find apartments or houses that are within one’s budget.
8. Ridgewood – Median Home Price: $880K
In the state of New Jersey’s Bergen County, you’ll find the prosperous borough of Ridgewood. Ridgewood is one of the most expensive places to live in New Jersey due to its median home price of $880,633. Ridgewood is located in Bergen County. Ridgewood is a neighborhood in New Jersey that is well-known for the tree-lined streets, outstanding schools, and close proximity to New York City.
There are many factors that contribute to Ridgewood’s status as one of the most expensive towns in New Jersey. People who have jobs in New York City will find that the town’s location, which is only a few miles away from the city, makes it an appealing option for a place to live.
Ridgewood is a town that is known for its high standard of living as well as its excellent schools. This contributes to the town’s high cost of living. The town of Ridgewood is rich in history and possesses a great deal of allure and personality.
The town is charming and has the atmosphere of a small town, and the school district is among the best in the country. It is risk-free, and there are a plethora of activities to choose from. Ridgewood is made into an attractive place to live as a result of all of these factors, and the increased demand for homes causes prices to rise. Most Expensive Places to Live in New Jersey
7. Westfield – Median Home Price: $956K
This town is one of the most expensive places to live in New Jersey due to the fact that the median price of a home there is $956,723.
Westfield is a town that is located just to the west of New York City. It provides its residents with a suburban way of life while still providing access to all of the conveniences and sights of a big city.
The cost of living in Westfield is also significantly higher than the national average. On the other hand, residents of this town take pleasure in a high quality of life and excellent educational opportunities.
The high cost of living in Westfield can be attributed to a number of different aspects of the local economy. The town can be found in Union County, which is widely regarded as one of the most prosperous counties in the United States.
A significant portion of the population of Westfield is employed in New York City, and they travel daily between the two locations as part of their commute. Because of this, there will be a greater demand for housing in the town, which will result in increased prices.
The fact that Westfield is home to a number of renowned educational institutions is another factor that contributes to the city’s high cost of living.
6. Tenafly – Median Home Price: $968K
Nearly 14,550 (2020) people make their homes in this borough, which is located just to the north of Fort Lee and boasts a median home price of $968,573.
That is significantly higher than the statewide median of $461,990, and it’s easy to see why: Tenafly is well-known for the quality of its public schools, the safety of its neighborhoods, and its proximity to New York City.
Why is real estate in Tenafly so expensive? There are many different aspects that contribute to this outcome. First of all, Tenafly is a desirable place to live for commuters because it is located just 39 minutes (20.5 miles) via I-95 South from New York City. This makes it an ideal location.
Tenafly is an affluent community that boasts highly regarded educational institutions, which contributes to the town’s appeal to families. Because of the town’s low crime rate and high quality of life, it is an appealing place to live for people of varying ages.
Most Expensive Places to Live in New Jersey
5. Summit – Median Home Price: $1.1M
This town in New Jersey has one of the highest median home prices in the state at an astounding $1,130,247, making it one of the most expensive places to live in the state.
With its Victorian-style buildings and streets lined with trees, Summit is a lovely place to settle down in if you have the financial means to do so. If you want to live here, however, you should get ready to shell out a significant amount of money every month.
The high cost of living in Summit is caused by a number of different factors, each of which contributes in its own unique way. The town is situated in a desirable area, and getting to New York City from there takes only a few minutes by train.
As a result of its close proximity to the city, Summit experiences a high level of housing demand, which in turn causes prices to rise. The fact that many of the homes in Summit are expansive and lavishly furnished also adds to the city’s already high cost of living.
The Summit school district is consistently ranked as one of the best in the state, making it a desirable location for families looking to buy a home in the state who have children. Most Expensive Places to Live in New Jersey
4. Englewood Cliffs – Median Home Price: $1.3M
In the state of New Jersey’s Bergen County, you’ll find the borough of Englewood Cliffs. It is well-known for the wealthy people who live there and the expensive homes they own. Because the median price of a home in Englewood Cliffs is $1,349,906, the city is the most expensive in which to reside in the state of New Jersey.
The median income of a household in the borough is $158,042, and it is home to a number of wealthy business owners and executives. An affluent community with a high standard of living, Englewood Cliffs is located in New Jersey.
The borough’s residents have access to a wide variety of amenities and services, in addition to its highly regarded educational system. Those who are able to do so will find that Englewood Cliffs is a wonderful place to call home due to the abundance of entertainment options available there.
So, what factors contribute to the high cost of living in Englewood Cliffs, NJ? The breathtaking panoramas of the Hudson River and the cityscape of Manhattan are one of the town’s most famous attractions. In addition, Englewood Cliffs, New Jersey is home to a number of companies that are listed on the Fortune 500, such as Mercedes-Benz USA and LG Electronics.
Because of this, there is a high demand for housing in the town, which has the effect of driving up prices. Last but not least, Englewood Cliffs, New Jersey has a well-deserved reputation for being a secure and appealing place to call home, which helps to make it one of the nation’s most sought-after communities.
3. Union City – Median Home Price: $1.4M
The median price of a home in Union City is $1,469,286; this makes it one of the most expensive places to live in the state of New Jersey. Because of its proximity to Manhattan and the Hudson River, the city is a common weekend getaway for people who make their living in the metropolitan area.
In addition, Union City is home to a diverse selection of retail establishments and dining establishments, as well as a number of parks and other recreational facilities.
Why is it priced at such a high level? The City is located within a reasonable driving distance of New York City (24 minutes (8.9 miles) via US-1 S/US-9 S/Tonnelle Ave), which makes it an appealing place to call home for people who find employment in New York City.
On the other hand, because of its close proximity to New York City, Union City is one of the most expensive places to live in the state. The average salary is above the state average, and housing costs are among the highest in the state.
Over two thousand dollars is required each month to rent a one-bedroom apartment in Union City on average. The city has a high sales tax, and many essential things, like food and transportation, are also quite expensive in the city.
2. Stone Harbor – Median Home Price: $2.6M
The median price of a home in this affluent enclave on the Jersey Shore is $2,610,601, making it one of the most expensive places to live in the state of New Jersey.
Stone Harbor is a popular destination for retirees and families alike, despite the fact that it has a relatively high cost of living. The town boasts some of the most beautiful beaches in the state, and its downtown district is loaded with upscale boutiques and dining establishments.
There are many different factors that contribute to the city’s high cost of living. It is in an extremely convenient location. The town is situated along seven miles of untouched beaches, and it features a large number of exclusive shops and dining establishments.
Stone Harbor is a community that values families and provides a healthy environment for them. As a direct consequence of this, there is a high demand for housing in the region, which in turn causes prices to rise. The high property taxes in Stone Harbor are another factor that contributes to the city’s already prohibitively expensive cost of living.
The annual property tax bill in Stone Harbor, New Jersey, comes to more than $8,000 on average, which is a significant amount more than the average across the country. In addition, the high cost of goods and services in the area contributes significantly to Stone Harbor’s already expensive cost of living. Most Expensive Places to Live in New Jersey
1. Avalon – Median Home Price: $2.7M
Because the median home price in this exclusive borough on Long Beach Island is $2,714,524, it is one of the most expensive places to live in the state of New Jersey. However, because of its untouched beaches and high-end real estate, it is not hard to understand why Avalon is considered to be such a desirable place to live.
The town’s location on the Jersey Shore is one of the contributing factors that contributes to the high cost of living in this area. The fact that Avalon is located between two major metropolitan areas, namely New York City and Philadelphia, contributes to an increase in both the demand for housing and its associated prices.
The town is a popular destination for tourists, which further increases the demand for lodging and other amenities, which in turn drives up prices. Some people may find it difficult to afford the high cost of living in Avalon, but other people are willing to pay a premium to take advantage of everything the city has to offer.
Most Expensive Places to Live in New Jersey 2023 – Newshub360.net