Wondering which are the five most expensive cities to live in New Jersey? America has lots of lovely places to live in, each one with its particular features, pros, and cons. When it comes to choosing a place to live, it is important to take into account diverse factors such as crime rates, amenities, and of course, cost of living.
Over the past decades there have been some changes in the real estate market. Furthermore the cost of living in the U.S has changed, especially within certain cities. Places like Seattle, San Diego and Boston are among the 10 Most Expensive Cities to Live in North America, with a comparatively high price index.
Yet, some places, despite not being particularly the most expensive in America can indeed have a very expensive cost of living. New Jersey, located in the neighborhood of New York City, Philadelphia and Washington, DC, is ranked 47th in size and boasts a median household income of $55,146. Some cities in New Jersey can be very attractive to live in, such as Atlantic City, with an average cost of living.
So which are the most expensive cities to live in New Jersey? We would have used cost of living indices to rank cities. However, when median price of a home is in the neighborhood of $5 million, it really doesn’t matter that you pay 10-20% extra for goods and services, groceries, health care, housing, transportation and utilities. That’s why we prepared this list completely based on the median home prices as calculated by Altos Research. Take a look at our list and find out about the most expensive cities to live in New Jersey!
1. Alpine: Median home price is around $5 million. One thing that supports high home prices is ultra low real estate taxes.
2. New Vernon: Median home price is over $2 million
3. Short Hills: Median home price is slightly under $2 million
4. Far Hills: Median home price is $1.7 million
5. Saddle River: This is another location like Alpine that has a very low real estate tax rate. Median home price is around $1.65 million.