The 12 Most Expensive Places to Live in New Jersey

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In New Jersey, the cost of living can vary widely from one town to the next. For example, residents of affluent suburbs like Short Hills or Alpine typically spend much more on housing, transportation, and other essentials than those who live in more economically diverse communities like Newark or Paterson.

Not surprisingly, these high-cost areas are also some of the most sought-after places to live in the state.

Families seeking top-rated schools and a safe environment are often willing to pay a premium for the peace of mind that comes with living in an affluent community.

While there are certainly benefits to living in these types of areas, it’s important to be aware of the associated costs before making any decisions.

Whether you’re looking for a quiet place to raise a family or an exciting place to start your career, New Jersey has something to offer everyone.


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Most Expensive Places to Live in New Jersey

Living in New Jersey can be expensive, especially if you want to live in a major city like Newark or Jersey City.

The cost of living can be significantly higher than in other parts of the country, and it often doesn’t make sense for people to commute long distances to work when they could just as easily live elsewhere and save money.

For those thinking about moving to New Jersey, it’s important to keep in mind that the cost of living will vary depending on where you choose to live.

In general, cities like Newark and Jersey City tend to be more expensive than other parts of the state, so if you’re looking to save money, you may want to consider living in a more rural area.

Here are some of the most expensive places to live in New Jersey:

1. Avalon – Median Home Price: $2.7M

This exclusive borough on Long Beach Island boasts a median home price of $2,714,524, making it one of the most expensive places to live in New Jersey. But with its pristine beaches and luxury homes, it’s easy to see why Avalon is such a desirable place to live.

The high cost of living is due to a number of factors, including the town’s location on the Jersey Shore. Avalon is situated between two major metropolitan areas, New York City and Philadelphia, which drives up demand (and prices) for housing.

The town is a popular destination for tourists, which further increases demand (and prices) for lodging and other amenities. While the high cost of living may be a barrier for some, others are willing to pay a premium to enjoy all that Avalon has to offer.

2. Stone Harbor – Median Home Price: $2.6M

This wealthy enclave on the Jersey Shore is one of the most expensive places to live in New Jersey, with a median home price of $2,610,601.

Despite its high cost of living, Stone Harbor is a popular destination for families and retirees alike. The town’s beaches are some of the best in the state, and its downtown area is full of boutique shops and restaurants.

The city is an expensive place to live for a number of reasons. It is a very desirable location. The town is located on seven miles of pristine beaches, and there are many upscale shops and restaurants.

Stone Harbor is a safe and family-friendly community. As a result, there is high demand for housing in the area, which drives up prices. Another factor that contributes to the high cost of living in Stone Harbor is the high property taxes.

The average property tax bill in Stone Harbor NJ is over $8,000 per year, which is significantly higher than the national average. The cost of living in Stone Harbor is also inflated by the high cost of goods and services in the area.


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3. Union City – Median Home Price: $1.4M

Union City is one of the most expensive places to live in New Jersey, with a median home price of $1,469,286. The city is located just across the Hudson River from Manhattan, making it a popular destination for those who work in the city.

Union City is also home to a number of parks and recreation facilities, as well as a variety of shops and restaurants.

What makes it so expensive? The City is located within a few miles of New York City (24 min (8.9 mi) via US-1 S/US-9 S/Tonnelle Ave), which makes it a desirable place to live for people who work in the city.

However, the close proximity to NYC also makes Union City one of the most expensive places to live in the state. The cost of living is high, and housing prices are some of the highest in the state.

The average price for a one-bedroom apartment in Union City is over $2000 per month. The city has a high sales tax, and many basic necessities, such as food and transportation, are also quite costly.

4. Englewood Cliffs – Median Home Price: $1.3M

Englewood Cliffs is a borough in Bergen County, New Jersey. It is known for its wealthy residents and expensive homes. The median home price in Englewood Cliffs is $1,349,906, making it the most expensive place to live in New Jersey.

The borough is home to many CEOs and executives, and the average household income is $158,042. Englewood Cliffs is an affluent community with a high standard of living.

The borough has excellent schools, and its residents enjoy access to many amenities and services. There are plenty of things to do in Englewood Cliffs, and the borough is a great place to live for those who can afford it.

So what makes Englewood Cliffs NJ so expensive? The town is known for its beautiful views of the Hudson River and Manhattan skyline. In addition, Englewood Cliffs NJ is home to many Fortune 500 companies, including LG Electronics and Mercedes-Benz USA.

As a result, the town has a high demand for housing, which drives up prices. Finally, Englewood Cliffs NJ has a reputation for being a safe and desirable place to live, making it one of the most sought-after communities in the country.


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5. Summit – Median Home Price: $1.1M

The median home price in this New Jersey town is an astronomical $1,130,247, making it one of the most expensive places to live in the state.

If you can afford it, Summit is a beautiful place to call home, with its Victorian architecture and tree-lined streets. But be prepared to fork over a hefty sum of money if you want to live here.

There are a number of factors that contribute to the high cost of living in Summit. The town is located in a desirable area, just a short train ride from New York City.

This proximity to the city means that there is a high demand for housing in Summit, which drives up prices. Many of the houses in Summit are large and luxurious, which also contributes to the high cost of living.

The school district in Summit is one of the best in the state, which makes it a popular place to buy a home for families with children.

6. Tenafly – Median Home Price: $968K

The borough, located just north of Fort Lee, is home to nearly 14,550 (2020) people and boasts a median home price of $968,573.

That’s well above the statewide median of $461,990, and it’s no wonder – Tenafly is known for its excellent public schools, safe neighborhoods, and easy access to New York City.

Why Tenafly so expensive? There are a number of factors at play. First of all, Tenafly is located just 39 min (20.5 mi) via I-95 S from New York City, making it a desirable place to live for commuters.

Tenafly is an affluent community with top-rated schools, which also makes it attractive to families. The town has a low crime rate and a high quality of life, making it a desirable place to live for people of all ages.

7. Westfield – Median Home Price: $956K

With a median home price of $956,723, this town is one of the most expensive places to live in New Jersey.

Situated just outside of New York City, Westfield offers its residents a suburban lifestyle with access to all the amenities and attractions of a big city.

The cost of living in Westfield is also quite high. However, residents of this town enjoy a high quality of life and excellent schools.

There are several factors that contribute to the high cost of living in Westfield. The town is located in Union County, which is one of the wealthiest counties in the country.

Westfield is a commuter town, meaning that many residents work in New York City and commute back and forth each day. This increases the demand for housing in the town, driving up prices.

Westfield is home to a number of prestigious schools, which also contributes to the high cost of living.


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8. Ridgewood – Median Home Price: $880K

Ridgewood is an affluent borough in Bergen County, New Jersey. The median home price in Ridgewood is $880,633, making it one of the most expensive places to live in New Jersey. Ridgewood is known for its tree-lined streets, excellent schools, and proximity to New York City.

Ridgewood is an expensive town in New Jersey, and there are several reasons for this. The town is located just a few miles from New York City, which makes it a desirable place to live for people who work in the city.

The cost of living in Ridgewood is also high because the town has excellent schools and a high standard of living. Ridgewood is a historic town with a lot of charm and character.

The school district is top-notch, and the town has a quaint, small-town feel. It’s safe, and there are plenty of things to do. All of these factors make Ridgewood an attractive place to live, and the demand for homes drives up prices.

9. Palisades Park – Median Home Price: $835K

The borough of Palisades Park in Bergen County is the most expensive place to live in New Jersey. The median home price there is $835,647, which is well above the statewide median of $461,990.

One reason for the high cost of housing in Palisades Park is its location. The borough is just across the Hudson River from New York City, and it is also close to other major metropolitan areas like Newark and Jersey City.

This makes Palisades Park a desirable place to live for people who work in or near those cities. Another factor that contributes to the high cost of housing in Palisades Park is the borough’s amenities.

Palisades Park has a thriving commercial district with many shops and restaurants. The borough also has several parks, including a large one on the Hudson River waterfront.

There are a number of factors that contribute to the high cost of living in Palisades Park. The town is located just outside of New York City, which is one of the most expensive metropolitan areas in the country.

Palisades Park is home to a number of upscale restaurants and shops, which drive up prices even further. The town has strict zoning laws that limit the supply of housing, making it difficult to find affordable apartments or homes.


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10. Princeton – Median Home Price: $818K

Princeton is one of the most expensive places to live in New Jersey. The median home price is $818,546, making it out of reach for many people.

However, those who can afford to live there enjoy its rural feel and close proximity to New York City. There are also many prestigious universities and colleges in Princeton, making it a great place to live for those who value education.

What makes Princeton so expensive? The town is located in one of the most affluent counties in the country. This means that property values are quite high, and many residents are able to afford to pay top dollar for housing.

Princeton is home to a number of prestigious colleges and universities, which drives up the cost of living even further. Many students and faculty members are willing to pay premium prices for goods and services in order to be close to their school or work.

Princeton is a relatively small town, which means that there is limited competition among businesses. This lack of competition often results in higher prices for goods and services.

11. Belmar – Median Home Price: $810K

Belmar is a town located in Monmouth County, New Jersey. The town has a population of approximately 5,613 (2020) people and a median home price of $810,134.

The town is considered to be a beach town and is a popular vacation spot for people living in the New York City area. The town is also known for its fishing and surfing, as well as its restaurants and nightlife.

The median home price is quite high, but the town has a lot to offer in terms of amenities and things to do. There are plenty of beach towns in New Jersey, but Belmar definitely stands out as one of the most expensive and exclusive.

Belmar is an expensive town for several reasons. It is a beach town, and beach towns are generally more expensive than other types of towns.

The town is a popular summer destination, and many people are willing to pay a premium to stay in a place like Belmar during the peak season.

Belmar has a lot to offer in terms of amenities and activities, and this also contributes to the higher cost of living in the town.

12. Ridgefield – Median Home Price: $786K

Belmar is one of the most expensive places to live in New Jersey. The median home price is $786,851. The town is known for its beaches and boardwalk. It also has a vibrant nightlife and a thriving arts scene.

The cost of living in Belmar is high, but residents enjoy a quality of life that is worth the price. The town has a lot to offer residents, from its beautiful beaches to its vibrant nightlife.

There are many factors that contribute to the high cost of living in Ridgefield. The town is located in Bergen County, which is one of the most affluent counties in the state.

Ridgefield is home to a large number of commuters who work in New York City. The town’s proximity to the city makes it a desirable location for those who can afford the higher rents and home prices.

The school district in Ridgefield NJ is highly rated, which makes it a desirable location for families with children.

Conclusion

New Jersey is a great place to live for many reasons. The state has a diverse economy with a strong focus on biotechnology, pharmaceuticals, and manufacturing.

New Jersey also has a highly educated workforce and is home to many prestigious colleges and universities. The state offers residents a high quality of life, with access to excellent schools, parks, and recreation facilities.

New Jersey is located within easy reach of the major metropolitan areas of New York City and Philadelphia.

As a result, residents of New Jersey have the best of both worlds: a suburban lifestyle with easy access to the excitement and opportunities of the big city.

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Hi, my name is Flavian Johnny, the founder of Most Expensively. I enjoy writing about luxury and expensive things because I believe that everyone deserves a chance to experience the best that life has to offer.

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