The 12 Most Expensive Places to Live in New Jersey, Ranked 2022

aerial of suburb near englewood new jersey usa picture
Image Credit: Getty Images

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.


Related: The 10 Most Expensive Places to Live in Washington State


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

If you’re looking to live in an upscale community with a high median home price, Avalon is the place for you.

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.

If you can afford it, Avalon is definitely worth considering as your next home.

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

If you’re looking for an upscale beach town to call home, look no further than Stone Harbor.

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.


Related: The 10 Most Expensive Places to Live in Texas


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.

If you are looking for an expensive place to live in New Jersey, Union City is definitely worth considering.

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.

If you’re looking for a place to live in New Jersey that is both expensive and exclusive, Englewood Cliffs are the place for you.


Related: Top 10 Most Expensive Cities in Florida


5. Summit – Median Home Price: $1.1M

If you’re looking for a place to live that will drain your bank account, Summit is the perfect spot.

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.

6. Tenafly – Median Home Price: $968K

If you’re looking for an upscale borough in New Jersey with a high median home price, look no further than Tenafly.

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.

If you’re looking to live in one of Garden State’s most expensive places, Tenafly should be at the top of your list.

7. Westfield – Median Home Price: $956K

If you are looking for an affluent community to reside in, Westfield would be a great option.

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.

In addition to its high home prices, the cost of living in Westfield is also quite high. However, residents of this town enjoy a high quality of life and excellent schools.


Related: The 13 Most Expensive Cities to Live in California


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.

If you’re looking for a safe, family-friendly community with a high quality of life, Ridgewood is an excellent choice.

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.

If you are looking for an expensive place to live in New Jersey, Palisades Park is definitely worth considering.


Related: Why is California so Expensive to Live in


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.

While the cost of living is high, Princeton is a beautiful place to call home.

If you are looking for an expensive place to live in New Jersey, Princeton is a great option.

However, those who can afford to live there enjoy its rural feel and close proximity to New York City.

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.

If you are looking for an expensive place to live in New Jersey, Belmar is definitely a town to consider.

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.

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.

If you are looking for an expensive place to live in New Jersey, Belmar is a great option.

The town has a lot to offer residents, from its beautiful beaches to its vibrant nightlife.

The cost of living is high, but the quality of life is worth the price.

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.

In addition, 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.

Leave a Comment