The 10 Most Expensive Places to Live in New Jersey

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Are you thinking about moving to New Jersey, but not sure where is the best spot? We’ve got your back! The Garden State has much to offer—with top-notch schools, scenic parks, and exciting attractions.

But when it comes to finding a home in this wonderful state, some towns may be more costly than others. In this blog post, we’ll take a journey through some of the most expensive places to live in New Jersey.

Whether you’re looking for luxury or just curious about pricy neighborhoods with all their perks, this guide will help you get started on your search for an upscale address.

Cost shouldn’t keep you from living somewhere amazing so read on, but first let’s see what makes these towns worth the hefty price tags!

Most Expensive Cities to Live in New Jersey

1. Avalon

Avalon, found on Long Beach Island, is considered one of the wealthiest places to live in New Jersey. Its median home price is a staggering $2.7M, but you’ll find beautiful beaches and luxurious houses here that make it very appealing.

The high demand for housing comes from its location near two major cities – New York City and Philadelphia – giving residents easy access to both metropolises.

Avalon’s popularity as a tourist destination also contributes to increased prices for lodging and amenities throughout the town. For families wanting an upscale beach community with plenty of attractions nearby, Avalon might just be worth the investment!

2. Stone Harbor

Stone Harbor, another upscale beach town, ranks among the most expensive places to live in New Jersey. With a median home price of $2.6M, it’s quite costly but offers many benefits for residents.

The town has fantastic beaches and a charming downtown area filled with boutique shops and restaurants that make it popular among families and retirees alike.

Stone Harbor enjoys high demand for housing due to its attractive location on seven miles of pristine shoreline coupled with an array of upscale businesses.

It is also known as a safe, family-oriented community with exceptional schools – which makes Stone Harbor more desirable despite its high property taxes averaging over $8,000 per year.

3. Union City

Union City has a median home price of $1.4M, making it one of New Jersey’s most expensive cities to live in. Just across the Hudson River from Manhattan, this city is ideal for those who work in NYC and prefer living close by.

Union City offers various parks and recreational facilities alongside numerous shops and restaurants ready for residents to explore. The convenience of being only 24 minutes away from NYC’s bustling environment contributes significantly to its high cost of living.

So while you’ll find that rental prices are steep for apartments (averaging over $2,000 per month), Union City remains an attractive option due to its proximity to the Big Apple and local amenities offered within town limits.

4. Englewood Cliffs

Englewood Cliffs, a borough in Bergen County, is known for its affluent residents and high housing costs. The median home price stands at $1.3M, ranking it among New Jersey’s priciest places to live.

Many executives and CEOs reside in this community, where the average household income is an impressive $158K. Englewood Cliffs provide excellent schools and numerous services for its residents, contributing to an elevated standard of living.

One reason behind these high prices is the town’s proximity to corporate headquarters like LG Electronics and Mercedes-Benz USA which increases demand for housing.

With breathtaking views of the Hudson River and Manhattan skyline, Englewood Cliffs remain highly sought after by well-to-do families searching for a safe & desirable place to call home.

5. Summit

Summit, a picturesque town near New York City, is one of the priciest places to live in New Jersey with a median home price of $1.1M.

Home to Victorian architecture and tree-lined streets, residents in Summit enjoy suburban living while being only a short train ride from the city’s attractions.

The high cost of living can be attributed to its location in Union County – one of America’s wealthiest counties – which influences housing demand and property values significantly.

This commuter town attracts many families drawn to its outstanding local school district making it an excellent place for raising children despite the hefty price tag associated with living here.

6. Tenafly

Tenafly, a borough in Bergen County, ranks as one of the most expensive places to live in New Jersey with a median home price of $968K.

The town is home to nearly 14,550 people and offers several perks for residents including top-rated schools and safe neighborhoods.

One reason behind Tenafly’s high housing cost is its proximity to New York City — just 39 minutes away — making it an attractive option for commuters who work in the city.

Moreover, this affluent community boasts low crime rates and numerous amenities that cater to families seeking both safety and quality education for their children.

With its strong sense of community and a prime location near NYC, Tenafly remains a highly desirable place for well-to-do families.

7. Westfield

Westfield, a town located just outside of New York City, has a median home price of $956K, making it one of the most expensive places to live in New Jersey.

This town provides its residents with a suburban lifestyle while granting easy access to city amenities and attractions. Despite its high cost of living, Westfield maintains excellent schools and a strong sense of community that attracts families.

Several factors contribute to Westfield’s costly real estate market: it’s situated in wealthy Union County; many commuters reside here for quick transit into NYC; and the prestigious school district is appealing for those with children.

With an emphasis on family life and top-notch education options, Westfield remains a popular choice for those who can afford its high-priced lifestyle.

8. Ridgewood

Ridgewood, an affluent borough in Bergen County, stands as one of the most expensive places to live in New Jersey with a median home price of $880K.

Known for its tree-lined streets and top-notch schools, Ridgewood’s proximity to New York City makes it even more attractive for families who value education and city accessibility.

This historic town combines charm and character with modern conveniences, including a variety of shopping and dining options that cater to diverse tastes.

One key factor driving up its cost of living is the town’s popularity among professionals working in NYC; these commuters willingly pay premium prices for housing close to their jobs while enjoying a high-quality lifestyle offered by Ridgewood’s suburban setting.

9. Palisades Park

Palisades Park, a borough in Bergen County, is among New Jersey’s most expensive places to live with a median home price of $835K.

Located just across the Hudson River from New York City, this town is perfect for people working nearby who want easy access to urban attractions while maintaining residence in a more peaceful setting.

Palisades Park offers several parks and recreation areas as well as an active commercial district packed with shops and restaurants that cater to diverse tastes.

Its desirable location near major metropolitan areas like Newark and Jersey City contributes to the high demand for housing, which drives up prices accordingly.

Although living costs may be steep, residents appreciate the range of amenities available within their small-town atmosphere.

10. Princeton

Princeton, a renowned town known for its prestigious universities and colleges, is among the most expensive places to live in New Jersey with a median home price of $818K.

Its rural atmosphere combined with its proximity to New York City makes it appealing to those who appreciate both nature and city access. The town’s location within one of the country’s wealthiest counties plays a significant role in driving up living costs.

Princeton attracts students and faculty from around the world willing to pay premium prices for housing and everyday services near their institutions.

In spite of its small size, Princeton offers diverse dining options, historic architecture, and events that make it an attractive option for those who can afford the high cost of living associated with this esteemed locale.

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