Real Estate

5 Most Expensive Places to Live in New Jersey

You may be surprised to learn that New Jersey has many affordable communities across the state especially if you are a property cash buyer. New Jersey is quite diverse in terms of both urban and rural areas, sporting a wide variety of settings that appeal to a broad range of homeowners.

However, there are at least five communities which are at the top of the list in terms of expense. Some of these communities are in proximity to New York City, but all of them sport the most expensive homes on average in the state. If you are looking for the five most expensive places to live in New Jersey, here are the ones that cost the most.

Asbury Park

A mid-size town of 16,000 residents, Asbury Park is in Monmouth County and is nestled along the shoreline. The median home value is listed at just over $346,000, mostly because of its location in the middle of the state and closeness to the Atlantic Ocean. Despite the expense, it is considerably lower compared to the communities in Bergen County which is near New York City.

Edgewater

Bergen County is the home to many of the most expensive communities in all of New Jersey with Edgewater being one of them. Located next to the Hudson River, Edgewater boasts a median home value of $563,000. This makes second on the list of the most expensive places to live in the state. The average median income is just over $107,000. No doubt its beautiful setting and closeness to New York City are contributing factors to how expensive it is to live in this community.

Englewood Cliffs

With just over 5,000 people, Englewood Cliffs is arguably the most expensive community in all of New Jersey. Located in one of the most northern counties in the state, Englewood Cliffs is in relative proximity to New York City and if looking to sell your property fast, it boasts a median home value of just over $1 million. This is the place for the wealthy to reside if they want to be near New York City, but do not want to live in New York itself.

Palisades Park

As with Englewood Cliffs, Palisades Park is also located in Bergen County which is one of the northernmost in the state. Boasting a population of 20,000, this community is a more affordable place to live compared to Englewood Cliffs. If you need to sell property quickly,  average median home value is just $525,000. The median income is also considerably less at just over $64,000. However, Palisades Park is still quite an expensive place to live.

Ridgefield

If Palisades Park is still too expensive for your tastes, but you want to live in Bergen County, then you might try Ridgefield. It also is next to New York City and has a population of just over 11,000. Its median home value is lower compared to Palisades Park at roughly $436,000. However, the median income of Ridgefield residents is slightly higher at $67,000.

These are the 5 most expensive places to live in New Jersey. For those who want the best in the state, these are the five places to be.

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