| Index | Morristown | New Jersey | National |
| Cost of living | 151 | 125 | 100 |
| Groceries | 108 | 108 | 100 |
| Health care | 111 | 112 | 100 |
| Housing | 247 | 157 | 100 |
| Transportation | 110 | 114 | 100 |
| Utilities | 109 | 111 | 100 |
| Lifestyle & Entertainment | 108 | 113 | 100 |
| Household Items | 106 | 107 | 100 |
| Education & Childcare | 118 | 120 | 100 |
Knowing the cost of living in Morristown allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Morristown stands at 151, marking it 51% higher than the national average.
If affordability is among your top priorities when searching for a new place to live, this area may not be the ideal fit, as the cost of living in Morristown is among the most expensive in the United States. Just a minority of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Morristown falls into this category, which may not align with your goal of finding a budget-friendly living environment.
Housing costs are a very significant part of the Morristown cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 146.9% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.
Is Morristown affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Morristown, for instance, where the median home price falls 166.4% higher than the national average, and monthly rent rates are 101.2% higher than usual. Additionally, median income levels contribute to the equation, with Morristown flaunting a median household income of $165,482, 103.5% higher than the national norm.
Utilities: Similar to the prices of any other goods or services, utility expenditures can exhibit substantial variability, influenced by factors such as climate, energy sources accessibility, geographical location and state regulations. Costs related to electricity, water, heating, and waste disposal can fluctuate, whether higher or lower, contingent on the city or state. In Morristown, the utilities index is 9.3% higher than the national average.
Subsidies: Certain cities or states may implement government subsidies or assistance programs with the goal of alleviating the cost of living pressures on their residents. These programs encompass a broad spectrum of support mechanisms, including Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farming subsidies. Areas offering fewer subsidies may experience a rise in their cost of living.
Urbanization: Larger, urban hubs brimming with ample amenities and robust employment opportunities often showcase a heightened cost of living. This surge is primarily attributed to the amplified demand for services and increased residential migration, culminating in elevated home prices and elevated rental rates. Conversely, less densely populated rural locales or regions characterized by reduced demand tend to offer a more limited array of amenities and undergo slower job market growth, ultimately yielding a more affordable cost of living.
The cost of living data for Morristown shown above is based on a U.S. average baseline score of 100, making it easier to compare how far your dollar may go from one city to another. Housing uses U.S. Census home price and rental data, while all remaining values are AI-assisted estimates informed by regional pricing, climate, transportation dynamics, and local economic factors. These scores are best used for directional comparisons between cities.
| Cost of living index | |
| Groceries index | |
| Health care index | |
| Housing index | |
| Transportation index | |
| Utilities index | |
| Lifestyle index | |
| Household index | |
| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $246,931 | $20,578 | $5,761 | $7,409 |
| Renters | $123,587 | $10,299 | $2,884 | $3,708 |
| State | General Sales Tax | With Max Surtax |
| New Jersey | 6.625% | 12.625% |
| State | Income Tax (Low) | Income Tax (High) |
| New Jersey | 1.4% | 10.75% |
| City | Population | Cost of Living Index | National Avg. |
| Victory Gardens, NJ | 1,654 | 108 | 7.7% |
| East Orange, NJ | 66,655 | 115 | 15.1% |
| Roselle, NJ | 22,321 | 116 | 15.7% |
| Netcong, NJ | 3,285 | 120 | 19.9% |
| Hopatcong, NJ | 14,711 | 123 | 22.7% |
| Morristown, NJ | 19,561 | 151 | 50.9% |
| City | Population | Cost of Living Index | National Avg. |
| Bellaire, TX | 19,553 | 186 | 86.0% |
| Nanuet, NY | 19,538 | 142 | 41.8% |
| Onalaska, WI | 19,535 | 102 | 2.3% |
| Sherrelwood, CO | 19,531 | 123 | 22.6% |
| Valle Vista, CA | 19,530 | 115 | 15.4% |
| Morristown, NJ | 19,561 | 151 | 50.9% |
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