| Index | Summit | New Jersey | National |
| Cost of living | 189 | 125 | 100 |
| Groceries | 108 | 108 | 100 |
| Health care | 111 | 112 | 100 |
| Housing | 373 | 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 |
The cost of living in Summit affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Summit is 189, which is 89% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.
If you're in pursuit of an economical living environment, Summit may not fit the bill, as it ranks among the most expensive places to reside in the United States. Just a minority of regions exhibit a cost of living that is more than 20% higher than the national average, and, unfortunately, Summit falls within this bracket.
Housing costs significantly influence the Summit cost of living index, typically accounting for a substantial portion of one's post-tax income. Regrettably, within this particular region, expenses related to both residential ownership and renting exceeded those observed in an average city by 273.3%. This entails elements such as housing and rental prices, mortgage interest rates and insurance costs.
Is Summit an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Summit is 345.8% higher than the national average, while the average monthly rent prices are 104.3% higher than average. The affordability of any location can also be influenced by median income levels. Summit has a median household income of $214,063, which is 163.2% higher than the national average.
Groceries: The costs associated with groceries have witnessed substantial increases over the past 2-3 years. In select markets, food prices have escalated by more than 20% during this timeframe, whereas others have seen more restrained upticks. The variances in food expenses can exert a considerable influence on the overall cost of living in a given locale. In Summit, the groceries index is 7.9% higher than the national average.
Utilities: Similar to the prices of any goods or services, utility expenses can fluctuate widely, contingent on variables such as climate, available energy sources, geographical location and state regulations. Costs associated with electricity, water, heating, and waste disposal can differ in magnitude, depending on the specific city or state. In Summit, the utilities index registers at 9.3% higher than the national average.
Taxes: Regions that impose higher taxes, including sales and income taxes, can contribute to an increased cost of living. Higher taxes for everyday necessities such as clothing, utilities and food inevitably leads to higher expenditures. Additionally, a higher income tax rate can also play a role in elevating the overall cost of living. In Summit, the prevailing sales tax rate starts at 6.625%, and income tax rates kick off at 1.4%.
The Summit cost of living estimates above use a normalized U.S. average of 100 as the baseline for comparison. Housing values incorporate local home price and rental information from the U.S. Census, while all other estimates are AI-assisted and modeled using expected everyday expenses, local market trends, climate, and transportation-related cost pressures. The results are intended for practical city-to-city comparisons.
| 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 | $288,819 | $24,068 | $6,739 | $8,665 |
| Renters | $116,328 | $9,694 | $2,714 | $3,490 |
| 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. |
| Zarephath, NJ | 98 | 113 | 12.8% |
| Victory Gardens, NJ | 1,654 | 108 | 7.7% |
| East Orange, NJ | 66,655 | 115 | 15.1% |
| Roselle, NJ | 22,321 | 116 | 15.7% |
| Silver Lake CDP (Warren County), NJ | 326 | 117 | 17.3% |
| Summit, NJ | 22,539 | 189 | 88.8% |
| City | Population | Cost of Living Index | National Avg. |
| Hazel Dell, WA | 22,532 | 125 | 24.7% |
| Linda, CA | 22,530 | 119 | 18.8% |
| Brent, FL | 22,529 | 91 | 9.1% |
| Alliance, OH | 22,517 | 83 | 16.6% |
| Bloomington, CA | 22,506 | 130 | 29.9% |
| Summit, NJ | 22,539 | 189 | 88.8% |
Here are the best places to live in New Jersey
Check out the 10 safest cities in New Jersey
Most Dangerous Cities In The US
Most Dangerous States In The US