Located in the state of New Jersey, Summit is a medium-sized city with a population of 21,895 inhabitants. With a population density of 3,653 people per square mile, Summit is well above the nation's average density level. At 80%, the majority of the Summit population is White; this is followed by 9% Asian and 4% Black. If you are looking for a family friendly city, Summit might be a good fit as 90% of the population over 15 years old are married, and 40% have kids who are 18 years old or younger.
Whether you’re relocating to a new town to be closer to family, friends or for a new job, living in Summit could be a positive experience compared to other cities in New Jersey if you know where to look. To help you find the best places to live in and around Summit, AreaVibes has created a livability score using key metrics like cost of living, education, employment and more.
The livability score in Summit is 78 out of 100 and the city is ranked in the 91st percentile of all cities across America. Based on this score, Summit would be considered a very livable city! Summit is also ranked in the top 10 percentile of all cities across the USA. If we dig a little deeper into each category within the livability score, we see that Summit has higher than average grades for the following: amenities (A+), crime (A+), education (A+) and employment (A+). There are some categories that Summit ranks poorly for, including: cost of living (F) and housing (D-). It might be worth taking a closer look to figure out why.
Conveniently located amenities and interesting attractions are a great way to continuously enjoy Summit on a regular basis. Knowing that there are an abundance of amenities and things to do can ensure that you always have access to nearby grocery stores, restaurants and coffee shops.
Feeling a sense of safety in the area that you live in is a must for most people. Low crime rates can have a positive impact on things like home prices, home appreciation rates and the overall sense of community. Summit has a violent crime rate of 36 crimes per 100,000 residents which is far lower than the national average.
Knowing that the Summit schools rank highly for test scores plays an important factor in deciding if this area is the right place to live. The average school test scores are 70%, which is far higher than the national average.
Assuming that Summit meets all of your requirements, the next most important item to examine is the affordability of real estate in Summit. Everything else becomes a lot less important if it turns out that home prices in Summit are simply unattainable. The median home price for Summit homes is $822,000, which is 159.8% higher than the New Jersey average. If we take a closer look at the affordability of homes in Summit, we’ll see that the home price to income ratio is 6, which is 39.5% higher than the New Jersey average. For most people, purchasing a new home is the biggest investment they will make in their lifetime. Taking a look at overall real estate appreciation rates in Summit will offer some insight into determining if your home purchase will be a solid investment for years to come. In Summit, the year-over-year appreciation rates were -3.5%, and the 5 year appreciation rates came in at 5.6%.