Housing costs in Elk?
A typical home costs
$381,000, which is 12.7% more expensive than the national average of
$338,100 and 11.8% less expensive than the average New Jersey home, at
$432,100. Renting a two-bedroom unit in Elk costs
$1,790 per month, which is 25.2% more than the national average of
$1,430 and 4.5% more than the state average of
$1,710.
Can I afford Elk?
To live comfortably in Elk, New Jersey, a minimum annual income of
$73,080 for a family, and
$59,600 for a single person is recommended.
What does A.I. say about Elk?
The cost of living in Elk, NJ is relatively high compared to the national average. In fact, the cost of living index for Elk, NJ is 126.5 which is 26.5% higher than the U.S. average of 100. Housing prices are high with a median home value of $430,000, and groceries are an additional expense as they are 6% higher than the national average. Utilities such as electricity and natural gas are slightly lower than the U.S. average at 98%. Overall, while Elk, NJ may be a desirable place to live due to its amenities and location close to New York City, residents should be prepared for the above-average costs associated with living in this area.