Zip 07961 (Morristown, NJ) Cost of Living


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Morristown cost of living score
136.6
More expensive
36.6% higher
than the US average
14.0% higher
than the New Jersey average
Morristown (zip 07961), New Jersey gets a BestPlaces Cost of Living score of 136.6, which means the total cost of housing, food, childcare, transportation, healthcare, taxes, and other necessities is 36.6% higher than the U.S. average and 14.0% lower than the average for New Jersey.

Zip 07961 (Morristown, NJ)

Housing costs in Morristown?
A typical home costs $606,400, which is 79.4% more expensive than the national average of $338,100 and 40.3% more expensive than the average New Jersey home, at $432,100. Renting a two-bedroom unit in Morristown costs $1,910 per month, which is 11.7% more than the national average of $1,710 and 13.6% cheaper than the state average of $2,170.

Can I afford Morristown?
To live comfortably in Morristown (zip 07961), New Jersey, a minimum annual income of $116,280 for a family, and $64,000 for a single person is recommended.

What does A.I. say about Morristown?
Morristown, NJ (07961) is an affluent area with a cost of living to match. The median home value is $538,800, significantly higher than the national average of $184,700. The median household income in Morristown is $93,534 compared to the national average of $55,322. In addition to high housing costs, other everyday expenses such as groceries and healthcare are also pricier than what you might find in other areas. All these factors contribute to a high cost of living which could be a challenge for those on a lower budget.
   Cost of living score
     CategoriesMorristownNew JerseyUnited States
  136.6119.8100.0
  106.6105.8100
  99.496.9100.0
  251.0136.4100.0
  $606,400$432,100$338,100
  105.5%109.2%100.0%
  137.9127.7100.0
  143.9112.5100.0

   100=National Average

   Average Rent by Bedroom Size
Crime