Cost of Living in Paramus, NJ
Housing
The housing market plays a significant role in determining the cost of living in Paramus, NJ.
- Housing Index: 135.0 / 100
- Median Home Price is: $570,000
- Average Rent (2 BR Apartment): $2700 per month
- Average Rent (2 BR House): $2750 per month
When considering a move to Paramus, NJ, the housing market looks moderately priced with a housing index of 135.0. A median home price of 570000 indicates a potentially competitive market, appealing for those looking at property investment. Renting options stand at an average of 2700 for a 2-bedroom apartment and 2750 for a 2-bedroom house. This suggests that, while renting may be a feasible option, home ownership might offer long-term financial benefits. Weighing these factors alongside your budget and lifestyle preferences is essential before finalizing your decision.
Utilities
The cost of utilities such as electricity, natural gas, and other services can significantly impact the overall cost of living in Paramus, NJ.
- Electricity Price: $19.88 USD (median by state)
- Natural Gas Price: $14.01 USD per Thousand Cubic Feet (median by state)
- Other Utilities (water, garbage, etc.): $250 per month
Living in Paramus, NJ could entail higher utility costs. Electricity costs sit at $19.88, while natural gas is priced at $14.01 per Thousand Cubic Feet — both aligning with state medians. Expect to budget about $250 monthly for other services like water and garbage. These utility expenses are vital considerations as they directly influence monthly living costs. Comparing these rates to other cities may help ascertain if Paramus is a financially viable option for your relocation.