Elmwood Park, NJ

Very High · 143

New Jersey · Population 21,287 · Updated March 2026

$2,025
Median Rent / Month
$100,852
Median Income
$456,000
Median Home Value
$2,019
Owner Costs / Month

Affordability

How far your income goes in Elmwood Park

24.1%
Rent-to-Income Ratio
Affordable
Rent takes less than 25% of median income — considered affordable by HUD standards.

Tax Burden in New Jersey

State-level tax rates that affect your costs

10.75%
Income Tax (Top Rate)
6.625%
Sales Tax
2.23%
Property Tax Rate

Estimated Annual Costs

$24,300
Annual Rent
$10,842
State Income Tax
$10,169
Property Tax (est.)

Cost of Living Overview

Elmwood Park has a significantly higher cost of living than most US cities, driven largely by premium housing costs. With a cost index of 143 (where 100 equals the national median), Elmwood Park residents can expect to pay median rent of $2,025/month while earning a median household income of $100,852/year.

The median home value in Elmwood Park, NJ is $456,000, with typical monthly owner costs around $2,019 including mortgage, insurance, and taxes. The median rent-to-income ratio of 24.1% means housing is relatively affordable here — well below the 30% threshold that HUD considers cost-burdened.

New Jersey's top income tax rate of 10.75% is among the highest in the nation, adding to the overall cost burden. Combined with a 6.625% sales tax rate and 2.23% effective property tax rate, the overall tax environment is a factor in the total cost of living in Elmwood Park.

Frequently Asked Questions

Common questions about living costs in Elmwood Park

What is the cost of living in Elmwood Park, NJ?
The cost of living index in Elmwood Park, NJ is 143 (US average = 100). Median monthly rent is $2,025, median household income is $100,852/year, and the median home value is $456,000.
Is Elmwood Park, NJ affordable?
No, Elmwood Park is more expensive than the national average with a cost index of 143. The rent-to-income ratio is 24.1%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Elmwood Park, NJ?
The median gross rent in Elmwood Park, NJ is $2,025 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $24,300.
What is the median household income in Elmwood Park?
The median household income in Elmwood Park, NJ is $100,852 per year. This compares to the national median of approximately $80,000.
What are the taxes like in New Jersey?
New Jersey has a top income tax rate of 10.75%, a sales tax of 6.625%, and an effective property tax rate of 2.23%.