Florham Park, NJ

Very High · 216

New Jersey · Population 13,134 · Updated March 2026

$3,009
Median Rent / Month
$147,714
Median Income
$722,700
Median Home Value
$2,867
Owner Costs / Month

Affordability

How far your income goes in Florham Park

24.4%
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

$36,108
Annual Rent
$15,879
State Income Tax
$16,116
Property Tax (est.)

Cost of Living Overview

Florham Park has a significantly higher cost of living than most US cities, driven largely by premium housing costs. With a cost index of 216 (where 100 equals the national median), Florham Park residents can expect to pay median rent of $3,009/month while earning a median household income of $147,714/year.

The median home value in Florham Park, NJ is $722,700, with typical monthly owner costs around $2,867 including mortgage, insurance, and taxes. The median rent-to-income ratio of 24.4% 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 Florham Park.

Frequently Asked Questions

Common questions about living costs in Florham Park

What is the cost of living in Florham Park, NJ?
The cost of living index in Florham Park, NJ is 216 (US average = 100). Median monthly rent is $3,009, median household income is $147,714/year, and the median home value is $722,700.
Is Florham Park, NJ affordable?
No, Florham Park is more expensive than the national average with a cost index of 216. The rent-to-income ratio is 24.4%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Florham Park, NJ?
The median gross rent in Florham Park, NJ is $3,009 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $36,108.
What is the median household income in Florham Park?
The median household income in Florham Park, NJ is $147,714 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%.