Ramsey, NJ

Very High · 182

New Jersey · Population 14,722 · Updated March 2026

$2,009
Median Rent / Month
$164,767
Median Income
$665,700
Median Home Value
$2,935
Owner Costs / Month

Affordability

How far your income goes in Ramsey

14.6%
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

$24,108
Annual Rent
$17,712
State Income Tax
$14,845
Property Tax (est.)

Cost of Living Overview

Ramsey has a significantly higher cost of living than most US cities, driven largely by premium housing costs. With a cost index of 182 (where 100 equals the national median), Ramsey residents can expect to pay median rent of $2,009/month while earning a median household income of $164,767/year.

The median home value in Ramsey, NJ is $665,700, with typical monthly owner costs around $2,935 including mortgage, insurance, and taxes. The median rent-to-income ratio of 14.6% 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 Ramsey.

Frequently Asked Questions

Common questions about living costs in Ramsey

What is the cost of living in Ramsey, NJ?
The cost of living index in Ramsey, NJ is 182 (US average = 100). Median monthly rent is $2,009, median household income is $164,767/year, and the median home value is $665,700.
Is Ramsey, NJ affordable?
No, Ramsey is more expensive than the national average with a cost index of 182. The rent-to-income ratio is 14.6%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Ramsey, NJ?
The median gross rent in Ramsey, NJ is $2,009 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $24,108.
What is the median household income in Ramsey?
The median household income in Ramsey, NJ is $164,767 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%.