Red Bank, NJ

Very High · 145

New Jersey · Population 12,864 · Updated March 2026

$1,985
Median Rent / Month
$101,738
Median Income
$477,000
Median Home Value
$2,018
Owner Costs / Month

Affordability

How far your income goes in Red Bank

23.4%
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

$23,820
Annual Rent
$10,937
State Income Tax
$10,637
Property Tax (est.)

Cost of Living Overview

Red Bank has a significantly higher cost of living than most US cities, driven largely by premium housing costs. With a cost index of 145 (where 100 equals the national median), Red Bank residents can expect to pay median rent of $1,985/month while earning a median household income of $101,738/year.

The median home value in Red Bank, NJ is $477,000, with typical monthly owner costs around $2,018 including mortgage, insurance, and taxes. The median rent-to-income ratio of 23.4% 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 Red Bank.

Frequently Asked Questions

Common questions about living costs in Red Bank

What is the cost of living in Red Bank, NJ?
The cost of living index in Red Bank, NJ is 145 (US average = 100). Median monthly rent is $1,985, median household income is $101,738/year, and the median home value is $477,000.
Is Red Bank, NJ affordable?
No, Red Bank is more expensive than the national average with a cost index of 145. The rent-to-income ratio is 23.4%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Red Bank, NJ?
The median gross rent in Red Bank, NJ is $1,985 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $23,820.
What is the median household income in Red Bank?
The median household income in Red Bank, NJ is $101,738 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%.