Ridgewood, NJ

Very High · 230

New Jersey · Population 26,076 · Updated March 2026

$2,340
Median Rent / Month
$217,250
Median Income
$882,700
Median Home Value
$3,760
Owner Costs / Month

Affordability

How far your income goes in Ridgewood

12.9%
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

$28,080
Annual Rent
$23,354
State Income Tax
$19,684
Property Tax (est.)

Cost of Living Overview

Ridgewood has a significantly higher cost of living than most US cities, driven largely by premium housing costs. With a cost index of 230 (where 100 equals the national median), Ridgewood residents can expect to pay median rent of $2,340/month while earning a median household income of $217,250/year.

The median home value in Ridgewood, NJ is $882,700, with typical monthly owner costs around $3,760 including mortgage, insurance, and taxes. The median rent-to-income ratio of 12.9% 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 Ridgewood.

Frequently Asked Questions

Common questions about living costs in Ridgewood

What is the cost of living in Ridgewood, NJ?
The cost of living index in Ridgewood, NJ is 230 (US average = 100). Median monthly rent is $2,340, median household income is $217,250/year, and the median home value is $882,700.
Is Ridgewood, NJ affordable?
No, Ridgewood is more expensive than the national average with a cost index of 230. The rent-to-income ratio is 12.9%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Ridgewood, NJ?
The median gross rent in Ridgewood, NJ is $2,340 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $28,080.
What is the median household income in Ridgewood?
The median household income in Ridgewood, NJ is $217,250 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%.