Short Hills, NJ

Very High · 342

New Jersey · Population 14,398 · Updated March 2026

$3,259
Median Rent / Month
$250,001
Median Income
$1,621,200
Median Home Value
$4,001
Owner Costs / Month

Affordability

How far your income goes in Short Hills

15.6%
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

$39,108
Annual Rent
$26,875
State Income Tax
$36,153
Property Tax (est.)

Cost of Living Overview

Short Hills has a significantly higher cost of living than most US cities, driven largely by premium housing costs. With a cost index of 342 (where 100 equals the national median), Short Hills residents can expect to pay median rent of $3,259/month while earning a median household income of $250,001/year.

The median home value in Short Hills, NJ is $1,621,200, with typical monthly owner costs around $4,001 including mortgage, insurance, and taxes. The median rent-to-income ratio of 15.6% 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 Short Hills.

Frequently Asked Questions

Common questions about living costs in Short Hills

What is the cost of living in Short Hills, NJ?
The cost of living index in Short Hills, NJ is 342 (US average = 100). Median monthly rent is $3,259, median household income is $250,001/year, and the median home value is $1,621,200.
Is Short Hills, NJ affordable?
No, Short Hills is more expensive than the national average with a cost index of 342. The rent-to-income ratio is 15.6%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Short Hills, NJ?
The median gross rent in Short Hills, NJ is $3,259 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $39,108.
What is the median household income in Short Hills?
The median household income in Short Hills, NJ is $250,001 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%.