Summit, NJ

Very High · 226

New Jersey · Population 22,512 · Updated March 2026

$2,308
Median Rent / Month
$199,107
Median Income
$969,900
Median Home Value
$3,034
Owner Costs / Month

Affordability

How far your income goes in Summit

13.9%
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

$27,696
Annual Rent
$21,404
State Income Tax
$21,629
Property Tax (est.)

Cost of Living Overview

Summit has a significantly higher cost of living than most US cities, driven largely by premium housing costs. With a cost index of 226 (where 100 equals the national median), Summit residents can expect to pay median rent of $2,308/month while earning a median household income of $199,107/year.

The median home value in Summit, NJ is $969,900, with typical monthly owner costs around $3,034 including mortgage, insurance, and taxes. The median rent-to-income ratio of 13.9% 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 Summit.

Frequently Asked Questions

Common questions about living costs in Summit

What is the cost of living in Summit, NJ?
The cost of living index in Summit, NJ is 226 (US average = 100). Median monthly rent is $2,308, median household income is $199,107/year, and the median home value is $969,900.
Is Summit, NJ affordable?
No, Summit is more expensive than the national average with a cost index of 226. The rent-to-income ratio is 13.9%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Summit, NJ?
The median gross rent in Summit, NJ is $2,308 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $27,696.
What is the median household income in Summit?
The median household income in Summit, NJ is $199,107 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%.