Upper Montclair, NJ

Very High · 242

New Jersey · Population 12,279 · Updated March 2026

$2,290
Median Rent / Month
$250,001
Median Income
$968,200
Median Home Value
$4,001
Owner Costs / Month

Affordability

How far your income goes in Upper Montclair

11.0%
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

$27,480
Annual Rent
$26,875
State Income Tax
$21,591
Property Tax (est.)

Cost of Living Overview

Upper Montclair has a significantly higher cost of living than most US cities, driven largely by premium housing costs. With a cost index of 242 (where 100 equals the national median), Upper Montclair residents can expect to pay median rent of $2,290/month while earning a median household income of $250,001/year.

The median home value in Upper Montclair, NJ is $968,200, with typical monthly owner costs around $4,001 including mortgage, insurance, and taxes. The median rent-to-income ratio of 11.0% 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 Upper Montclair.

Frequently Asked Questions

Common questions about living costs in Upper Montclair

What is the cost of living in Upper Montclair, NJ?
The cost of living index in Upper Montclair, NJ is 242 (US average = 100). Median monthly rent is $2,290, median household income is $250,001/year, and the median home value is $968,200.
Is Upper Montclair, NJ affordable?
No, Upper Montclair is more expensive than the national average with a cost index of 242. The rent-to-income ratio is 11.0%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Upper Montclair, NJ?
The median gross rent in Upper Montclair, NJ is $2,290 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $27,480.
What is the median household income in Upper Montclair?
The median household income in Upper Montclair, 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%.