What is the Real Cost of Living in Ridgewood, NJ?

What is the Real Cost of Living in Ridgewood, NJ?

Ridgewood, New Jersey, offers quaint, small-town vibes and is a stone’s throw away from lively New York City, making it a lovely location for Manhattan commuters and people who want to get away from the city without completely isolating themselves from the fun. This locale is beloved by residents, and has even been recognized as one of the most desirable towns nationwide.

In Ridgewood, you’ll find stately, historic homes, a buzzing town square, and popular shops like Bookends Bookstore or the Bow Tie Cinema. Though you’re probably already sold on living here, let’s explore the cost of living in Ridgewood to give you a better idea of what you’ll pay when living in this thriving community.

The purchase price of a Ridgewood home

In May 2023, the median sale price of a single-family home in Bergen County (where Ridgewood is located) reached a year-to-date price of $650,000, a 1.6% increase from the previous year. Townhomes and condos increased by 5.1%, with a median sales price of $420,500. According to the latest data, the median property value of a home in Ridgewood is $1.184 million. Homes in the U.S. have a median sales price of $436,800, so living in Bergen County and Ridgewood specifically is more expensive than the average U.S. city or town. Ridgewood is only 40 minutes from New York City, so home values tend to reflect this proximity.

Bergen County has some of the highest property values in New Jersey. The average New Jersey home has a median sales price of $401,000 as of March 2023, a 2.4% decrease from 2022. Home values in Ridgewood are faring much better than the average home in New Jersey, so choosing to settle down in a town like this will allow you to make an investment that has a history of performing well value-wise.

Cost of utilities

In Ridgewood, you’ll find utilities for a 3,660-square-foot home to be around $700 to $1,000 per month. This includes costs of things like electricity, heating, cooling, water, garbage, and internet, with electricity costs being higher in the summer. Condos and townhomes around 915 square feet can expect to pay about $250 to $300 monthly for utilities. Phone plans vary depending on your data needs, but for a family of four, expect your monthly bill to range anywhere from $200 to $400.

For Bergen County as a whole, utilities are only about $80 cheaper per month. Compared to the average United States home, utilities are about $150 cheaper. In Ridgewood, you’ll find a great home for an amazing value close to the city while paying around 12% less than New York City residents for your monthly housing bills.

Ridgewood area food cost

For a single person in Ridgewood, your monthly food costs are about $659 and can reach over $1,600 for a family of four. This includes basic staples like meat, veggies, bread, milk, and beverages. This is over $200 more expensive than the average cost of groceries per person throughout the country ($405.03), yet slightly less expensive than groceries in New York City ($701).

You’ll likely want to explore the restaurant scene in Ridgewood, especially after a long day of attending to your responsibilities. At a mid-range restaurant in Ridgewood, an average meal for two would be about $110, which is 21.5% less expensive than dining out in New York City. For upscale restaurants in Ridgewood like Park West Tavern or Latour, expect to pay a little over $215 for a three-course meal with cocktails.

Transportation cost

Residents in Ridgewood usually get around by car, especially when commuting to work. Thus, 55.8% of commuters drive, while 18.1% take NJ Transit. Purchasing the average new vehicle in Ridgewood would set you back around $26,000, and current gas prices are about $2.99 per gallon. In comparison, gas prices in New York City are about $0.60 to $0.70 higher, so if you’re commuting to your Manhattan job, consider filling up your tank at home.

The price of public transit depends on route, age, and whether you are a student. Bus and train fare is around $2 to $5, and residents have the option of buying weekly or monthly passes. You’ll likely pay around $55 for public transportation in Ridgewood and around seven times more than that in monthly costs for transportation in New York City. This is because it is much more efficient to use public transportation in New York City, whereas when living in Ridgewood, it would make much more sense to use a vehicle to get from place to place.

Median Ridgewood household income and economy overview

Residents in Ridgewood have a median annual household income of $178,958. Those in Ridgewood who work in New York City will find living in Bergen County a much more affordable option. Housing costs in New York City are 223% higher than in Bergen County, so keeping your work and home life in separate areas will be much gentler on your finances.

When compared to places close to Ridgewood, like Paramus, property values and income are much higher. The average household income in Paramus is $130,273, which is $48,685 lower than the income in Ridgewood. According to 2020 census data, the median property value of a home in Paramus is $614,900 and growing, which shows that Bergen County as a whole has a large array of highly valuable estates. There is no better time than now to secure a home in beautiful Ridgewood, NJ.

Find your peace in Ridgewood

Finding amazing luxury homes for sale in Ridgewood is easy, but finding the right home for you can be stressful when done alone. Sometimes, what you really need is a helping hand from a group of real estate experts with their finger on the pulse of the New Jersey housing market.

The Fox & Stokes team is not only passionate about Ridgewood real estate – they’re passionate about excellence. Ranking in the top 1% of agents in the state and earning multiple prestigious awards, Fox & Stokes will help you settle into a Ridgewood home that makes every day feel like a weekend at a five-star retreat. Reach out to the Fox & Stokes team today to see for yourself how working with the right real estate agent can change your life.

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