Cost of Living in Parsippany, NJ
Population 21,345 · Census ACS 2020–2024 5-year estimates
The median rent in Parsippany, NJ is $1,742/month, about the same as the New Jersey median and 23% higher than the U.S. median. The median home value is $555,400, 67% higher than the national median. Households earn a median of $99,405 a year, 4% lower than the state median.
Affordability
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Parsippany vs. New Jersey vs. U.S.
| Parsippany | New Jersey | U.S. | |
|---|---|---|---|
| Median rent | $1,742 | $1,720 | $1,413 |
| Median home value | $555,400 | $454,400 | $332,700 |
| Median household income | $99,405 | $103,556 | $80,734 |
| Homeownership rate | 48.4% | 63.8% | 65.2% |
| Bachelor's degree or higher | 59.8% | 43.6% | 35.7% |
| Poverty rate | 6.7% | 9.7% | 12.5% |
| Unemployment rate | 6.2% | 6.3% | 5.2% |
| Work from home | 19.7% | 16.8% | 15.1% |
| Median age | 42.2 | 40.1 | 38.9 |
FAQ
What is the average rent in Parsippany, NJ?
The median gross rent in Parsippany, NJ is $1,742 per month (ACS 2020–2024 5-year estimate).
How much do I need to earn to live in Parsippany, NJ?
Using the common 30% rule, renting a median-priced home takes about $69,680 a year in gross income.
Is Parsippany, NJ expensive to live in?
Rent there is 23% higher than the U.S. median, and the median home costs about 5.6 times the median household income.
Other cities in New Jersey
Cities with a similar cost of living
Source: U.S. Census Bureau, American Community Survey 5-year estimates. Estimates have margins of error, especially for smaller places. This product uses the Census Bureau Data API but is not endorsed or certified by the Census Bureau.
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