Cost of living in Summit
Summit, NJ, is a vibrant city known for its suburban charm and proximity to New York City. Understanding the cost of living here is crucial for potential residents and those considering relocation.
This guide provides a detailed breakdown of expenses in Summit, covering everything from dining and groceries to housing and transportation.
Cost of Living Summary
Dining and Restaurants
- Inexpensive Restaurant Meal - A meal at a casual restaurant will typically cost $20 on average, with a range between $13 and $35.
- Mid-Range Restaurant (Three-Course Meal for Two) - For a more upscale dining experience, expect to pay around $80, with prices ranging from $50 to $140.
- Fast Food (e.g., McDonald's) - A McMeal or equivalent combo meal averages $10.5, with a range between $10 and $17.
- Beverages (e.g., Domestic Beer, Imported Beer, Cappuccino, Coke/Pepsi) - Domestic beer ranges from $4.5 to $10, imported beer $8 to $10, cappuccino $3 to $6, and Coke/Pepsi $1.99 to $3.
Grocery Prices
- Milk - Milk is priced between $0.82 and $1.31 per liter, averaging $1.24.
- Bread (Loaf of Fresh White Bread) - A loaf of fresh white bread costs between $2.19 and $8, with an average price of $4.04.
- Eggs (Dozen) - A dozen eggs range from $2.19 to $6.98, averaging $4.23.
- Fruits (e.g., Apples, Oranges) - Apples cost $2 to $11.02 per kg, while oranges range from $2 to $6.61 per kg.
- Vegetables (e.g., Potatoes, Lettuce) - Potatoes are priced between $1.07 and $4.41 per kg, and lettuce costs $1.07 to $4 per head.
Transportation
- Fuel (Gasoline) - Gasoline is priced between $0.82 and $1.03 per liter.
- Taxi Fares - Taxi fares start at $3, with a cost of $1.86 to $3 per km and $24 to $42 per hour of waiting.
Housing Costs
- 1-Bedroom Apartment Rent (City Centre) - Rent for a 1-bedroom apartment in the city centre ranges from $2000 to $3500, averaging $2750.
- 1-Bedroom Apartment Rent (Outside Centre) - Outside the centre, rent averages $2500.
- 3-Bedroom Apartment Rent (City Centre) - Rent for a 3-bedroom apartment in the city centre ranges from $4500 to $6500, averaging $5500.
- 3-Bedroom Apartment Rent (Outside Centre) - Outside the centre, rent averages $5000.
Utilities
- Basic Utilities (Electricity, Heating, Water, etc.) - Basic utilities for an 85m2 apartment cost between $85 and $300, averaging $180.
- Internet - Internet services range from $29 to $75, with an average cost of $57.33.
Cost of Living Rankings
The cost of living indices for the United States are compared to New York City (NYC), which serves as the baseline with an index of 100. These provide insights into the relative cost of living in different cities in United States, covering factors like consumer goods, rent, and purchasing power.
Cost of Living Data
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"Key Takeaways"
Summit, NJ, offers a suburban lifestyle with relatively high living costs, especially in housing and dining.
Potential residents should budget carefully for housing, as rental prices are significant, particularly in the city centre.
Dining out can be expensive, but there are options across various price ranges to suit different budgets.
Conclusion
Summit, NJ, presents a desirable living environment with its proximity to major urban centers and a suburban feel.
While the cost of living is on the higher side, particularly in housing and dining, the city offers a range of amenities and services that justify the expenses.
Prospective residents should weigh these costs against the benefits of living in such a well-connected and vibrant community.