Chester, NJ vs Silver Lake CDP (Essex County), NJ

Silver Lake CDP (Essex County) is moderately more affordable than Chester, with a 6.3% lower cost of living index. Chester scores 132 compared to 125 for Silver Lake CDP (Essex County), where the US average is 100. This difference means residents of Chester can expect to pay noticeably more for everyday expenses, housing, and services.

On the housing front, median rent in Chester is $1,337/month compared to $1,501/month in Silver Lake CDP (Essex County) — a 11% difference. Interestingly, home values tell a different story: while Chester has cheaper rent, Silver Lake CDP (Essex County) actually has lower median home values ($483,700 vs $640,400).

Median household income in Chester is $152,578 compared to $86,615 in Silver Lake CDP (Essex County) (+76.2%). While Chester is more expensive, its higher salaries more than compensate — residents there may actually end up with more disposable income. Looking at affordability, residents of Chester spend roughly 10.5% of their income on rent, less than the 20.8% in Silver Lake CDP (Essex County).