Fort Lee, NJ vs Preakness, NJ

Fort Lee, NJ and Preakness, NJ have a very similar cost of living, with only a 3.7% difference in their overall index. Fort Lee scores 142 while Preakness scores 148 on the cost of living index, where 100 represents the national average. The day-to-day expenses for residents in both cities are comparable, though differences emerge when looking at specific categories.

On the housing front, median rent in Fort Lee is $2,255/month compared to $1,946/month in Preakness — a 16% difference. Interestingly, home values tell a different story: while Preakness has cheaper rent, Fort Lee actually has lower median home values ($422,200 vs $603,200).

Median household income in Fort Lee is $105,535 compared to $133,168 in Preakness (-20.8%). While Preakness is more expensive, its higher salaries more than compensate — residents there may actually end up with more disposable income. Looking at affordability, residents of Fort Lee spend roughly 25.6% of their income on rent, more than the 17.5% in Preakness.