Hackensack, NJ vs Parsippany, NJ

Hackensack is moderately more affordable than Parsippany, with a 8.9% lower cost of living index. Hackensack scores 124 compared to 136 for Parsippany, where the US average is 100. This difference means residents of Parsippany can expect to pay noticeably more for everyday expenses, housing, and services.

On the housing front, median rent in Hackensack is $1,794/month compared to $1,732/month in Parsippany — a 4% difference. Interestingly, home values tell a different story: while Parsippany has cheaper rent, Hackensack actually has lower median home values ($370,300 vs $540,800).

Median household income in Hackensack is $82,212 compared to $102,152 in Parsippany (-19.5%). While Parsippany is more expensive, its higher salaries more than compensate — residents there may actually end up with more disposable income. Looking at affordability, residents of Hackensack spend roughly 26.2% of their income on rent, more than the 20.3% in Parsippany.