Hamilton Square, NJ vs Silver Lake CDP (Essex County), NJ

Hamilton Square, NJ and Silver Lake CDP (Essex County), NJ have a very similar cost of living, with only a 2.2% difference in their overall index. Hamilton Square scores 122 while Silver Lake CDP (Essex County) scores 125 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 Hamilton Square is $1,817/month compared to $1,501/month in Silver Lake CDP (Essex County) — a 21% difference. Interestingly, home values tell a different story: while Silver Lake CDP (Essex County) has cheaper rent, Hamilton Square actually has lower median home values ($376,900 vs $483,700).

Median household income in Hamilton Square is $135,694 compared to $86,615 in Silver Lake CDP (Essex County) (+56.7%). Hamilton Square offers a double advantage: higher earnings combined with a lower cost of living, giving residents significantly more purchasing power. Looking at affordability, residents of Hamilton Square spend roughly 16.1% of their income on rent, less than the 20.8% in Silver Lake CDP (Essex County).