Cost of Living in Menlo Park Terrace, NJ

With a cost of living index of 127, Menlo Park Terrace, NJ is a notably expensive place to live. Living here is 27% more expensive than the national average and in line with the New Jersey state average. Menlo Park Terrace is a small community of 2,952 residents.

Housing costs are the biggest factor in Menlo Park Terrace's cost of living. The median monthly rent is $1,879 (42% above the US median of $1,319), and the median home value sits at $379,100 (24% above the national median of $304,900). At current prices, the median home costs roughly 3.4x the median household income — a moderately affordable ratio by today's standards.

The median household income in Menlo Park Terrace is $111,111, which is 48% higher than the national median of $75,149. Residents spend roughly 20% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum. While incomes are above average, they more than offset the higher cost of living.

Everyday prices in the New York-Newark-Jersey City, NY-NJ (Metropolitan Statistical Area) metro area tend to run above the national average. Out of 6 common grocery and utility items tracked by the Bureau of Labor Statistics, 6 are priced higher than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.