Cost of Living in Silver Lake CDP (Essex County), NJ

With a cost of living index of 125, Silver Lake CDP (Essex County), NJ is a notably expensive place to live. Living here is 25% more expensive than the national average and 3% below the New Jersey state average of 128. Silver Lake CDP (Essex County) is a small community of 4,034 residents.

Housing costs are the biggest factor in Silver Lake CDP (Essex County)'s cost of living. The median monthly rent is $1,501 (14% above the US median of $1,319), and the median home value sits at $483,700 (59% above the national median of $304,900). At current prices, the median home costs roughly 5.6x the median household income — a stretch for many buyers, though not uncommon in today's market.

The median household income in Silver Lake CDP (Essex County) is $86,615, which is 15% higher than the national median of $75,149. Residents spend roughly 21% 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 do not fully 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.