Cost of Living in Summit, NJ
Cost indexes, living wages, and fair market rents — 2024 Data
Cost of Living Overview
Overall Index
285.1
100 = national avg
+185.1 vs national average
Living Wage (1 Adult)
$125,461
per year
Living Wage (Family of 4)
$296,544
per year
Cost Index by Category
Housing359.0
Food200.0
Transportation304.4
Healthcare181.7
Utilities200.0
100 = national average. Higher = more expensive.
Fair Market Rent
Source: HUD1 Bedroom
$1,822
per month
2 Bedroom
$2,205
per month
The overall cost of living index in Summit is 285.1, which is 185.1% above the national average. Housing costs are above the national average at an index of 359.0. A single adult needs to earn approximately $125,461 per year to cover basic expenses.