salaryRent is higher than in 90% of U.S. cities. A typical house costs about 4.3 years of household income. Most households rent (63%), so there are plenty of rental options. It is a highly educated city: 58.1% of adults have a college degree.
How much money do I need?
To rent here comfortably, you should earn about $109,400 a year. That is $53 an hour at a full-time job.
Is rent cheaper than other New Jersey cities?
No. Rent here is more expensive than in most of New Jersey. It is number 218 of 291 cities from cheapest to most expensive.
How much do households earn in Morristown?
Share of households by yearly income. 49.1% of households earn $100,000 or more.
Rent by apartment size in Morristown
| Size | Morristown | U.S. average |
|---|---|---|
| Studio | $1,928 | $1,338 |
| 1 bedroom | $2,365 | $1,324 |
| 2 bedrooms | $2,879 | $1,509 |
| 3 bedrooms | $2,700 | $1,698 |
| 4 bedrooms | $3,477 | $2,098 |
Median monthly rent plus utilities for all renters, by number of bedrooms.
How expensive is Morristown overall?
Everyday prices in New Jersey overall are 9% above the U.S. average (index 108.8, U.S. = 100).
Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024. City-level data is not published for Morristown, so the New Jersey figure is shown.
Taxes and bills in Morristown
Life in Morristown
Is it cheaper to rent or buy in Morristown?
Renting is cheaper right now: about $1,203 a month less.
Owning assumes a typical $567,600 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $56,760 for the down payment.
Frequently asked questions
What is the average rent in Morristown, NJ?
Renting in Morristown costs a median of about $2,735 a month in 2026, including utilities. The New Jersey median is $2,240.
How much do I need to make to live in Morristown?
To keep rent under 30% of income, you need about $109,400 a year, or $53 an hour at a full-time job.
Is Morristown cheap or expensive?
Morristown is rated OK: rent takes 25.1% of the typical household income of $130,865. It ranks 218th cheapest of 291 New Jersey cities we track.
How much are property taxes in Morristown?
The median homeowner in Morristown pays $10,000+ a year in property taxes, about 1.76% of the median home value.
Is Morristown more expensive than the national average?
Overall prices in New Jersey are 9% above the U.S. average, according to the U.S. Bureau of Economic Analysis.
How much does a house cost in Morristown?
The median home value in Morristown is $567,600, about 4.3 times the typical yearly household income.
20,453 people live in Morristown. Numbers are typical (middle) values.