salaryRent is higher than in 80% of U.S. cities. Household incomes are higher than in 96% of U.S. cities. A typical house costs about 3.7 years of household income. Commutes are long, about 30.9 minutes each way. Most homes (79.2%) are owned, so rentals can be hard to find. It is a highly educated city: 60.6% of adults have a college degree.
How much money do I need?
To rent here comfortably, you should earn about $92,440 a year. That is $44 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 160 of 291 cities from cheapest to most expensive.
How much do households earn in Norwood?
Share of households by yearly income. 63.6% of households earn $100,000 or more.
Rent by apartment size in Norwood
| Size | Norwood | U.S. average |
|---|---|---|
| 1 bedroom | $1,814 | $1,324 |
| 2 bedrooms | $1,910 | $1,509 |
| 3 bedrooms | $3,500+ | $1,698 |
Median monthly rent plus utilities for all renters, by number of bedrooms.
How expensive is Norwood 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 Norwood, so the New Jersey figure is shown.
Taxes and bills in Norwood
Life in Norwood
Is it cheaper to rent or buy in Norwood?
Renting is cheaper right now: about $2,609 a month less.
Owning assumes a typical $709,100 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $70,910 for the down payment.
Frequently asked questions
What is the average rent in Norwood, NJ?
Renting in Norwood costs a median of about $2,311 a month in 2026, including utilities. The New Jersey median is $2,240.
How much do I need to make to live in Norwood?
To keep rent under 30% of income, you need about $92,440 a year, or $44 an hour at a full-time job.
Is Norwood cheap or expensive?
Norwood is rated Cheap: rent takes 14.4% of the typical household income of $192,308. It ranks 160th cheapest of 291 New Jersey cities we track.
How much are property taxes in Norwood?
The median homeowner in Norwood pays $10,000+ a year in property taxes, about 1.41% of the median home value.
Is Norwood 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 Norwood?
The median home value in Norwood is $709,100, about 3.7 times the typical yearly household income.
5,724 people live in Norwood. Numbers are typical (middle) values.