States › New Jersey › Packanack Lake

Is Packanack Lake, NJ expensive to live in?

CheapRent takes 18 cents of every $1 people earn here.
🏠 Rent per month (2026)$3,500+100% higher than U.S. average
💵 Families earn per year (2026)$229,832about $19,153/month · 164% higher than U.S. average
🔑 House price$601,00081% higher than U.S. average

Rent here is among the highest 10% in the country. Household incomes are higher than in 98% of U.S. cities. A typical house costs under 3 years of household income, which is easy by U.S. standards. Most homes (96.1%) are owned, so rentals can be hard to find. It is a highly educated city: 63.6% of adults have a college degree.

How much money do I need?

To rent here comfortably, you should earn about $140,040 a year. That is $67 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 279 of 291 cities from cheapest to most expensive.

Packanack Lake
$3,500+
Prospect Park
$1,935
Morris Plains
$3,389
Yardville
$1,833
Roseland
$3,638
Carlstadt
$1,815
Belle Mead
$2,899

How much do households earn in Packanack Lake?

Under $25k
1.5%
$25k–50k
2.9%
$50k–100k
22.8%
$100k–150k
20.9%
$150k+
53.3%

Share of households by yearly income. 74.2% of households earn $100,000 or more.

How expensive is Packanack Lake overall?

Everyday prices in New Jersey overall are 9% above the U.S. average (index 108.8, U.S. = 100).

Housing
134
Goods (food, clothes…)
107
Utilities
114
Other services
104
U.S. average
100

Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024. City-level data is not published for Packanack Lake, so the New Jersey figure is shown.

Taxes and bills in Packanack Lake

🏛️ Property tax$10,000+a year · 1.66% of home value · U.S. $3,119
⚡ Electric bill$242a month (typical) · U.S. $156

Life in Packanack Lake

Commute to work27.8 minU.S.: 26.4 min
College degree63.6%U.S.: 35.7%
Own their home96.1%U.S.: 65.2%
Below poverty line1.6%U.S.: 12.5%
Unemployment3.5%U.S.: 5.2%

Is it cheaper to rent or buy in Packanack Lake?

Renting is cheaper right now: about $669 a month less.

Renting
$3,500+
Owning
$4,170

Owning assumes a typical $601,000 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $60,100 for the down payment.

Frequently asked questions

What is the average rent in Packanack Lake, NJ?

Renting in Packanack Lake costs a median of about $3,500+ a month in 2026, including utilities. The New Jersey median is $2,240.

How much do I need to make to live in Packanack Lake?

To keep rent under 30% of income, you need about $140,040 a year, or $67 an hour at a full-time job.

Is Packanack Lake cheap or expensive?

Packanack Lake is rated Cheap: rent takes 18.3% of the typical household income of $229,832. It ranks 279th cheapest of 291 New Jersey cities we track.

How much are property taxes in Packanack Lake?

The median homeowner in Packanack Lake pays $10,000+ a year in property taxes, about 1.66% of the median home value.

Is Packanack Lake 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 Packanack Lake?

The median home value in Packanack Lake is $601,000, about 2.6 times the typical yearly household income.

6,321 people live in Packanack Lake. Numbers are typical (middle) values.