States › New Jersey › Palmyra

Is Palmyra, NJ expensive to live in?

OKRent takes 23 cents of every $1 people earn here.
🏠 Rent per month (2026)$1,8717% higher than U.S. average
💵 Families earn per year (2026)$96,606about $8,051/month · 11% higher than U.S. average
🔑 House price$234,80029% lower than U.S. average

Rent is higher than in 61% of U.S. cities. A typical house costs under 3 years of household income, which is easy by U.S. standards.

How much money do I need?

To rent here comfortably, you should earn about $74,840 a year. That is $36 an hour at a full-time job.

Is rent cheaper than other New Jersey cities?

Yes. Rent here is cheaper than in most of New Jersey. It is number 65 of 291 cities from cheapest to most expensive.

Palmyra
$1,871
Haddon Heights
$1,287
Berlin
$1,298
Washington
$1,420
Wharton
$1,898
Emerson
$2,082
Brigantine
$1,874

How much do households earn in Palmyra?

Under $25k
7.6%
$25k–50k
17.6%
$50k–100k
42.9%
$100k–150k
18.1%
$150k+
10.6%

Share of households by yearly income. 28.7% of households earn $100,000 or more.

Rent by apartment size in Palmyra

SizePalmyraU.S. average
1 bedroom$1,718$1,324
2 bedrooms$1,821$1,509
3 bedrooms$2,398$1,698
4 bedrooms$2,543$2,098

Median monthly rent plus utilities for all renters, by number of bedrooms.

How expensive is Palmyra 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 Palmyra, so the New Jersey figure is shown.

Taxes and bills in Palmyra

🏛️ Property tax$6,282a year · 2.68% of home value · U.S. $3,119
⚡ Electric bill$191a month (typical) · U.S. $156

Life in Palmyra

Commute to work24.7 minU.S.: 26.4 min
College degree32.4%U.S.: 35.7%
Own their home71.4%U.S.: 65.2%
Below poverty line10.2%U.S.: 12.5%
Unemployment6.5%U.S.: 5.2%

Is it cheaper to rent or buy in Palmyra?

Buying is cheaper month to month: about $242 a month less than renting.

Renting
$1,871
Owning
$1,629

Owning assumes a typical $234,800 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $23,480 for the down payment.

Frequently asked questions

What is the average rent in Palmyra, NJ?

Renting in Palmyra costs a median of about $1,871 a month in 2026, including utilities. The New Jersey median is $2,240.

How much do I need to make to live in Palmyra?

To keep rent under 30% of income, you need about $74,840 a year, or $36 an hour at a full-time job.

Is Palmyra cheap or expensive?

Palmyra is rated OK: rent takes 23.2% of the typical household income of $96,606. It ranks 65th cheapest of 291 New Jersey cities we track.

How much are property taxes in Palmyra?

The median homeowner in Palmyra pays $6,282 a year in property taxes, about 2.68% of the median home value.

Is Palmyra 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 Palmyra?

The median home value in Palmyra is $234,800, about 2.4 times the typical yearly household income.

7,485 people live in Palmyra. Numbers are typical (middle) values.