salaryRent is higher than in 69% of U.S. cities. A typical house costs about 5.2 years of household income. It is a highly educated city: 59.8% of adults have a college degree.
How much money do I need?
To rent here comfortably, you should earn about $79,760 a year. That is $38 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 94 of 291 cities from cheapest to most expensive.
How much do households earn in Parsippany?
Share of households by yearly income. 39.1% of households earn $100,000 or more.
Rent by apartment size in Parsippany
| Size | Parsippany | U.S. average |
|---|---|---|
| Studio | $1,465 | $1,338 |
| 1 bedroom | $1,801 | $1,324 |
| 2 bedrooms | $2,208 | $1,509 |
| 3 bedrooms | $2,357 | $1,698 |
| 4 bedrooms | $3,518 | $2,098 |
Median monthly rent plus utilities for all renters, by number of bedrooms.
How expensive is Parsippany 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 Parsippany, so the New Jersey figure is shown.
Taxes and bills in Parsippany
Life in Parsippany
Is it cheaper to rent or buy in Parsippany?
Renting is cheaper right now: about $1,860 a month less.
Owning assumes a typical $555,400 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $55,540 for the down payment.
Frequently asked questions
What is the average rent in Parsippany, NJ?
Renting in Parsippany costs a median of about $1,994 a month in 2026, including utilities. The New Jersey median is $2,240.
How much do I need to make to live in Parsippany?
To keep rent under 30% of income, you need about $79,760 a year, or $38 an hour at a full-time job.
Is Parsippany cheap or expensive?
Parsippany is rated OK: rent takes 22.3% of the typical household income of $107,208. It ranks 94th cheapest of 291 New Jersey cities we track.
How much are property taxes in Parsippany?
The median homeowner in Parsippany pays $10,000+ a year in property taxes, about 1.80% of the median home value.
Is Parsippany 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 Parsippany?
The median home value in Parsippany is $555,400, about 5.2 times the typical yearly household income.
21,345 people live in Parsippany. Numbers are typical (middle) values.