salaryRent here is among the highest 10% in the country. Household incomes are higher than in 97% of U.S. cities. A typical house costs about 4.8 years of household income. Commutes are long, about 33.5 minutes each way. It is a highly educated city: 72.5% of adults have a college degree.
How much money do I need?
To rent here comfortably, you should earn about $111,160 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 222 of 291 cities from cheapest to most expensive.
How much do households earn in Summit?
Share of households by yearly income. 62.3% of households earn $100,000 or more.
Rent by apartment size in Summit
| Size | Summit | U.S. average |
|---|---|---|
| 1 bedroom | $1,929 | $1,324 |
| 2 bedrooms | $2,822 | $1,509 |
| 3 bedrooms | $3,317 | $1,698 |
| 4 bedrooms | $3,500+ | $2,098 |
Median monthly rent plus utilities for all renters, by number of bedrooms.
How expensive is Summit 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 Summit, so the New Jersey figure is shown.
Taxes and bills in Summit
Life in Summit
Is it cheaper to rent or buy in Summit?
Renting is cheaper right now: about $4,121 a month less.
Owning assumes a typical $994,500 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $99,450 for the down payment.
Frequently asked questions
What is the average rent in Summit, NJ?
Renting in Summit costs a median of about $2,779 a month in 2026, including utilities. The New Jersey median is $2,240.
How much do I need to make to live in Summit?
To keep rent under 30% of income, you need about $111,160 a year, or $53 an hour at a full-time job.
Is Summit cheap or expensive?
Summit is rated Cheap: rent takes 16.2% of the typical household income of $205,243. It ranks 222nd cheapest of 291 New Jersey cities we track.
How much are property taxes in Summit?
The median homeowner in Summit pays $10,000+ a year in property taxes, about 1.01% of the median home value.
Is Summit 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 Summit?
The median home value in Summit is $994,500, about 4.8 times the typical yearly household income.
22,705 people live in Summit. Numbers are typical (middle) values.