Study finds New York City and New Jersey suburbs cost about the same to live in, with livability gaps

A new analysis of the cost of living in the tri-state area shows that annual expenses in New York City are not far from those in the top New Jersey suburbs, even as residents weigh the amenities and prestige of big-city life.

The study by GOBankingRates compared New York City to three New Jersey suburbs identified by AreaVibes as highly livable: Fort Lee, Ridgewood and Highland Park. It found NYC's annual cost of living at $91,414, while Fort Lee's is $92,279. Fort Lee's livability score is 88 out of 100, higher than the Big Apple’s 75. Ridgewood and Highland Park also posted livability scores of 88.

Ridgewood’s annual cost of living is $106,916, driven largely by housing costs. The Bergen County town sits about 20 miles northwest of Midtown Manhattan and is known for high-performing public schools and ample green space. Highland Park, by contrast, has a much lower annual cost of living at $67,129, yet it maintains a strong livability profile, aided by walkability, access to Rutgers University and easy access to a range of amenities including top doctors.

AreaVibes’ livability scores are based on factors such as crime rates, school rankings, access to healthcare and public transit. In this comparison, the New Jersey suburbs all share an 88/100 livability score, while New York City sits at 75/100. The clustering of high scores for Fort Lee, Ridgewood and Highland Park underscores how suburbs can offer strong quality-of-life credentials even when housing costs are uneven.

The report notes the three New Jersey suburbs outranked several pricey urban or suburban rivals in the tri-state region. They beat out high-end Westchester neighborhoods such as Bronxville and Scarsdale, as well as Connecticut towns like Greenwich, Westport and Darien, on livability provided by the AreaVibes metrics. That juxtaposition—that suburbs can be both highly livable and Pareto-competitive on overall cost—illustrates the variability of the region’s economics.

Ridgewood’s higher price tag reflects housing markets in Bergen County and the broader New York metro area, where real estate remains among the most expensive in the nation. Highland Park’s lower bill is shaped by smaller housing units and more modest real estate values, even as it sustains a walkable layout and proximity to major amenities. The contrast within a relatively short geographic span shows that suburban life can be affordable or costly depending on neighborhood-level housing markets, even as livability scores rise across the board.

The broader takeaway from the data is nuance: while many New Yorkers cling to urban life, travel-time realities, school quality, crime, healthcare access and transit options remain central to decision-making. For households weighing budget against lifestyle, these numbers suggest options that can deliver desirable quality of life without a uniform suburban price tag. The study reinforces that cost-of-living comparisons in the region are not a simple city-versus-suburb tally; different pockets of the metro deliver distinct trade-offs that may tilt decisions in favor of one path or another.