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These days, finding an affordable place to live in the Parsippany area can be challenging. Home prices in Parsippany are now at a median cost of $590,017, higher than the New Jersey average of $496,577.
The average cost of rent is $1,936/mo in Parsippany, primarily driven by the current value of real estate in the Parsippany area. In Parsippany, 47.70% of households rent, and 37.15% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Parsippany is $11,110 per month. Households that rent pay about 17.42% of their income on rent here. Parsippany’s most expensive areas are in the southeastern regions, while the cheapest areas are in the central parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- Lake Hiawatha, NJ: less expensive homes
- Mountain Lakes, NJ: higher priced homes
- Whippany, NJ: equally priced homes
- Boonton, NJ: equally priced homes
- Pine Brook, NJ: equally priced homes
- Cedar Knolls, NJ: higher priced homes
- Mount Tabor, NJ: less expensive homes
- Montville, NJ: higher priced homes
- Morris Plains, NJ: equally priced homes
- East Hanover, NJ: higher priced homes
Cities with Similar Populations
- Bonney Lake, WA: equally priced homes
- Bartow, FL: less expensive homes
- Batavia, OH: less expensive homes
- Mustang, OK: less expensive homes
- Mint Hill, NC: less expensive homes
- Oak Park, MI: less expensive homes
- Oak Ridge, FL: less expensive homes
- Okemos, MI: less expensive homes
- Pataskala, OH: less expensive homes
- Pewaukee, WI: less expensive homes
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