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These days, finding an affordable place to live in the Summit area can be challenging. Home prices in Summit are now at a median cost of $1,123,068, higher than the New Jersey average of $496,577.
The average cost of rent is $2,480/mo in Summit, primarily driven by the current value of real estate in the Summit area. In Summit, 31.42% of households rent, and 33.19% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Summit is $15,545 per month. Households that rent pay about 15.95% of their income on rent here. Summit’s most expensive areas are in the northern regions, while the cheapest areas are in the eastern parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- Chatham, NJ: equally priced homes
- New Providence, NJ: less expensive homes
- Springfield, NJ: less expensive homes
- Short Hills, NJ: higher priced homes
- Mountainside, NJ: less expensive homes
- Millburn, NJ: less expensive homes
- Madison, NJ: less expensive homes
- Green Village, NJ: equally priced homes
- Vauxhall, NJ: less expensive homes
- Florham Park, NJ: less expensive homes
Cities with Similar Populations
- Westbrook, ME: less expensive homes
- Brent, FL: less expensive homes
- Brownwood, TX: less expensive homes
- Caledonia, MI: less expensive homes
- Canandaigua, NY: less expensive homes
- Carencro, LA: less expensive homes
- Carney, MD: less expensive homes
- Catano, PR: less expensive homes
- Cimarron Hills, CO: less expensive homes
- Vincennes, IN: less expensive homes
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