Cost of Living in Far Hills

Far Hills, is a small, affluent borough in Somerset County, known for its picturesque landscapes, sprawling estates, and a high standard of living. The cost of living in Far Hills is significantly higher than the national average, reflecting the area's exclusivity and desirability among those seeking a quiet, upscale community with easy access to New York City.

Housing prices in Far Hills are among the highest in the state, with 3 and 4 bedroom homes often reflecting this premium. As of my knowledge cutoff in 2023, the median home value in Far Hills exceeds $1 million, with many homes selling for much higher, depending on the property's size, condition, and location. A 3-bedroom home can range from $700,000 to well over $1 million, while 4-bedroom homes can start at around $1 million and can go up to several million dollars for larger, more luxurious properties or those with significant acreage.

Apartment rentals in Far Hills are not as common as home ownership due to the community's emphasis on single-family homes. However, for those available, a luxury 1-2 bedroom apartment can cost anywhere from $2,500 to $4,000 per month or more, depending on the amenities offered. Apartment purchases are also on the higher end, with prices varying widely based on the size and luxury of the unit, but it's not uncommon for prices to be in the range of $500,000 and up for a well-appointed apartment or condo.

Dining out in Far Hills can cater to a range of tastes and budgets, but given the area's affluence, there are several upscale dining options where a meal for two can easily cost $100 or more, excluding drinks and gratuities. Casual dining and takeout options are also available, with meals typically ranging from $15 to $30 per person.

Utilities, including electricity, heating, cooling, water, and garbage services, can cost around $250 to $500 per month for a standard family home, though this can vary based on usage and the size of the property. Internet and cable services can add an additional $100 to $200 to monthly expenses.

Private school tuition in Far Hills is another significant expense for families. Preschool costs can range from $10,000 to $20,000 per year. Elementary and middle schools can cost between $20,000 and $40,000 per year, while high school tuition can be even higher, sometimes exceeding $40,000 annually. These costs reflect the prestigious nature of the private institutions in and around Far Hills, many of which boast small class sizes, excellent facilities, and high college matriculation rates.