Cost of Living in Millburn

Millburn, is known for its high quality of life, excellent schools, and proximity to New York City, which makes it an attractive place for families and professionals. However, this desirability comes with a high cost of living, particularly in terms of housing and education. Housing prices in Millburn are significantly higher than the national average. As of my knowledge cutoff in early 2023, the median home value in Millburn for a 3-bedroom home can range from approximately $700,000 to over $1 million, depending on the location, size, and condition of the property. A 4-bedroom home typically commands higher prices, often between $900,000 and $1.5 million or more.

Apartment rentals also reflect the upscale nature of the community. A 1-bedroom apartment can cost anywhere from $1,800 to $2,500 per month, while larger 2 or 3-bedroom apartments can range from $2,500 to $4,000 or more per month. For those interested in purchasing an apartment or a condo, prices can vary widely based on size and location, but it's not uncommon for prices to start at around $500,000 and go up significantly from there.

When it comes to dining out, Millburn offers a variety of restaurants ranging from casual eateries to upscale dining experiences. A meal at an inexpensive restaurant might cost around $15 to $25 per person, while a three-course meal at a mid-range restaurant could be between $50 and $100 per person, excluding drinks and gratuity. Utilities, including electricity, heating, cooling, water, and garbage, for a standard 85m² apartment can cost around $150 to $250 per month, depending on usage and the time of year.

Private school tuition is another significant expense for families living in Millburn. Preschool costs can vary, but on average, you might expect to pay between $1,000 and $2,000 per month. Elementary and middle schools can cost between $20,000 and $40,000 per year, while private high schools can be even more expensive, with annual tuition fees ranging from $30,000 to $45,000 or more. These costs can be even higher for prestigious institutions or those offering specialized programs.