Cost of Living in Monmouth Beach

Monmouth Beach, is a small coastal borough in Monmouth County known for its quiet residential character and proximity to the Atlantic Ocean. The cost of living in Monmouth Beach is generally higher than the national average, reflecting its desirable location and the amenities it offers. Housing costs are a significant factor in the overall cost of living in this area.

Housing prices in Monmouth Beach can vary widely depending on proximity to the beach, the size of the property, and other factors. As of my knowledge cutoff in early 2023, the median home value in Monmouth Beach is significantly higher than the national median. For a 3-bedroom home, prices typically start around $700,000 and can go up to over $1 million, depending on the specific features and location of the property. A 4-bedroom home in Monmouth Beach can cost anywhere from $800,000 to well over $1.5 million. These prices are subject to change based on market conditions and the state of the real estate market.

Apartment rentals in Monmouth Beach also reflect the upscale nature of the community. A 1-bedroom apartment might rent for between $1,500 and $2,500 per month, while larger 2 or 3-bedroom apartments can range from $2,500 to $4,000 or more per month. Apartment purchases, on the other hand, can vary greatly, with luxury units and condos potentially costing several hundred thousand dollars to over a million.

When it comes to dining out, Monmouth Beach 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, not including drinks, tax, or tip.

Utilities, including electricity, heating, cooling, water, and garbage, for a standard apartment can range from $150 to $300 per month, depending on usage and the time of year. Internet services typically add another $60 to $100 to monthly expenses.

Private school tuition in Monmouth Beach and the surrounding areas can be quite costly. Preschool tuition can range from $10,000 to $20,000 per year. Elementary, middle, and high school tuitions can vary widely, with some private institutions charging between $20,000 and $40,000 per year. These costs can be even higher for prestigious schools or those offering specialized programs.