Cost of Living in Paramus
Summary: If you are thinking about moving to Paramus, here is an overview of the cost of living there.
Paramus, is a suburban town located in Bergen County, known for its shopping malls and proximity to New York City. The cost of living in Paramus is generally higher than the national average, reflecting the overall high cost of living in the New York metropolitan area. Housing costs in Paramus are a significant factor in the overall cost of living. As of my knowledge cutoff in early 2023, the median home value for a 3-bedroom home in Paramus can range from approximately $550,000 to $700,000, while a 4-bedroom home can range from around $650,000 to well over $1 million, depending on the location, size, and condition of the property.
Apartment rentals in Paramus can also be quite expensive. For a 1-bedroom apartment, monthly rent can range from $1,800 to $2,500, while a 2-bedroom apartment can cost between $2,200 and $3,000 per month. Apartment purchases vary widely based on the size and amenities of the complex, but you can expect to pay several hundred thousand dollars for a condo or townhouse in a desirable location.
When it comes to dining out, Paramus 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 can set you back $50 to $75 per person, excluding drinks and gratuity. Fast food and takeout options are also readily available, with prices comparable to the national average.
Utilities in Paramus, including electricity, heating, cooling, water, and garbage, can cost around $150 to $300 per month for a standard household, depending on usage and the time of year. Internet and cable services can add an additional $60 to $120 per month to the utility bill.
Private school tuition in Paramus varies depending on the institution and the level of education. Preschool tuition can range from $10,000 to $20,000 per year. Elementary and middle schools can cost between $10,000 and $30,000 per year, while private high schools can range from $15,000 to over $40,000 annually. These costs can be even higher for prestigious institutions or those offering specialized programs.
| Item | Cost |
|---|---|
| 3-Bedroom Home Purchase | $550,000 - $700,000 |
| 4-Bedroom Home Purchase | $650,000 - $1,000,000+ |
| 1-Bedroom Apartment Rent | $1,800 - $2,500/month |
| 2-Bedroom Apartment Rent | $2,200 - $3,000/month |
| Apartment Purchase | Varies (Several hundred thousand dollars) |
| Inexpensive Restaurant Meal | $15 - $25/person |
| Mid-Range Restaurant Meal | $50 - $75/person |
| Utilities (Monthly) | $150 - $300 |
| Internet and Cable (Monthly) | $60 - $120 |
| Private Preschool Tuition (Yearly) | $10,000 - $20,000 |
| Private Elementary/Middle School Tuition (Yearly) | $10,000 - $30,000 |
| Private High School Tuition (Yearly) | $15,000 - $40,000+ |
About the Author
Betsy Burlingame is one of the founders of BlueBurbia and the Founder and President of Expat Exchange. She launched Expat Exchange in 1997 as her Master's thesis project at NYU. Prior to Expat Exchange and BlueBurbia, Betsy worked at AT&T in International
and Mass Market Marketing. She graduated from Ohio Wesleyan University
with a BA in International Business and German.
Some of Betsy's articles include 12 Best Places to Live in Portugal, 7 Best Places to Live in Panama and 12 Things to Know Before Moving to the Dominican Republic. Betsy loves to travel and spend time with her family. Connect with Betsy on LinkedIn.
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