Cost of Living in Tenafly

Tenafly, is a borough in Bergen County, known for its high quality of life, excellent schools, and proximity to New York City, which contributes to its relatively high cost of living. Housing prices in Tenafly are significantly higher than the national average. As of my knowledge cutoff in 2023, the median home value in Tenafly is well above $1 million. For a 3-bedroom home, prices typically range from $700,000 to over $1 million, depending on the location, size, and condition of the property. A 4-bedroom home often commands prices from $1 million to $2 million or more. These prices reflect the desirability of the area, the spaciousness of the homes, and the affluence of the community.

Apartment rentals in Tenafly are also on the higher end. A 1-bedroom apartment can cost anywhere from $1,800 to $2,500 per month, while a 2-bedroom apartment can range from $2,500 to $3,500 or more. Apartment purchases are less common, but condos and townhouses may be available, with prices typically starting at around $500,000 and going up to $1 million or more for luxury units. Dining out in Tenafly can vary, but a meal at a mid-range restaurant might cost between $50 and $70 for two people, while a dinner at a high-end restaurant can easily exceed $100 per person.

Utilities, including electricity, heating, cooling, water, and garbage services, can cost around $250 to $400 per month for a standard family home, depending on usage and the time of year. Tenafly is home to several private schools, and tuition can be a significant expense for families. Preschool tuition can range from $10,000 to $20,000 per year. Elementary and middle school tuition can vary widely, but on average, it might cost between $20,000 and $35,000 per year. High school tuition can be even higher, with some prestigious institutions charging $40,000 or more annually.