Cost of Living in Fanwood
Summary: If you are thinking about moving to Fanwood, here is an overview of the cost of living there.
Fanwood, is a small, family-friendly borough located in Union County. The cost of living in Fanwood is generally higher than the national average, reflecting the overall cost of living in the state of New Jersey and the New York metropolitan area. Housing costs in Fanwood are a significant factor in the overall cost of living, with prices for homes being quite high compared to many other parts of the United States. As of my knowledge cutoff in early 2023, the median home value in Fanwood for a 3-bedroom home is approximately $550,000 to $650,000, while a 4-bedroom home may range from $650,000 to $750,000 or more, depending on the size, condition, and location within the borough.
Apartment rentals in Fanwood can also be costly. A 1-bedroom apartment typically rents for between $1,500 and $2,000 per month, while a 2-bedroom apartment can range from $2,000 to $2,500 or more per month. Apartment purchases, on the other hand, vary widely based on the size and amenities of the complex. A condo or townhouse might start at around $300,000 and can go up significantly from there.
When it comes to dining out, Fanwood offers a variety of restaurants ranging from casual eateries to more 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 $70 per person, excluding drinks and gratuity.
Utilities, including electricity, heating, cooling, water, and garbage, for a standard apartment can range from $150 to $250 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 Fanwood can be a substantial expense for families. Preschool costs can vary, with some programs starting at around $1,000 per month. Elementary and middle schools can range from $10,000 to $20,000 per year, while private high schools can be even more expensive, with some costing upwards of $30,000 to $40,000 per year. These prices are highly dependent on the institution and the specific programs they offer.
| Item | Cost |
|---|---|
| 3-bedroom home (purchase) | $550,000 - $650,000 |
| 4-bedroom home (purchase) | $650,000 - $750,000+ |
| 1-bedroom apartment (rent) | $1,500 - $2,000/month |
| 2-bedroom apartment (rent) | $2,000 - $2,500/month |
| Apartment (purchase) | Starts at $300,000+ |
| Inexpensive restaurant meal | $15 - $25/person |
| Mid-range restaurant (3-course) | $50 - $70/person |
| Utilities (monthly) | $150 - $250 |
| Internet (monthly) | $60 - $100 |
| Private preschool (annual) | Starts at $12,000 |
| Private elementary/middle school (annual) | $10,000 - $20,000 |
| Private high school (annual) | $30,000 - $40,000 |
About the Author
Joshua Wood, LPC is one of the Founders of BlueBurbia and serves as Co-President of Expat Exchange. Prior to Expat Exchange and BlueBurbia, Joshua worked for NBC Cable (MSNBC and CNBC
Primetime). Joshua has a BA from Syracuse and a Master's in Clinical and Counseling Psychology from Fairleigh Dickinson University. Mr. Wood is also a licensed counselor and psychotherapist.
Some of Joshua's articles include Pros and Cons of Living in Portugal, 10 Best Places to Live in Ireland and Pros and Cons of Living in Uruguay. Connect with Joshua on LinkedIn.
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