Cost of Living in Murray Hill

Murray Hill, is a neighborhood that offers a mix of suburban charm and proximity to urban amenities. The cost of living in this area is generally higher than the national average, reflecting the overall cost of living in the state of New Jersey and the greater New York City metropolitan area. Housing prices in Murray Hill can vary widely depending on the size, condition, and exact location of the property. As of my knowledge cutoff in early 2023, the average price for a 3-bedroom home in Murray Hill might range from $500,000 to $700,000, while a 4-bedroom home could cost anywhere from $600,000 to over $1 million, depending on the market conditions and specific neighborhood characteristics.

Apartment rentals in Murray Hill also reflect the higher cost of living. A 1-bedroom apartment might rent for between $1,500 and $2,500 per month, while a 2-bedroom apartment could cost between $2,000 and $3,500 per month. Apartment purchases vary greatly, but a 1-bedroom condo or co-op might start at around $300,000 and go up significantly from there, with larger units and those with more amenities commanding higher prices.

When it comes to dining out, Murray Hill offers a range of options from casual eateries to upscale restaurants. 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 priced between $50 and $75 per person, excluding drinks and gratuity. Utilities, including electricity, heating, cooling, water, and garbage, for a standard 85m² apartment, can range from $150 to $250 per month, depending on usage and the time of year.

Private school tuition in Murray Hill, as in other parts of New Jersey, can be quite expensive. Preschool (or kindergarten) can range from $10,000 to $20,000 per year. Elementary schools might charge between $15,000 and $30,000 per year, while middle schools and high schools can cost even more, with some tuitions exceeding $35,000 annually. These costs can vary widely depending on the institution's reputation, facilities, and the educational programs offered.