Cost of Living in New Providence
Summary: If you are thinking about moving to New Providence, here is an overview of the cost of living there.
New Providence, is a borough in Union County and is known for its high quality of life, good schools, and a strong sense of community. The cost of living in New Providence is generally higher than the national average, reflecting the overall cost of living in the Northeastern United States, particularly in the New York metropolitan area. Housing costs are a significant factor in the overall cost of living in New Providence. The price for a 3-bedroom home in New Providence can vary widely depending on the location, age, and condition of the property, but buyers should expect to pay anywhere from $500,000 to $700,000 for a typical 3-bedroom home. Larger 4-bedroom homes can command prices from $700,000 to over $1 million, with some properties exceeding this range, especially for new construction or homes with premium features and larger lots.
Apartment rentals in New Providence also reflect the desirability of the area. A 1-bedroom apartment might start around $1,500 per month, while a 2-bedroom unit can range from $2,000 to $2,500 or more per month. For those interested in purchasing an apartment or a condo, prices can vary significantly based on size, location, and amenities, but a ballpark figure would be between $300,000 and $500,000 for a 2-bedroom unit.
When it comes to dining out, New Providence offers a variety of restaurants ranging from casual eateries to more upscale dining experiences. A typical meal at a mid-range restaurant for two could cost between $50 and $70, excluding drinks and gratuity. Fast food and takeout options are also available, with prices in line with national chains.
Utilities, including electricity, heating, cooling, water, and garbage, can cost around $200 to $300 per month for a standard family home, though this can fluctuate based on usage and the time of year. Internet and cable services can add an additional $100 to $150 per month.
Private school tuition in New Providence varies depending on the institution and the level of education. For preschool, tuition can range from $10,000 to $20,000 per year. Elementary and middle schools can cost between $15,000 and $30,000 per year, while private high schools can range from $20,000 to over $40,000 annually. These costs can be higher for schools with specialized programs or prestigious reputations.
| Item | Cost |
|---|---|
| 3-bedroom home purchase | $500,000 - $700,000 |
| 4-bedroom home purchase | $700,000 - $1,000,000+ |
| 1-bedroom apartment rental | $1,500+ per month |
| 2-bedroom apartment rental | $2,000 - $2,500+ per month |
| 2-bedroom apartment purchase | $300,000 - $500,000 |
| Mid-range restaurant meal for two | $50 - $70 |
| Utilities (monthly for a family home) | $200 - $300 |
| Internet and cable (monthly) | $100 - $150 |
| Private preschool tuition (annual) | $10,000 - $20,000 |
| Private elementary/middle school tuition (annual) | $15,000 - $30,000 |
| Private high school tuition (annual) | $20,000 - $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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