Cost of Living in Parsippany

Parsippany, is a suburban town located in Morris County and is known for its family-friendly atmosphere and proximity to New York City. The cost of living in Parsippany is generally higher than the national average, reflecting the overall cost of living in the Northeastern United States, particularly in areas within commuting distance of New York City. Housing costs in Parsippany can vary widely depending on the neighborhood, the size of the home, and its condition.

As of my knowledge cutoff in early 2023, the median home value in Parsippany for a 3-bedroom home is roughly between $400,000 and $500,000, while a 4-bedroom home may range from $500,000 to $600,000 or more, depending on the location and amenities. Apartment rentals for a 1-bedroom can start around $1,500 to $2,000 per month, with 2-bedroom apartments ranging from $2,000 to $2,500 or more. Purchasing an apartment or a condo can vary significantly, but prices can start from the mid-$200,000s and go up to $400,000 or more for units with more space or luxury features.

Dining out in Parsippany offers a variety of options, from casual eateries to upscale restaurants. A meal at an inexpensive restaurant might cost around $15 to $20 per person, while a three-course meal at a mid-range restaurant could be around $50 to $70 per person. 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 Parsippany can be quite expensive, with preschool costs ranging from $10,000 to $20,000 per year. Tuition for private elementary schools can vary widely but expect to pay anywhere from $10,000 to $25,000 annually. Middle schools and high schools can be even more costly, with tuition ranging from $15,000 to $30,000 or more per year. These costs can be influenced by the school's reputation, facilities, and the educational programs offered.