Cost of Living in Basking Ridge
Summary: If you are thinking about moving to Basking Ridge, here is an overview of the cost of living there.
Basking Ridge, is a picturesque and affluent community located within Bernards Township in Somerset County. Known for its high quality of life, excellent schools, and proximity to New York City, Basking Ridge is a desirable place to live, which is reflected in its cost of living. Housing prices in Basking Ridge are significantly higher than the national average. As of my knowledge cutoff in 2023, the median home value for a 3-bedroom home in Basking Ridge can range from approximately $500,000 to $700,000, while a 4-bedroom home can cost anywhere from $700,000 to over $1 million, depending on the location, size, and condition of the property.
Apartment rentals in Basking Ridge also tend to be on the higher side. A 1-bedroom apartment can cost around $1,800 to $2,500 per month, while a 2-bedroom apartment can range from $2,500 to $3,500 per month. For those interested in purchasing an apartment or a condo, prices can vary widely based on the size and amenities offered, but you can expect to pay anywhere from $300,000 to $600,000 or more for a 2-bedroom unit.
When it comes to dining out, Basking Ridge offers a variety of restaurants ranging from casual eateries to upscale dining experiences. A meal at an inexpensive restaurant can cost around $15 to $25 per person, while a three-course meal at a mid-range restaurant might set you back $50 to $80 per person, excluding drinks and gratuity. Utilities, including electricity, heating, cooling, water, and garbage, for a standard 85m² apartment can cost around $150 to $250 per month, depending on usage and the time of year.
Private school tuition in Basking Ridge can be quite costly, reflecting the area's affluence and demand for high-quality education. Preschool costs can range from $1,000 to $2,000 per month. Elementary and middle schools can charge anywhere from $10,000 to $30,000 per year, while private high schools can cost between $15,000 and $40,000 per year, depending on the institution's reputation and the level of education provided.
| Item | Cost |
|---|---|
| 3-Bedroom Home Purchase | $500,000 - $700,000 |
| 4-Bedroom Home Purchase | $700,000 - $1,000,000+ |
| 1-Bedroom Apartment Rental | $1,800 - $2,500/month |
| 2-Bedroom Apartment Rental | $2,500 - $3,500/month |
| 2-Bedroom Apartment Purchase | $300,000 - $600,000+ |
| Inexpensive Restaurant Meal | $15 - $25/person |
| Mid-Range Restaurant 3-Course Meal | $50 - $80/person |
| Monthly Utilities (85m² Apartment) | $150 - $250 |
| Private Preschool Tuition | $1,000 - $2,000/month |
| Private Elementary/Middle School Tuition | $10,000 - $30,000/year |
| Private High School Tuition | $15,000 - $40,000/year |
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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