Cost of Living in Cape May
Summary: If you are thinking about moving to Cape May, here is an overview of the cost of living there.
Cape May, known for its picturesque beaches and historic charm, is a popular tourist destination that also serves as a quaint residential community. The cost of living in Cape May can be relatively high compared to national averages, largely due to its desirability as a coastal town and its proximity to major cities like Philadelphia and New York. Housing prices in Cape May reflect the town's popularity and scenic location. As of my knowledge cutoff in early 2023, the median home price in Cape May for a 3-bedroom home can range from $500,000 to $700,000, while a 4-bedroom home can cost anywhere from $600,000 to over $1 million, depending on the exact location, condition, and amenities of the property.
Apartment rentals in Cape May vary widely based on proximity to the beach and the size of the unit. A 1-bedroom apartment can rent for anywhere between $1,200 to $1,800 per month, while larger 2 or 3-bedroom apartments can go for $1,800 to $3,000 per month or more during peak season. Apartment purchases are less common, as the market is more oriented towards single-family homes and vacation rentals, but condos and apartments that are available for purchase can range from $300,000 to $600,000 or more, depending on the location and amenities.
Dining out in Cape May can be a delightful experience, with a variety of restaurants ranging from casual eateries to upscale dining. A meal at an inexpensive restaurant might cost around $15 to $25 per person, while a three-course meal at a mid-range restaurant can set you back $50 to $70 per person, not including drinks, tax, or tip. Utilities for a standard 85m² apartment in Cape May, including electricity, heating, cooling, water, and garbage, can average between $150 and $250 per month, depending on usage and the time of year.
Private school tuition in Cape May can be a significant expense for families. Preschool (or kindergarten) can range from $800 to $1,200 per month. Elementary schools can cost between $5,000 and $10,000 per year, while middle and high schools can range from $10,000 to $25,000 per year, depending on the institution's reputation and the programs it offers.
| Item | Cost |
|---|---|
| 3-Bedroom Home Purchase | $500,000 - $700,000 |
| 4-Bedroom Home Purchase | $600,000 - $1,000,000+ |
| 1-Bedroom Apartment Rental | $1,200 - $1,800/month |
| 2-3 Bedroom Apartment Rental | $1,800 - $3,000/month |
| Apartment Purchase | $300,000 - $600,000+ |
| Inexpensive Restaurant Meal | $15 - $25/person |
| Mid-Range Restaurant 3-Course Meal | $50 - $70/person |
| Monthly Utilities (85m² Apartment) | $150 - $250 |
| Private Preschool Tuition | $800 - $1,200/month |
| Private Elementary School Tuition | $5,000 - $10,000/year |
| Private Middle School Tuition | $10,000 - $25,000/year |
| Private High School Tuition | $10,000 - $25,000/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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