Cost of Living in Peapack-Gladstone

Peapack-Gladstone is a small borough in Somerset County, New Jersey, known for its affluent community and picturesque landscapes. The cost of living in Peapack-Gladstone is significantly higher than the national average, reflecting the upscale nature of this suburban enclave. Housing prices in Peapack-Gladstone vary widely, but they are generally steep due to the area's desirability, large lot sizes, and the luxurious nature of many homes. As of my knowledge cutoff in early 2023, the median home value in Peapack-Gladstone is well above the national average, with 3-bedroom homes typically starting around $600,000 and 4-bedroom homes often exceeding $800,000. Prices can go much higher for estates and properties with more land or amenities.

Apartment rentals in Peapack-Gladstone are also on the higher end. A 1-bedroom apartment might start at around $1,500 per month, while larger 2 or 3-bedroom apartments can easily reach $2,500 to $3,500 per month or more, depending on the location and quality of the unit. Apartment purchases are less common, as the area is predominantly composed of single-family homes, but condos and townhouses that do come on the market can range from $300,000 to $700,000 or more, depending on size and location.

When it comes to dining out, residents of Peapack-Gladstone can expect to pay a premium for high-quality food and service. A meal at a mid-range restaurant can cost between $15 to $30 per person, while a dinner for two at a higher-end establishment might start at $100 and go up from there, not including drinks, tax, and tip. Utilities, including electricity, heating, cooling, water, and garbage, can cost around $250 to $400 per month for a standard-sized home, though this can vary based on usage and the efficiency of the home.

Private school tuition in Peapack-Gladstone is another significant expense for families. Preschool programs can range from $10,000 to $20,000 per year, depending on the institution and the type of program. Elementary and middle schools can cost between $20,000 and $40,000 per year, while private high schools can be even more expensive, with some tuitions exceeding $40,000 annually. These costs reflect the high quality of education and facilities that these private institutions often provide.