Living in Parsippany, New Jersey
Cost of living, income, home prices, rent and demographics of Parsippany · Census data 2020–2024
Parsippany has 21,345 residents with a median age of 42.2. The median household income is $99,405 (4% lower than the New Jersey median), the median home value is $555,400, the median rent is $1,742/month.
Parsippany at a glance
- Population
- 21,345
- Median age
- 42.2State: 40.1
- Median household income
- $99,405State: $103,556
- Median home value
- $555,400State: $454,400
- Median rent
- $1,742/moState: $1,720
- Homeowners
- 48.4%
- Bachelor's degree or higher
- 59.8%
- Average commute
- 28 min
Is Parsippany a good place to live?
Pros: An average commute of 28 minutes; unemployment of 6.2%; a poverty rate of 6.7%.
Cons: Median household income 4% lower than the New Jersey median; home values 22% higher than the state median.
The weather is best in May–June and August–September.
Cost of living in Parsippany
Housing is the biggest part of the cost of living. In Parsippany the median home value is $555,400, 67% higher than the U.S. median. Renters pay a median of $1,742 per month, which is 26.7% of household income. Homeowners with a mortgage pay $3,145 a month in housing costs.
Parsippany median household income
The median household income in Parsippany is $99,405 and the income per person is $57,518. 6.7% of residents live below the poverty line (New Jersey: 9.7%).
Housing in Parsippany: homes for sale and rent
- Housing units
- 9,400
- Owner-occupied
- 48.4%
- Renter-occupied
- 51.6%
- Vacant
- 3.2%Includes seasonal homes
- Median year built
- 1968
- Average household size
- 2.34
Parsippany demographics
- Population
- 21,345
- Median age
- 42.2
- Under 18
- 16.6%
- 65 and older
- 21.4%
- Households
- 9,095
- Foreign-born
- 44.7%
- Veterans
- 2.8%Adults 18+
Hispanic or Latino can be of any race. Population history of Parsippany ›
Education in Parsippany
59.8% of adults 25 and older in Parsippany have a bachelor's degree or higher (New Jersey: 43.6%), and 25.5% have a graduate or professional degree.
Jobs and commute in Parsippany
- Unemployment rate
- 6.2%State: 6.3%
- Average commute
- 28 minState: 31 min
- Work from home
- 19.7%
- Drive alone
- 66.1%
- Public transit
- 3.3%
- Walk to work
- 0.6%
- Homes with broadband
- 93.4%
Parsippany vs nearby towns
| Town | Population | Median income | Home value | Rent |
|---|---|---|---|---|
| Parsippany | 21,345 | $99,405 | $555,400 | $1,742 |
| Parsippany-Troy Hills | 56,397 | $112,327 | $536,200 | $1,736 |
| Troy Hills | 5,179 | $183,707 | $650,500 | $3,108 |
| Lake Hiawatha | 11,018 | $104,663 | $428,600 | $1,550 |
| Mountain Lakes | 4,585 | $250,001 | $917,000 | $3,501 |
| Rainbow Lakes | 1,375 | $93,051 | $481,800 | $2,022 |
| Whippany | 8,970 | $151,420 | $615,400 | $2,556 |
| Boonton | 8,854 | $114,302 | $495,400 | $1,849 |
| Hanover | 14,769 | $156,956 | $629,600 | $2,813 |
More for people moving to Parsippany
Parsippany ZIP code ›Weather and climate ›Living in Parsippany: FAQ
What is the median household income in Parsippany, NJ?
The median household income in Parsippany is $99,405, 4% lower than the New Jersey median of $103,556 (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
What is the average home price in Parsippany?
The median home value in Parsippany is $555,400, compared with $454,400 in New Jersey.
How much is rent in Parsippany?
The median gross rent in Parsippany is $1,742 per month, about 26.7% of household income.
Is Parsippany, NJ a good place to live?
Pluses: an average commute of 28 minutes; unemployment of 6.2%; a poverty rate of 6.7%. Minuses: median household income 4% lower than the New Jersey median; home values 22% higher than the state median.
What is the median age in Parsippany?
The median age in Parsippany is 42.2 years (New Jersey: 40.1).
How long is the commute in Parsippany?
The average commute to work in Parsippany is 28 minutes; 19.7% of workers work from home.
What is the unemployment rate in Parsippany?
The unemployment rate in Parsippany is 6.2% (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
How educated is Parsippany?
59.8% of adults in Parsippany have a bachelor's degree or higher.
Source: U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024 (margins of error apply, especially in small towns). Figures are in 2024 dollars.
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