Living in Summit, New Jersey
Cost of living, income, home prices, rent and demographics of Summit · Census data 2020–2024
Summit has 22,705 residents with a median age of 41.8. The median household income is $190,304 (84% higher than the New Jersey median), the median home value is $994,500, the median rent is $2,430/month.
Summit at a glance
- Population
- 22,705
- Median age
- 41.8State: 40.1
- Median household income
- $190,304State: $103,556
- Median home value
- $994,500State: $454,400
- Median rent
- $2,430/moState: $1,720
- Homeowners
- 68.3%
- Bachelor's degree or higher
- 72.5%
- Average commute
- 34 min
Is Summit a good place to live?
Pros: Median household income 84% higher than the New Jersey median; unemployment of 5.4%; a poverty rate of 5.5%.
Cons: Home values 119% higher than the state median; an average commute of 34 minutes.
The weather is best in May–June and August–September.
Cost of living in Summit
Housing is the biggest part of the cost of living. In Summit the median home value is $994,500, 199% higher than the U.S. median. Renters pay a median of $2,430 per month, which is 25.5% of household income. Homeowners with a mortgage pay $4,001 a month in housing costs.
Summit median household income
The median household income in Summit is $190,304 and the income per person is $112,787. 5.5% of residents live below the poverty line (New Jersey: 9.7%).
Housing in Summit: homes for sale and rent
- Housing units
- 8,786
- Owner-occupied
- 68.3%
- Renter-occupied
- 31.7%
- Vacant
- 5.1%Includes seasonal homes
- Median year built
- 1953
- Average household size
- 2.71
Summit demographics
- Population
- 22,705
- Median age
- 41.8
- Under 18
- 24.6%
- 65 and older
- 14.6%
- Households
- 8,341
- Foreign-born
- 18.8%
- Veterans
- 1.7%Adults 18+
Hispanic or Latino can be of any race. Population history of Summit ›
Education in Summit
72.5% of adults 25 and older in Summit have a bachelor's degree or higher (New Jersey: 43.6%), and 36.6% have a graduate or professional degree.
Jobs and commute in Summit
- Unemployment rate
- 5.4%State: 6.3%
- Average commute
- 34 minState: 31 min
- Work from home
- 23.8%
- Drive alone
- 46%
- Public transit
- 17.6%
- Walk to work
- 6%
- Homes with broadband
- 95.5%
Summit vs nearby towns
| Town | Population | Median income | Home value | Rent |
|---|---|---|---|---|
| Summit | 22,705 | $190,304 | $994,500 | $2,430 |
| Springfield | 17,171 | $155,906 | $636,600 | $2,188 |
| Chatham | 9,407 | $241,500 | $984,900 | $2,250 |
| Mountainside | 7,049 | $211,538 | $810,300 | $3,501 |
| New Providence | 13,727 | $161,599 | $769,900 | $1,903 |
| Short Hills | 14,923 | $250,001 | $1,674,100 | $3,126 |
| Millburn | 22,145 | $250,001 | $1,371,500 | $2,262 |
| Madison | 16,447 | $171,471 | $943,200 | $2,253 |
| Berkeley Heights | 13,426 | $204,658 | $789,400 | $2,203 |
More for people moving to Summit
Summit ZIP code ›Weather and climate ›Living in Summit: FAQ
What is the median household income in Summit, NJ?
The median household income in Summit is $190,304, 84% higher 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 Summit?
The median home value in Summit is $994,500, compared with $454,400 in New Jersey.
How much is rent in Summit?
The median gross rent in Summit is $2,430 per month, about 25.5% of household income.
Is Summit, NJ a good place to live?
Pluses: median household income 84% higher than the New Jersey median; unemployment of 5.4%; a poverty rate of 5.5%. Minuses: home values 119% higher than the state median; an average commute of 34 minutes.
What is the median age in Summit?
The median age in Summit is 41.8 years (New Jersey: 40.1).
How long is the commute in Summit?
The average commute to work in Summit is 34 minutes; 23.8% of workers work from home.
What is the unemployment rate in Summit?
The unemployment rate in Summit is 5.4% (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
How educated is Summit?
72.5% of adults in Summit 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.
Last updated: