Retirement can be a troubling topic to think about, with a lot of unknown questions such as where to live and how much will be need to save to be comfortable.
According to an article by investment website Insider Monkey, New Jersey is not the most popular place for retirees. The main reason is the state’s average cost of living, which is 19.8% higher than the U.S. average. The median home price in New Jersey as of February 2024 was nearly 15% higher than the national median. Also, New Jersey has one of the highest property tax rates in the country.
On the other hand, there are reasons so many New Jerseyans love the state, such as its beautiful beaches, forests and parks and its proximity to New York and Philadelphia. There is no shortage of entertainment, and its large public transportation system allows for exploration.
For those who can afford to stay in the state, Insider Monkey has put together a list of the top 15 places to retire in New Jersey.
To compile the list, Insider Monkey first picked out the most recommended places based on over 10 sources. Livability scores were sourced from AreaVibes. Median home and rent prices were obtained from Redfin and Zillow. A score card was developed using these metrics to put together the top 15.
1. Pompton Lakes
Insider Monkey rated Pompton Lakes as the best place to retire in New Jersey, with the highest livability score on the list. Pompton Lakes is very scenic, with lakeside views, the Laurelwood Arboretum grounds and Ramapo Mountain State Forest nearby.
- Insider Monkey score: 21.15.
- Livability score: 92.
- Median home price: $480,000.
- Median rent: $2,350.
- Insider Monkey cost of living: 129.9.
2. Haddonfield
Haddonfield came in at No. 2 on the list. Filled with history and within driving distance of both Philadelphia and Atlantic City, it has no shortage of things to do and learn.
- IM score: 21.07.
- Livability score: 86.
- Median home price: $552,000.
- Median rent: $2,400.
- IM cost of living: 108.6.
3. Highland Park
This small suburb of New York City came in at No. 3. Highland Park is famous for its riverfront Johnson Park and Donaldson Park, which allow plenty of room for exploration of the great outdoors, Insider Monkey said.
- IM score: 20.44.
- Livability score: 88.
- Median home price: $401,000.
- Median rent: $2,286.
- IM cost of living: 125.4.
4. Glassboro
Glassboro, according to Insider Monkey, is the fourth-best place to retire in New Jersey. Its name was influenced by the presence of glass manufacturing factories in the region, a rich history that can still be explored at the Heritage Glass Museum. The town is about a 30-minute drive from Philadelphia and is home to several breweries, wineries and parks.
- IM score: 19.63.
- Livability score: 81.
- Median home price: $366,495.
- Median rent: $3,000.
- IM cost of living: 108.5.
5. Linwood
Linwood, in Atlantic County, took the fifth spot on the list. Although home prices are steep, Insider Monkey said, they are more affordable than nearby towns such as Ocean City and Margate City, allowing people to live on a tighter budget while still having access to the nearby beaches, clubs and casinos.
- IM score: 19.45.
- Livability score: 76.
- Median home price: $615,000.
- Median rent: $1,795.
- IM cost of living: 93.9.
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The rest of the top 15 places to retire in New Jersey
6. Bridgeton
- IM score: 19.41.
- Livability score: 74.
- Median home price: $210,000.
- Median rent: $1,050.
- IM cost of living: 94.3.
7. Toms River
- IM score: 19.15.
- Livability score: 81.
- Median home price: $464,502.
- Median rent: $3,200.
- IM cost of living: 112.5.
8. Metuchen
- IM score: 19.05.
- Livability score: 84.
- Median home price: $725,000.
- Median rent: $2,700.
- IM cost of living: 122.9.
9. Woodbridge
- IM score: 19.03.
- Livability score: 83.
- Median home price: $325,000.
- Median rent: $2,465.
- IM cost of living: 124.9.
10. Westfield
- IM score: 18.61.
- Livability score: 87.
- Median home price: $1,190,000.
- Median rent: $2,800.
- IM cost of living: 133.3.
11. Gloucester City
- IM score: 18.53.
- Livability score: 72.
- Median home price: $206,750.
- Median rent: $1,600.
- IM cost of living: 96.1.
12. Fort Lee
- IM score: 18.31.
- Livability score: 88.
- Median home price: $684,500.
- Median rent: $3,000.
- IM cost of living: 145.5.
13. Ridgewood
- IM score: 18.29.
- Livability score: 88.
- Median home price: $795,000.
- Median rent: $3,295.
- IM cost of living: 143.5.
14. Red Bank
- IM score: 17.97.
- Livability score: 83.
- Median home price: $584,500.
- Median rent: $3,000.
- IM cost of living: 133.1.
15. Newton
- IM score: 17.94.
- Livability score: 74.
- Median home price: $335,000.
- Median rent: $1,700.
- IM cost of living: 108.5.
