Cost of Living in Cherry Hill NJ: A Complete Breakdown

The cost of living in Cherry Hill, New Jersey, is approximately 25% to 30% above the national average, driven primarily by a median home price of $450,000 to $495,000 and average annual property taxes of about $9,874. Understanding the full cost of living in Cherry Hill is essential for anyone considering a move here.

This breakdown covers housing costs, property taxes, utilities, transportation, groceries, healthcare, and how Cherry Hill compares to the New Jersey state average and national averages.

For a broader overview of the community, start with the Cherry Hill Community Guide or read our Complete Guide to Living in Cherry Hill.

How Much Does It Cost to Live in Cherry Hill?

Housing is the largest expense for most Cherry Hill residents. The median home price in Cherry Hill ranges from approximately $450,000 to $495,000, depending on the neighborhood and property type. This is higher than the national median but competitive for a top-rated New Jersey suburb.

Here is a breakdown of typical price ranges by housing type:

• Townhomes and condos: $300,000 to $450,000, ideal for first-time buyers and downsizers
• Mid-century ranches and split-levels: $400,000 to $600,000, common in neighborhoods like Kingston Estates and Barclay
• Colonial and traditional homes: $450,000 to $700,000, found in established neighborhoods throughout town
• Luxury estates: $700,000 to $900,000+, located in the eastern and northern parts of Cherry Hill

For renters, the average monthly rent for a one-bedroom apartment ranges from $1,400 to $1,800, and a three-bedroom rental typically ranges from $2,200 to $3,000.

What Are Property Taxes Like in Cherry Hill?

Property taxes in Cherry Hill are a significant consideration. The average annual tax bill is approximately $9,874, according to the New Jersey Department of Community Affairs. This is about a 5.2% increase over the prior year's average of $9,379.

While these numbers are high by national standards, they are consistent with other top-rated New Jersey school districts. The tax rate reflects the quality of the Cherry Hill Public School District, which serves about 10,600 students across 20 schools and is rated A- by Niche.

New Jersey offers several property tax relief programs, including the ANCHOR program (formerly Homestead Benefit), which provides rebates to homeowners and renters based on income.

What Are Utility Costs Like in Cherry Hill?

Utility costs in Cherry Hill are in line with the New Jersey average. Here is what you can expect:

• Electricity: PSE&G is the primary provider. Average monthly bills range from $120 to $200 depending on the season and home size
• Natural gas: Also provided by PSE&G, with average monthly costs of $80 to $150 in winter months
• Water and sewer: Provided by the New Jersey American Water Company and the Camden County Municipal Utilities Authority. Average monthly costs are $50 to $80
• Internet and cable: Comcast Xfinity and Verizon Fios are available, with typical plans ranging from $60 to $120 per month

What Are Transportation Costs Like in Cherry Hill?

Cherry Hill offers excellent transportation options that can help reduce commuting costs. The PATCO Speedline provides direct rail service to Center City Philadelphia for about $3.60 per trip (one-way). A monthly PATCO pass costs approximately $100 to $130, depending on the zone.

For drivers, gasoline prices in New Jersey are typically lower than the national average because the state sets its own gas tax. The average commute time for Cherry Hill residents is about 25 minutes, which is lower than the national average of 27 minutes.

Car insurance rates in New Jersey are higher than the national average, typically ranging from $1,200 to $1,800 per year, depending on coverage levels and driving history.

What Are Grocery and Dining Costs in Cherry Hill?

Grocery costs in Cherry Hill are slightly above the national average but competitive with the New Jersey average. The town has a wide range of grocery options, including ShopRite, Wegmans, Whole Foods, Acme, and Trader Joe's, as well as specialty markets and ethnic grocers.

Dining out is a major part of Cherry Hill's lifestyle. The Route 38 corridor offers options at every price point, from fast-casual to fine dining. A typical dinner for two at a mid-range restaurant costs about $50 to $80.

What Are Healthcare Costs Like in Cherry Hill?

Cherry Hill is well-served by healthcare providers. Jefferson Health and Virtua Health both have facilities in and near town. The area is also close to Cooper University Health Care in Camden and Children's Hospital of Philadelphia (CHOP), which is about 20 minutes away.

Health insurance costs in New Jersey are regulated through the state's marketplace and are generally competitive with the national average. Employer-sponsored plans are the most common option for residents.

How Does Cherry Hill Compare to Other Towns?

Here is how Cherry Hill compares to other benchmarks:

• vs. National average: Cherry Hill's overall cost of living is approximately 25% to 30% higher than the national average, driven primarily by housing costs and property taxes
• vs. New Jersey average: Cherry Hill is slightly above the New Jersey average, reflecting its premium school district and amenities
• vs. Haddonfield: Cherry Hill is generally more affordable than Haddonfield, where median home prices are higher
• vs. Collingswood: Cherry Hill is more expensive than Collingswood, but offers a wider range of housing options and more extensive shopping
• vs. Mount Laurel: Cherry Hill and Mount Laurel are comparable in many cost categories, though Cherry Hill has higher property taxes

Is Cherry Hill Affordable?

Cherry Hill offers excellent value for the quality of life it provides. The higher cost of living is offset by top-rated schools, a short commute to Philadelphia, exceptional amenities, and a diverse housing market that offers options at multiple price points.

For most families, the trade-off is clear: you pay more in housing costs and property taxes, but you get access to one of the best school districts in New Jersey, a vibrant community, and a location that makes city access easy without sacrificing suburban comfort.

For a full picture of the lifestyle and community, read our Complete Guide to Living in Cherry Hill and explore the Best Neighborhoods in Cherry Hill to find the right fit for your budget.

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