Cost of Living in Silver Lake CDP (Essex County), NJ

Population 4,034 · New Jersey · Data vintage 2023

141

Cost Index
(100 = US avg)

Page updated: April 2026 · Data vintage: 2023 ACS 5-Year

Sources: Census ACS·BLS·NOAA·EPA·Zillow · Methodology

Silver Lake CDP (Essex County) is a smaller New Jersey community of around 4000 residents, where median household incomes of $86,615 and housing costs ($484,000 for a typical home) give the local cost-of-living profile a distinctly small-town shape. An unemployment rate of 2.8% points to a labor market well on the tight side of the national distribution.

Geographically, Silver Lake CDP (Essex County) is part of the immediate Newark metro area. Median home values run roughly 43% higher than Newark's $338,000.

Cost Overview

Housing 159

Rent 114

Scale: 100 = US national average. Green < 90, Red > 110.

About the Cost of Living in Silver Lake CDP (Essex County)

The median home value in Silver Lake CDP (Essex County) is $483,700 — 59% above the national median of $305,000. Median rent runs $1,501/month, 14% higher than the national median of $1,314/month. The median household income of $86,615/year is 16% higher than the US median of $74,580. The local unemployment rate is 2.8%, below the national average of 4.8%. New Jersey's top state income tax rate is 10.8% and the combined sales tax is 6.6%. The climate averages highs of 63.8°F and lows of 47.1°F, with about 31.5" of annual snowfall. Overall, Silver Lake CDP (Essex County) has a cost of living index of 141 versus the US average of 100, meaning it is 41% more expensive.

📍

Silver Lake CDP (Essex County) has limited residential data

Detailed housing and income data is limited for this location. Here are the nearest cities with full cost of living data:

East Orange, NJ

Median home: $315,500

Rent: $1,372/mo

Income: $59,872

North Arlington, NJ

Median home: $464,700

Rent: $1,706/mo

Income: $101,493

Harrison, NJ

Median home: $450,800

Rent: $2,073/mo

Income: $82,290

Kearny, NJ

Median home: $431,700

Rent: $1,649/mo

Income: $83,212

Brookdale, NJ

Median home: $527,200

Rent: $1,698/mo

Income: $150,489

🏠 Housing

Median Home Value

$483,700

59% above avg

Median Rent

$1,501/mo

14% above avg

Price-to-Rent Ratio

26.9x

Favors renting

Property Tax Rate

2.5%

Effective rate

HUD Fair Market Rents by Bedroom

Studio

$1,474

1 BR

$1,654

2 BR

$2,040

3 BR

$2,550

4 BR

$2,885

Owner-occupied 60.8%

Renter-occupied 39.2%

💰 Estimated Monthly Budget

Rent median rent

$1,501

Groceries national estimate

$400

Utilities local estimate

$88

Transportation local gas prices

$126

Estimated Total $2,115/mo

Estimates based on median data and national averages. Actual costs vary.

🛒 Food & Groceries

National BLS average prices (2023). Local prices may vary.

🥚

Eggs (dozen)

$0.548

🍞

White Bread (lb)

$1.912

🥩

Ground Beef (lb)

$5.61

🚗 Transportation

Avg Commute

38.7 min

43% above avg

Gas Price

$3.145/gal

0% below avg

Work From Home

6.4%

Commute Mode

Drove alone

58.9%

Carpooled

10.9%

Public transit

16.9%

Walked

7.0%

Work from home

6.4%

⚡ Utilities

Electricity

$0.176/kWh

0% below avg

📋 Taxes

State Income Tax 10.8%

Total Sales Tax 6.6%

State rate 6.6%

Avg local rate -0.0%

Property Tax 2.5%

💼 Income & Employment

Median Household Income

$86,615

16% above avg

Per Capita Income

$30,496

Unemployment Rate

2.8%

41% below avg

Poverty Rate

10.4%

Labor Force Participation

56.6%

🎓 Education

Bachelor's degree+ 15.9%

Graduate degree 10.4%

👥 Demographics

Median Age 41.2

Male median age 45.7

Female median age 34.8

🌤 Climate

NOAA 1991–2020 Climate Normals

Avg High

63.8°F

Avg Low

47.1°F

Annual Precip

46.6"

Annual Snowfall

31.5"

Month	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
High °F	40	43	51	63	73	82	87	85	78	66	55	45
Low °F	26	27	34	44	54	64	69	68	61	49	39	31
Precip"	3.42	2.98	4.13	3.87	3.97	4.34	4.66	4.15	3.82	3.79	3.33	4.14
Snow"	9.1	10.1	5.6	0.5	0.0	0.0	0.0	0.0	0.0	0.2	0.6	5.4

Frequently Asked Questions

What is the cost of living in Silver Lake CDP (Essex County), NJ?

Silver Lake CDP (Essex County) has a cost index of 141 (100 = national average). It is 41% above the national average.

What is average rent in Silver Lake CDP (Essex County), NJ?

The median gross rent in Silver Lake CDP (Essex County) is $1,501 per month based on 2023 Census data.

What is the average home price in Silver Lake CDP (Essex County)?

The median home value in Silver Lake CDP (Essex County) is $483,700 according to 2023 Census ACS data.

What is the median income in Silver Lake CDP (Essex County)?

The median household income in Silver Lake CDP (Essex County) is $86,615 per year (2023 ACS 5-year estimates).

What is the sales tax in Silver Lake CDP (Essex County), NJ?

The combined state and local sales tax rate in Silver Lake CDP (Essex County) is 6.6%. The New Jersey state income tax top rate is 10.8%.

Is Silver Lake CDP (Essex County), NJ affordable?

Silver Lake CDP (Essex County) is above average in cost of living, with an index of 141 — about 41% higher than the national average.

What is the weather like in Silver Lake CDP (Essex County)?

Silver Lake CDP (Essex County) has average high temperatures of 63.8°F and average lows of 47.1°F. Annual precipitation is 46.6". Average annual snowfall is 31.5". Data from NOAA 1991–2020 Climate Normals.

Silver Lake CDP (Essex County) at a Glance

Population: 4,034
Median Income: $86,615
Home Value: $483,700
Median Rent: $1,501/mo
Unemployment: 2.8%
Avg High Temp: 63.8°F
Sales Tax: 6.6%

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