The Cost of Living in Cherry Hill, NJ

Understanding the true cost of living in Cherry Hill is essential whether you are considering a move or evaluating your current household budget. Cherry Hill offers a competitive cost of living compared to nearby Philadelphia and northern New Jersey, but there are important factors to consider.

Housing Costs

Housing is the largest expense for most Cherry Hill residents. The median home value ranges from approximately $386,000 to $467,000 depending on the neighborhood and property type. Single-family homes typically list between the low $300,000s and high $500,000s.

For renters, one-bedroom apartments typically range from $1,400 to $1,800 per month, while two-bedroom units range from $1,700 to $2,200. Luxury communities and newer developments command higher rents.

Property Taxes

New Jersey has some of the highest property taxes in the nation, and Cherry Hill is no exception. The average homeowner pays approximately $10,000 to $11,000 per year in property taxes. The effective tax rate is roughly 3.2% to 4.2%. These taxes fund the township's highly rated school district and comprehensive municipal services.

Utilities

Average monthly utility costs for a typical Cherry Hill household range from $150 to $250, depending on the season and home size. Electricity is provided by PSE&G, natural gas by South Jersey Gas, and water by New Jersey American Water. Cable and internet services are available through Xfinity and Verizon Fios.

Groceries and Daily Expenses

Grocery costs in Cherry Hill are roughly in line with the New Jersey average, which is slightly above the national average. The township has multiple grocery options including ShopRite, Wegmans, Whole Foods, and Aldi, providing choices across different price points.

Transportation

Most Cherry Hill residents rely on personal vehicles. Gas prices are typically in line with New Jersey averages. The PATCOSpeedline provides an affordable alternative for Philadelphia commuters, with monthly passes available. Car insurance rates in New Jersey tend to be higher than the national average.

Is Cherry Hill Affordable?

Cherry Hill offers good value for what you get: excellent schools, safe neighborhoods, diverse amenities, and proximity to Philadelphia. The median household income of approximately $93,000 is well above the national average, reflecting the community's economic strength. While costs are higher than some rural or southern areas, the quality of life and investment potential make Cherry Hill a worthwhile choice for many families.

Go deeper with the full cost of living guide, the property tax guide, and the home prices guide to see what each budget buys across the town.