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 an attractive balance of suburban quality of life and reasonable expenses compared to many nearby communities, but there are important factors every resident should know.

How Cherry Hill Compares to National Averages

The overall cost of living in Cherry Hill is approximately 20% to 25% above the national average, which is typical for desirable South Jersey communities within commuting distance of Philadelphia. The largest contributors are housing costs and property taxes. However, the median household income of roughly $122,000 is significantly above the national median, meaning most residents manage comfortably.

Compared to nearby Philadelphia, Cherry Hill is more expensive for housing and taxes but offers better schools, lower crime rates, and larger homes. Compared to northern New Jersey communities closer to New York City, Cherry Hill is substantially more affordable.

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, with premium neighborhoods like Barclay-Kingston and Kingston Estates commanding higher prices.

For those who prefer renting, one-bedroom apartments typically range from $1,400 to $1,800 per month, while two-bedroom units run from $1,700 to $2,200. Newer luxury communities near the Cherry Hill Mall and along Route 38 command higher rents, while older garden-style apartments offer more affordable entry points.

First-time buyers in Cherry Hill can access substantial down payment assistance through state and county programs. See our guide for first-time home buyers for details on the NJHMFA programs that can provide up to $15,000 or more in forgivable assistance.

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, with an effective tax rate of roughly 3.2% to 4.2%. These taxes fund the township's highly rated school district and comprehensive municipal services including parks, police, fire, and road maintenance.

While property taxes are a significant expense, they support one of the best school districts in South Jersey and a high level of municipal services. For a detailed breakdown, see our property tax guide.

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, with plans starting around $50 to $80 per month.

Winter heating costs can push utility bills higher, especially for larger homes with older windows. Many homeowners invest in energy efficiency improvements to manage these seasonal spikes.

Groceries and Daily Expenses

Grocery costs in Cherry Hill are roughly in line with the New Jersey average, which runs slightly above the national average. The township offers multiple grocery options across price points: ShopRite and Aldi for everyday value, Wegmans for variety and quality, Whole Foods for organic and specialty items, and H-Mart and other international markets for global ingredients.

Dining out in Cherry Hill ranges from affordable pizza and deli options to mid-range and upscale restaurants. The diverse dining scene means you can eat well without breaking the bank. Check our things to do guide for restaurant recommendations.

Transportation

Most Cherry Hill residents rely on personal vehicles. New Jersey gas prices are typically at or below the national average thanks to the state's moderate fuel tax. Car insurance rates in New Jersey tend to be higher than the national average, typically ranging from $1,200 to $1,800 per year depending on coverage and driving history.

For Philadelphia commuters, the PATCO Speedline offers an affordable alternative to driving. A monthly PATCO pass costs significantly less than daily parking and gas for driving into Center City. The Woodcrest station in eastern Cherry Hill provides direct 25-minute service to Philadelphia.

Healthcare

Healthcare costs in Cherry Hill are generally in line with or slightly below the New Jersey average. The township is served by major hospital systems including Virtua and Cooper within a 15-minute drive. Health insurance premiums vary by employer and plan, but the availability of quality healthcare close to home is a significant advantage.

Is Cherry Hill Affordable?

Cherry Hill offers excellent value for what you receive: top-rated schools, safe neighborhoods, diverse amenities, and proximity to Philadelphia. While the cost of living is higher than rural areas or less desirable suburbs, the quality of life and long-term property value appreciation make it a worthwhile investment for most families.

The key is choosing the right neighborhood for your budget. Entry-level homes in neighborhoods like Ashland or certain condo communities can be quite affordable, while premium neighborhoods require a larger investment. A local expert who knows the market can help you find the right fit.