Cost of living is an important consideration when you’re considering buying a new home. Although home cost is certainly a key factor in determining if Frenchtown, NJ, is the right place for you, you’ll also need to think about taxes, childcare costs, salaries and transportation.
Home prices in Frenchtown vary considerably. For under $250,000, you could get a foreclosed fixer upper, or you could spend more than a million dollars for a large historic home on the Delaware River. Zillow lists the median home price in Frenchtown at $432,570, as of March of 2022. Of course, you may pay a little more or less depending on the size and the age of your new home.
A newer home or apartment with update-to-date features and modern amenities offers the best value for your money. Brand new homes and apartments generally don’t require any extensive repair or renovation projects for years to come. Newly built houses also tend to have higher values than older homes in the community.
Property taxes are another important consideration if you plan to buy a home. According to BestPlaces, average property taxes in Frenchtown are $7,045.
The best areas to live offer plenty of stable jobs with good salaries, and Frenchtown is no exception. Major employers in in Hunterdon County include:
New York Life
Exxon Mobil Research & Engineering
Ingersoll Rand
3M
Integrated Clinical Systems
Precision Graphics
UNICOM Global
Reagent Chemical
Magna-Power
Merck
QuVa Pharma
Mutare Life Sciences
Celldex Therapeutics
Bioserve
Chubb Group
Quick Check
A.M. Best
Gullbrandsen Technologies
Frenchtown is a convenient location if you work in Trenton, Princeton, Edison, New Brunswick and other areas and New Jersey. It’s also within commutable distance of New York City, Philadelphia, Allentown, PA, and Bethlehem, PA. Although the area is home to many large companies, thousands of small and mid-size businesses also offer employment opportunities for Frenchtown residents.
According to Best Places, the median household income in Frenchtown is $74,375, and the family median income is $103,182.
If your job is close to your Frenchtown home, your transportation costs may be limited to filling your gas tank once or twice a week. Gas will take a bigger bite of your budget if you drive to Philadelphia or New York City every day. The U.S. Department of Energy offers a trip calculator that will help you estimate how much gas you’ll need for your commute. Although you won’t encounter any tolls on the way to Philadelphia, you’ll pay $13.75 with an E-Z pass and $16 without the pass to cross the Holland Tunnel into New York City during peak times.
Bus service is usually available to New York City through Trans-Bridge Lines. As of November 19, 2019, the round-trip daily fare to the city was $93.35. (The bus isn’t running at the moment due to the COVID-19 pandemic.) If you prefer to take the train to the city, Annandale and High Bridge both offer New Jersey Transit stations. The fare to New York City is $141 weekly or $463 for a monthly pass from the High Bridge station.
Childcare can account for significant chunk of your monthly budget, particularly if you have a baby or young child. According to a January 2019 NJ.com article, median childcare costs in Hunterdon County are $1,420 for infants, $1,443 for toddlers and $835 for preschoolers.
Home maintenance costs are often overlooked by homeowners and can be much more expensive than anticipated. In 2018, Americans spent $7,560 on home improvement and $1,105 on home maintenance, according to a Home Advisor survey. Luckily, when you live in an apartment or buy a brand new home, you won’t have to worry about maintenance or improvement costs. Of course, you may want to allot a little money to furnish your new home, particularly if you’re moving from an apartment to a house.
BestPlaces gives Frenchtown an overall cost of living rating of 119.1, due primarily to higher housing costs in New Jersey. (The national average for all cost of living categories is 100.) In other ratings, Frenchtown comes in just slightly above the national average or even lower. Frenchtown receives a score of 105 for food and groceries, 104.5 for utilities and 89 for healthcare.
Have you been looking for a new home along the Delaware River? Country Classics at Frenchtown offers 19 single-family attached homes for sale just steps from the river towpath and within minutes from Bridge Street. Visit our website for more information on the community.