Cost of Living in Red Bank 2024

Red Bank, is a vibrant town known for its cultural scene, dining, and proximity to the Jersey Shore. The cost of living in Red Bank is generally higher than the national average, reflecting the overall cost of living in the state of New Jersey and the greater New York metropolitan area. Housing costs in Red Bank can vary widely depending on the location, size, and condition of the property. As of my knowledge cutoff in early 2023, the median home price in Red Bank for a 3-bedroom home can range from $400,000 to $600,000, while a 4-bedroom home can range from $500,000 to over $700,000. These prices can fluctuate based on market conditions and specific neighborhood characteristics.

Apartment rentals in Red Bank also reflect the town's desirability and location. A 1-bedroom apartment might rent for between $1,500 and $2,500 per month, while a 2-bedroom apartment can range from $2,000 to $3,500 or more per month. Purchasing an apartment or a condo in Red Bank can cost anywhere from $250,000 for a modest unit to over $1 million for a luxury apartment with amenities. Dining out in Red Bank can cater to a variety of tastes and budgets, with casual eateries and fine dining establishments. A meal at an inexpensive restaurant might cost around $15 to $25 per person, while a three-course meal at a mid-range restaurant could be between $50 and $100 per person, excluding drinks and gratuity.

Utilities, including electricity, heating, cooling, water, and garbage, for a standard apartment can range from $150 to $300 per month, depending on usage and the time of year. Internet services typically add another $60 to $100 to monthly expenses. Private school tuition in Red Bank varies widely based on the institution and the level of education. Preschool tuition can range from $800 to $1,500 per month. Elementary schools might charge between $5,000 and $20,000 per year, while middle and high schools can cost from $10,000 to over $30,000 annually. These figures are indicative and can vary significantly based on the school's reputation, facilities, and educational programs offered.

Item Cost 3-Bedroom Home Purchase $400,000 - $600,000 4-Bedroom Home Purchase $500,000 - $700,000+ 1-Bedroom Apartment Rental $1,500 - $2,500 / month 2-Bedroom Apartment Rental $2,000 - $3,500 / month Apartment Purchase $250,000 - $1,000,000+ Inexpensive Restaurant Meal $15 - $25 Mid-Range Restaurant 3-Course Meal $50 - $100 Monthly Utilities $150 - $300 Internet $60 - $100 / month Private Preschool Tuition $800 - $1,500 / month Private Elementary School Tuition $5,000 - $20,000 / year Private Middle School Tuition $10,000 - $30,000 / year Private High School Tuition $10,000 - $30,000+ / year

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