5 of The Most Expensive Places to Live in NJ

If you're a young couple looking to purchase a home in New Jersey, or even if you're older and maybe looking to upgrade or retire here, it's going to cost you.

According to Motley Fool's Ascent website, New Jersey ranks 7th in the nation in home prices.

The median price of homes in New Jersey has risen steadily, up over 4% in the past year to $453,000.

These are five of the most expensive neighborhoods in the state.

Princeton/Mercer County median cost of home:  $861,500

Home of the prestigious Ivy League Princeton University, Princeton remains a great choice, if you can afford it.  The downtown area remains vibrant, albeit congested.  Princeton is halfway between Philadelphia and New York.  You have many transportation options.

Englewood Cliffs/Bergen County $1.1 million

A favorite for retirees, this quaint town offers a suburban respite from nearby New York City.  People who live in Englewood Cliffs have a median household income of $191,875.  The proximity to of this town New York affords residents the opportunity to take in the culture of the big city next door, like the Bronx Zoo, the NY Botanical Garden and Fort Tryon Park.

Beach Haven/Ocean County median cost of home:  $1,600,000

Beach Haven and all of Long Beach Island has undergone massive changes since Sandy hit in 2012.  Gone are many of the older homes that were owned by families for generations and gave the island a certain charm.  Many have now begun referring to the island as "The Hamptons South." That said, the beaches remain beautiful and the dining on the island is great.

Rumson/Monmouth 1.8 million

This town of just over 5 square miles is located in Monmouth County just about a mile from the shore.  Rumson has some of the highest property tax bills in the state.  Nearly double the state average.  You'll find plenty of mansions in this town, as well as coffee shops and restaurants.  Most recreation involves the beach.  Bruce Springsteen called Rumson his home until 2017.

Alpine/Bergen 5 million

With a population of just 1700 people, this small town is the most expensive place to own a home in New Jersey.  Alpine features many parks and is home to many retirees although they have a highly rated school system.  According to Business Insider celebrities like Wesley Snipes, Chris Rock, P. Diddy, Stevie Wonder and more have called Alpine home at one time.

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