Median Income
$102,074
household / year
Median Home Value
$517,500
owner-occupied
Median Rent
$1,671
gross / month
Cost of Living
112
national avg = 100

Is Parsippany, NJ a Good Place to Live?

Parsippany is a small city of 21,806 in New Jersey, with a median household income of $102,074 and a 5.3% unemployment rate. Its cost of living index is 112 (US average = 100), which is 12% above the national average.

Strengths: Parsippany stands out for solid school ratings (A+), a well-educated population.

Trade-offs: Potential downsides include an above-average cost of living, high home prices, an elevated unemployment rate. Whether Parsippany is right for you depends on your priorities — the full breakdown is below.

All Parsippany city data on this page comes from official government sources — the US Census Bureau, FBI, NCES, BEA, and NOAA — updated annually.

Cost of Living

Index: 112.5

Parsippany's overall cost of living index is 112.5, where 100 represents the US national average. Living in Parsippany costs roughly 12% more than the average American city.

Metric Parsippany, NJ National Avg
Median Home Value $517,500 $244,900
Median Monthly Rent $1,671 $1,163
Homeownership Rate 48.5% 65.9%
Median Household Income $102,074 $74,755

Crime & Safety

Very Safe

Parsippany's violent crime rate is 27.0 per 100,000 residents — 93% lower than the national average of ~380 per 100,000.

Violent Crime
27.0 /100k
Property Crime
220.0 /100k

Vertical marker = national average. Source: FBI UCR Program.

Schools & Education

Parsippany is served primarily by Parsippany-Troy Hills Township School District. The student-to-teacher ratio is 11.0:1 (better than the national average of ~16:1).

Metric Parsippany, NJ National Avg
School District Parsippany-Troy Hills Township School District —
Elementary Schools 10 —
Middle Schools 2 —
High Schools 2 —
Student/Teacher Ratio 11.0:1 16:1
Bachelor's Degree or Higher 60.5% 35.4%
High School Diploma or Higher 92.7% 91.1%

Weather & Climate

Parsippany sees average highs of 37.6°F in January and 85.4°F in July, with 49.2 inches of annual precipitation and 24.0 inches of snow per year.

MetricParsippany, NJ
Average High — January37.6°F
Average High — July85.4°F
Annual Precipitation49.2"
Annual Snowfall24.0"

Demographics

MetricParsippany, NJNational Avg
Population21,806—
Median Age40.938.9
Unemployment Rate5.3%3.7%
Avg Commute Time26.4 min26 min
White (non-Hispanic)43.8%59.3%
Black or African American4.2%13.6%
Hispanic or Latino4.3%18.9%
Asian45.0%6.3%
Under 1817.7%22.2%
65 and over18.7%16.8%

Nearby Cities

Troy Hills, NJ 1 mi Lake Hiawatha, NJ 2 mi Rainbow Lakes, NJ 2 mi Mountain Lakes, NJ 2 mi Boonton, NJ 3 mi

ZIP Codes in Parsippany

Parsippany, NJ is covered by 1 ZIP code:

07054

Parsippany vs Other Cities

Parsippany, NJ vs Troy Hills, NJ Parsippany, NJ vs Lake Hiawatha, NJ Parsippany, NJ vs Rainbow Lakes, NJ Parsippany, NJ vs Mountain Lakes, NJ Parsippany, NJ vs Boonton, NJ

Frequently Asked Questions

Parsippany's cost of living index is 112, where 100 is the national average. That puts Parsippany roughly 12% above the national average in cost. The median home price is $517,500 and median rent is $1,671/month.
Parsippany's violent crime rate is 27.0 per 100,000 residents — the national average is ~380 per 100,000. Property crime is 220.0 per 100,000 (national avg ~2,100). Data from the FBI Uniform Crime Reporting Program.
Public schools in Parsippany are operated by Parsippany-Troy Hills Township School District. The district has 10 elementary, 2 middle, and 2 high schools. The student-to-teacher ratio is 11.0:1. 60.5% of adults 25+ hold a bachelor's degree or higher.
Parsippany, NJ has a population of 21,806, a median household income of $102,074, and an unemployment rate of 5.3%. Whether it's right for you depends on your priorities — use the compare tool above to stack it against another city you're considering.
Parsippany averages 37.6°F in January and 85.4°F in July. Annual rainfall is 49.2 inches with about 24.0 inches of snow per year. Based on NOAA 30-year climate normals (1991–2020).
Parsippany, NJ is covered by 1 ZIP code: 07054.
The population of Parsippany, New Jersey is 21,806 with a median age of 40.9. Source: US Census ACS 5-Year Estimates.
Key numbers for living in Parsippany: cost of living index 112 (100 = US average), median home $517,500, median household income $102,074, crime index 8 (100 = US average, lower is safer), schools rated A+. Whether these are benefits or drawbacks depends on where you're coming from — compare Parsippany side by side with your current city to see the trade-offs.