Living in Summit, NJ

Union County

Summit's most genuinely distinct identity within New Jersey is its elite public-school reputation: Summit Public School District ranks #7 among Best School Districts in New Jersey for 2026 (Niche), #1 in Union County -- substantially higher than either Teaneck (#116) or Westfield (#18), the other NJ Tier B markets built alongside this record. Summit hosts a real, substantial biopharmaceutical corporate anchor: Bristol Myers Squibb operates a genuine campus at 86 Morris Avenue -- the former Celgene Corporation headquarters, acquired by BMS in 2019 -- spanning R&D, clinical development, and CAR-T manufacturing, a distinct employment driver beyond Summit's NYC-commuter identity. Overlook Medical Center (Atlantic Health System), founded 1906, anchors substantial regional healthcare directly in town, and Summit Station's Midtown Direct service runs straight into New York Penn Station without a Newark or Hoboken transfer. Summit's property-tax story carries a genuine, honest nuance: its median effective tax RATE (1.475%-1.48%, 2025) runs genuinely LOWER than New Jersey's own 1.88% statewide average -- the lowest of any major Union County commuter town per sourcing reviewed this pass -- yet Summit's average annual tax BILL still runs to a real, substantial $19,697, among the highest dollar bills in the county, a direct function of Summit's genuinely high $994,500 median home value (2024) rather than an elevated rate. Summit's real hazard profile is inland-flood-driven: Hurricane Sandy caused real, documented basement flooding across Summit specifically via power-outage-driven sump-pump failures, a genuinely distinct mechanism from direct river or coastal-storm-surge overflow. Summit's population genuinely skews toward prime working/family years rather than retirees -- its 65-plus share (13%-14.6%) runs meaningfully below New Jersey's own 18.0% statewide senior share, even though Summit's median age (42) runs somewhat above the state's 40.1 median.

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Housing

Median sale price$994,500

Summit's median property value ran $994,500 in 2024.

Taxes

Local effective property tax rate1.47%

Not independently sourced at the Union County level this session. New Jersey's top state income tax rate is 1.40%. See the New Jersey hub page for the statewide property tax context -- do not treat that figure as Summit-specific.

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The tradeoffs

Pros

A genuinely elite, #7-in-New-Jersey public school district (#1 in Union County); a real, substantial biopharmaceutical employment anchor via Bristol Myers Squibb's Summit campus; a genuine healthcare anchor in Overlook Medical Center, directly in town since 1906; real Midtown Direct rail service straight into New York Penn Station with no transfer; a genuinely walkable downtown; an overall Niche crime grade of A; and -- a real, honest positive this record does not bury under the high dollar tax bill -- Summit's effective property tax RATE runs genuinely below New Jersey's own statewide average, the lowest of any major Union County commuter town.

Cons

A real, substantial $994,500 median home value (2024), the highest among this project's four NJ Tier B markets in this batch; a real, high dollar property-tax BILL ($19,697 average, 2025) despite the comparatively low percentage rate, driven by Summit's expensive housing; and real, documented Hurricane Sandy-driven inland basement flooding across Summit specifically via power-outage-triggered sump-pump failures -- a genuine hazard consideration for backup-power planning.

Who this fits

Best for: Best fits families and young professionals specifically prioritizing New Jersey's very top-ranked public schools and a genuine, no-transfer Midtown Direct rail commute, plus luxury buyers comfortable with Summit's real, substantial home-price point, who have separately budgeted for the high dollar property-tax bill and planned sump-pump backup power given Summit's documented Hurricane Sandy flooding history.

Maybe not for you if: Probably not the right fit for buyers seeking New Jersey's most affordable Tier B markets, given Summit's $994,500 median home value is the highest among this project's four NJ Tier B markets built in this batch; anyone who would judge Summit's tax burden by percentage rate alone without confirming the real, high dollar bill; and anyone without a backup-power plan for sump pumps, given Summit's documented Hurricane Sandy-driven inland basement flooding history.

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Last reviewed: 2026-08-25. Independent research; see individual metric entries above for source attribution. This is not financial, tax, or legal advice -- confirm current figures with a local professional before making a decision.