Pros and Cons of Living in Summit

Summit's core trade-off pairs a genuinely elite school district and a comparatively low tax rate against genuinely high home prices and a high dollar tax bill.

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Pro: an elite school district and a genuine no-transfer commute

Summit Public School District ranks #7 in New Jersey, and Summit Station offers real Midtown Direct service straight into New York Penn Station.

Pro: a real, substantial biopharma employment anchor and a comparatively low tax rate

Bristol Myers Squibb's Summit campus anchors substantial local employment, and Summit's effective property tax rate (1.475%-1.48%) runs genuinely below New Jersey's own statewide average.

Con: the highest home prices among this batch's NJ Tier B markets

Summit's $994,500 median home value is the highest among Teaneck, Woodbridge, Summit, and Westfield -- a real, substantial cost of entry.

Con: a real, high dollar tax bill despite the low rate

Summit's average annual property tax bill ($19,697) runs among the highest in the county in dollar terms, driven by home values rather than the tax rate itself.

Key takeaways

Pro: an elite, #7-in-NJ school district and a genuine no-transfer Midtown Direct commute.
Pro: a real biopharma employment anchor (Bristol Myers Squibb) and a comparatively low 1.48% tax rate.
Con: the highest median home value ($994,500) among this batch's four NJ Tier B markets.
Con: a real, high $19,697 average dollar tax bill despite the comparatively low percentage rate.

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Last reviewed: 2026-08-25. Independent research; not financial, tax, or legal advice -- confirm current figures with a local professional before making a decision.