Great Neck, NY vs Summit, NJ: Cost of Living

Which city costs less?

Summit, NJ has a modeled overall cost index 29.2% lower than Great Neck, NY.

Great Neck, NY · modeled 2BR rent: $2,890 / month
Summit, NJ · modeled 2BR rent: $3,000 / month

These are saved estimates, not current rental listings. Some cities use adjusted regional data. Your household budget can differ from the overall index. Sources and assumptions

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Cost of Living Comparison 2026

Compare Great Neck, NY and Summit, NJ using saved regional data and explicit budgeting assumptions. Rent estimates are not live listings. Change the salary below, then check the source notes before applying a result to your household.

Saved regional estimates · Sources and assumptions

Current salary in Great Neck, NY

Numbers update automatically as you type

Estimated savings: $2,412/month in Summit, NJ

$150,000 in your current city has a modeled equivalent of $121,053 in Summit, NJ

Regional cost estimates: Great Neck, NY uses New York, NY. Summit, NJ uses Newark, NJ. Available city ZIP rent estimates are shown separately.

Overall Cost

↓ 29.2%

Less expensive

Monthly Impact

$2,412

Savings

Annual Impact

$28.9K

Per year

Assumes 60% of current gross income goes to living costs. The headline uses the category budget below; taxes, moving costs and savings goals are excluded.

Great Neck, NY

Population:11K

Cost Index:

143.8

100 = national average

Typical Home:$1.45M

Summit, NJ

Population:22K

Cost Index:

101.8

100 = national average

Typical Home:$1.29M

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Great Neck, NY

The Empire State

11K

Population

State Tax

Yes

Located in New York, this city has a population of 11K residents.

Summit, NJ

The Garden State

22K

Population

State Tax

Yes

Located in New Jersey, this city has a population of 22K residents.

Cost Breakdown by Category

Estimated monthly spending: Great Neck, NY vs Summit, NJ

Assumes 60% of your current gross income is spent on these categories. The headline and totals use this same budget. Rent estimates below are separate reference data. Rounded amounts may differ by $1.

Category	Great Neck, NY	Summit, NJ	Difference	Change
Housing	$3,920/mo	$1,276/mo	↓ $2,644less	67.4%
Other	$1,158/mo	$1,270/mo	↑ $112more	9.7%
Transportation	$912/mo	$1,002/mo	↑ $89.89more	9.9%
Healthcare	$423/mo	$444/mo	↑ $20.93more	4.9%
All Utilities	$369/mo	$385/mo	↑ $15.44more	4.2%
Groceries	$717/mo	$710/mo	↓ $7.14less	1.0%

Housing

↓ 67.4%

Great Neck, NY

$3,920

Summit, NJ

$1,276

Difference

$2,644

less

Other

↑ 9.7%

Great Neck, NY

$1,158

Summit, NJ

$1,270

Difference

$112

Transportation

↑ 9.9%

Great Neck, NY

$912

Summit, NJ

$1,002

Difference

$89.89

Healthcare

↑ 4.9%

Great Neck, NY

$423

Summit, NJ

$444

Difference

$20.93

All Utilities

↑ 4.2%

Great Neck, NY

$369

Summit, NJ

$385

Difference

$15.44

Groceries

↓ 1.0%

Great Neck, NY

$717

Summit, NJ

$710

Difference

$7.14

less

🏠Rent Comparison

Studio

From$2,090

To$2,190

↑ $100

1 Bed

From$2,500

To$2,480

↓ $20.00

2 Bed

From$2,890

To$3,000

↑ $110

3 Bed

From$3,750

To$3,760

↑ $10.00

Great Neck, NYZIP-level data

1BR range: $2,320–$2,870/mo

Summit, NJZIP-level data

1BR range: $2,480–$2,480/mo

💡 Note: HUD Fair Market Rents estimate 40th-percentile gross rents, including most tenant-paid utilities. City ZIP summaries are medians of those estimates, not market median rents. Actual prices vary by neighborhood, amenities, and condition. Source: HUD Small Area Fair Market Rents FY2026.

$7,500

Monthly in Great Neck, NY

$5,088

Monthly in Summit, NJ

$2,412

Difference

Home Values

Great Neck

Summit

$1.45M

Median Value

$1.29M

↑ +9.5%

YoY Change

↑ +10%

↑ +41.8%

5-Year Change

↑ +44.7%

$1.08M - $1.55M

Price Range

$1.29M

Homes in Summit are 11% less expensive than Great Neck

Calculate payment - Great Neck Calculate payment - Summit

Source: Zillow Home Value Index (ZHVI), January 2026

Tax Comparison

Annual tax burden comparison at $150.0K salary

Tax Savings

↑ $2.1K

Per year

Monthly Difference

$176

More take-home

Effective Rate Diff

1.4%

Rate difference

Great Neck, NY

Federal Income Tax

Effective: 18.9%

$25.5K

New York State Tax

Effective: 6.4%

$9.5K

FICA Taxes

Social Security + Medicare

$11.5K

Total Taxes

Effective: 31.0%

$46.6K

Take-Home Pay

$8,620/month

$103.4K

Summit, NJ

Federal Income Tax

Effective: 18.9%

$25.5K

New Jersey State Tax

Effective: 5.0%

$7.4K

FICA Taxes

Social Security + Medicare

$11.5K

Total Taxes

Effective: 29.6%

$44.4K

Take-Home Pay

$8,796/month

$105.6K

Additional Tax Information

Great Neck, NY Tax Rates

Sales Tax:8.8%

Property Tax:1.2%

Summit, NJ Tax Rates

Sales Tax:6.6%

Property Tax:2.5%

💡 Note: Tax calculations are estimates based on 2024/2025 tax brackets for single filers with standard deduction. Actual taxes may vary based on filing status, deductions, credits, and local variations.

Environment

Great Neck

Summit

43 Good

Air Quality

N/A

65.8%

Good Air Days

99 High

Climate Risk

98 High

🌊🌀🌡

Top Hazards

🌊🌡🌪

▲+2.7°F

2050 Outlook

▲+2.9°F

11 days

Heat Days >95°F

15 days

▲+2.7°F

2050 Outlook

▲+2.9°F

11 days

Heat Days >95°F

15 days

Before moving from Great Neck, NY to Summit, NJ

Use this comparison to shortlist a move, then check the costs that depend on your household.

Compare actual homes. Get current quotes in Summit, NJ for the same bedroom count and included utilities as your home in Great Neck, NY. Add parking, deposits, insurance and any overlapping leases. The rent estimates above are a starting point, not available listings.
Confirm your income. Check your expected pay with your employer, including any location adjustment. Use “Different salary at destination?” above to compare two incomes. The budget model excludes taxes and one-time moving costs; it is not a take-home-pay calculation.
Price your daily routine. Check the commute from a specific address to work, school or childcare. Add household expenses missing from this model, such as childcare, debt payments and medical needs. Verify local services before signing a lease.
Plan the transition. Get moving quotes and budget for travel, setup costs and time off. Open your Great Neck to Summit moving checklist to organize the tasks and timing.

Still choosing a destination? Explore cities similar to Summit, NJ by cost, housing, population and region.

Frequently Asked Questions: Great Neck, NY vs Summit, NJ

How do the cost estimates for Great Neck, NY and Summit, NJ compare?

Summit, NJ has a modeled overall cost index 29.2% lower than Great Neck, NY. This is a broad model comparison, not a survey of today's prices or a forecast of your household spending. Some cities use adjusted regional fallback data.

What does the equivalent salary mean?

At a $150,000 salary in Great Neck, NY, the model estimates $121,053 in Summit, NJ. It allocates 60% of gross income to the origin city’s category budget and applies each destination category’s relative cost. The equivalent salary adds the total category difference to your income. The monthly difference is the same category difference divided by 12; it is not take-home pay or guaranteed savings. Household size, childcare and your actual lease are not inputs to this calculation.

What rent estimates are available for Great Neck, NY and Summit, NJ?

The modeled two-bedroom rents are $2,890/month in Great Neck, NY and $3,000/month in Summit, NJ. Where available, the source is a city median of HUD FY2026 ZIP-level estimates; otherwise a saved metro table is used. City adjustments may also apply. These are not asking rents or available listings. Compare actual properties with the same bedroom count and included utilities.

How should I use this comparison before moving?

Use it to shortlist locations, then replace modeled costs with a current housing quote, employer-confirmed income, commute costs, insurance and your household's other expenses. Add one-time moving costs separately. Source years differ and the saved datasets are not a live price feed. Read the methodology for the formulas and fallback rules.

💰 See how taxes change too — compare take-home pay between New York and New Jersey on TaxTakeHome.com