Recently, I received an inquiry from a retiree living in Fort Lee about ways to reduce summer air conditioning costs. They had moved from a single-family home to a condo and were surprised that their electricity bill did not decrease as much as expected. To answer this question, it is necessary to first examine the housing types in Fort Lee before discussing air conditioning costs.

The median listing price for condos in Fort Lee is $339,000 (as of August 2026). In contrast, the overall median price for homes in Fort Lee ranges from $379,000 to $399,000, which is due to the high proportion of high-rise condos in the area (based on 2026 data from Redfin and Movoto). This is advantageous. Compared to neighboring Closter or Cresskill, where the average price for single-family homes exceeds $1 million, Fort Lee has a relatively lower entry barrier. However, HOA fees can be a burden. In actual listings, the monthly HOA fee, which includes heating, hot water, and cooking gas, was around $374.30, while in New Jersey overall, condo HOA fees for basic buildings are in the $200 range, and luxury high-rises with many amenities can exceed $1,000 per month (based on 2026 data from Redfin).

Looking at air conditioning costs, electricity is supplied by PSE&G, and the all-in rate as of 2026 is 27 cents per kWh. This is 60% higher than the national average of 17 cents and has increased by 28% since early 2024. The average annual electricity bill per household is $2,910 (based on 2026 data from NuWatt Energy). This is a disadvantage. Even if you move to a condo, the rate itself remains the same, so the savings will only reflect the reduced cooling area. In Bergen County, the average summer temperature is 75.6 degrees, with about 29 days a year exceeding 90 degrees, making it difficult to reduce cooling (based on 2026 climate data for Bergen County). If, like the person who inquired, the bills remain burdensome after moving to a condo, it may be worth reassessing the insulation conditions of the unit, such as sunlight direction and window quality.

On the property tax side, there are significant advantages. The effective property tax rate in Bergen County is about 1.69%, and in condo-centric areas like Fort Lee, the assessed values are lower than single-family homes, resulting in lower total taxes. If you are over 65, you can receive a 50% property tax deduction through the Stay NJ program, with a maximum of $6,500 for incomes under $100,000. However, the income cap has been lowered to about $200,000 due to the passage of the 2026 budget, which could be a disadvantage (based on 2026 data from the New Jersey Division of Taxation).

The structure of HOA fees also needs a closer look. HOA stands for the homeowners association, which manages the common areas and buildings of condo or townhome communities, and the monthly fees cover expenses such as exterior repairs, elevator maintenance, landscaping, and sometimes heating and hot water costs. In older high-rise condos like those in Fort Lee, special assessments may arise for large-scale repairs due to building aging, so it is advisable to check the status of reserve funds when viewing listings.

From an insurance perspective, condos tend to be more favorable. The exterior of the building is covered by the HOA's master insurance, and owners only need to obtain HO-6 insurance for their interior space, which often results in lower personal insurance costs compared to single-family homes.

If the condo uses window units or wall-mounted mini-splits instead of central air conditioning, the cost can vary significantly based on usage habits. Simply turning off the cooling in unused rooms can change the perceived costs, so if you have just moved in, it might be helpful to track your actual usage patterns for a month or two.

Ultimately, moving to a condo does not automatically reduce air conditioning costs. While the purchase price and property taxes are favorable, it is important to consider that HOA fees and the rate structure remain the same. This is not investment or legal advice, and it is recommended to consult with professionals before making any actual agreements.