The towns were ranked by Money magazine on various factors including taxes, education and health care
Four New Jersey towns were among the top 50 places to live in the United States in 2016, according to a recent ranking by Money magazine.
Parsippany was ranked at number 5 on the list -- the highest ranking for any New Jersey town -- partly for being "surprisingly affordable by regional standards." The magazine analyzed various factors in developing the ranking including taxes, education and health care.
"The typical home costs about $356,500; property taxes on it would run about $8,220 a year," Money magazine said in its review. "That may sound expensive, but residents pay less in property taxes relative to their homes' values in Parsippany than they do in 75 percent of the New Jersey locations on our list."
Parsippany Mayor James Barberio, in a statement on the township's website, credited the local school system, the township's recreational facilities, safety and business-friendly nature.
"It took a lot of work and effort to reach the status we achieved," he said in a statement. "I continually invite corporations to come in and speak with me regarding expansion and/or relocation to Parsippany to increase our ratables. Having had much success improving the business climate in Parsippany, we have been able to keep property taxes at bay."
Edison, Franklin in Somerset County and Cherry Hill also made the list at rankings of 19, 23 and 26, respectively.
Money magazine ranked Edison among the top 5 Best Places to Live in terms of diversity due to the large Indian population. Edison also scored well in terms of education as nearly 80 percent of students attend public schools within city limits.
Franklin, once a farming community that's grown to become a diverse suburb, was ranked among the top 10 safest cities on Money's Best Places to Live list.
Cherry Hill was also recognized for its schools and its median home price in 2016 of $217,000, which, the magazine said, was "an unusual combination of affordability and quality."
Columbia, Md. was the highest ranked town on the list.
Justin Zaremba may be reached at jzaremba@njadvancemedia.com. Follow him on Twitter @JustinZarembaNJ. Find NJ.com on Facebook.