What Is The Cost Of Living In New Jersey?January 13, 2023
In this article, we will discuss the cost of living in New Jersey. New Jersey is the fifth smallest state in the United States as per the land area. The state is famous for its beautiful beaches, casinos, entertaining boardwalks, and untouched nature. With its essential contribution to American history and specific culture today, there is much to explore. New Jersey is well-known for its food. Also, it is one of the best places to live in the United States. Without taking much time let’s know about the cost of living in New Jersey.
What Is The Cost Of Living In New Jersey?
The cost of living in New Jersey is around 15% higher than the national average cost in the United States. The average cost of living in New Jersey is 119.8 and the national average is 100 units. According to the table given below, if the monthly cost of living in New Jersey is more than 100 then it means New Jersey is costlier than the national average and if it is lower than 100 then it means New Jersey is cheaper than the national average.
|Cost Of Living For||New Jersey||USA|
|Median Home Cost||$397,900||$291,700|
According to the survey, the median home value in the state is $418,500 in March 2022. In certain cities, this number can get even higher, Jersey City carries a $518,860 median home value. Due to this, the cost of living in New Jersey for international students increases. New Jersey contains the five largest cities, there are significantly more renters than homeowners. As a result, New Jersey rents are well above average. Here is a table showing you the approximate rent for one and two-bedroom apartments in the different cities in the state.
|City||Approx 1 Bedroom Rent||Approx 2 Bedroom Rent|
The cost of food is needed to be considered to measure the cost of living in New Jersey for a family of 4 because outing is also expensive in the state. In the state, a single adult spends an average of $3,433 on food annually, and a family of four spends $9,914 on average. The nationwide average annual food expenditure is $3,240 for a single adult and $9,354 for a family of 4. Here is a table showing you the approx cost of dinner for two in the different cities in New Jersey.
|City||Approx Dinner Cost For 2|
Travel cost is another factor that needs to be considered while calculating the cost of living in New Jersey for a single person. In New Jersey, 79.4% of commuters drive to work, compared to 85.5% of commuters nationwide. On average, the typical motorist in the state drives 8,720 miles a year.
The other expenses include healthcare costs, utility bills, fitness costs, internet bills, entertainment fees, and tax rates. Let’s know then for New Jersey.
When you compare the cost of living in New Jersey vs California, then you may get to know that California is 3.6% more expensive than New Jersey. The average healthcare cost in the state for a single adult is around $4,273 per year, compared to the national average of $4,266 per year.
In New Jersey, the citizens pay an average monthly energy bill of $109.28, which is $13.51 cheaper than the United States average of $122.97 per month.
Xfinity internet plan will cost you around $29.99 per month with speeds up to 2,000 Mbps. While CenturyLink’s internet plan will cost around $39.99 per month for 940 Mbps.
The cost of fitness is not fixed and so it varies from city to city within the state. The average cost of membership to a gym for one month is $25.
The cost of entertainment still affects the cost of living in New Jersey for a family of 3. Because, when a family goes for an outing then the expenses are more than a single person. In New Jersey, the cost of entertainment is not fixed.
Accounting for the state and federal income taxes, as well as Social Security contributions and Medicare payroll, the average adult working in the state, pays $6,840 annually in taxes just above the national average of $6,542.
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Is New Jersey cheap to live in?
The Garden State can be expensive with a median home price of $342,527 and median monthly rent of $2,000, but there are plenty of affordable cities here that you can call home! New Jersey residents enjoy budget-friendly housing options, safe neighborhoods, and tons of outdoor recreation, while also being a short
How much does it cost to live in NJ per year?
The MIT Living Wage Calculator says that an adult with no children in New Jersey requires a living wage of $33,696 before taxes. Of that annual income, food expenses account for $3,690, or 10.95%, which doesn’t allow many luxuries. Food expenses vary within New Jersey.
Is New Jersey an expensive state to live in?
New Jersey may feel expensive to live in at times, but a new story has found that the Garden State makes the Top 10 of the most affordable states. According to the job search site Lensa, New Jersey is ranked No. 9. The company looked at grocery prices, housing, utilities and transportation.
Is rent high in NJ?
A recent Rent.com survey found that the state experienced a 32.86 percent increase year-over-year in rent prices–well above the national average.
Which State Is Expensive To Live In USA?
Above you have learned about what is the average cost of living in New Jersey. From this article, you learned that living in New Jersey is more expensive than the national average in the United States. As per the data from the Bureau of Economics Analysis, goods and services in New Jersey cost 15.2% more than they do on average nationwide. Now, you know all about the cost of living in New Jersey.