What is the cost of living in New Jersey?
The cost of living in New Jersey is 25.5% higher than the US average. According to MIT, the required living wage for a family of four with two working parents in New Jersey is $112,597 vs the national average for a family of four with two working parents of $89,744. The median income of a New Jersey household is $85,245.
The average home price in New Jersey is $343,500, which is higher than the US average home price of $229,800. Median rent in New Jersey is $1,368/mo which is higher than the US average rent of $1,096/mo. If you want to adjust homes prices to local incomes, the ratio of home prices to median household income is about 4.0 to 1. That means it takes roughly 4.0 years of a full salary to pay off a house. That compares to the national average of 3.5 to 1.
All in all, New Jersey has a high cost of living compared to America as a whole.
People Also Ask About New Jersey
Is New Jersey a dangerous state?
No, New Jersey is not a dangerous state as it ranks as the #4 safest state in the United States based on our analysis of the latest FBI Crime Data. The violent crime rate in New Jersey ranks 46th most dangerous in the United States -- 47.17% better than US average violent crime rate. The property crime rate in the Garden State ranks 46th most dangerous in the United States -- 40.74% better than US average property crime rate. The latest reporting year from the FBI was 2022.
Is Newark, NJ a dangerous city?
No, Newark is not a dangerous city. Newark ranks as the #104 safest out of 328 major cities over 100,000 people in the United States based on our analysis of the latest FBI Crime Data. Keep in mind that are always safe and dangerous parts of any city, so even though Newark might be considered safe you still need to be aware of where you are. For example, South Ironbound is the safest in Newark, while Springfield-Belmont is considered dangerous by many based on recent crime stats.
Compared to other big cities, the violent crime rate in Newark ranks 149th highest in America -- 6.08% better than US average violent crime rate. The property crime rate in the ranks 239th highest in the United States -- 33.3% better than US average property crime rate. Note the latest reporting year from the FBI was 2022 and that no city in America is "dangerous". Despite the uptick in murders, it's nothing like you'd see in Tijuana or Caracas where the murder rate is 2x any American city.
What county in New Jersey has the lowest cost of living?
The county in New Jersey with the lowest cost of living is Salem County. The average living wage in Salem County is $100,920 according to MIT data. Salem County has the lowest cost of living because it has relatively less expensive childcare and housing costs compared to New Jersey as a whole. Childcare costs $18,832 a year in Salem County for two children compared to the New Jersey average of $24,713. Housing costs, defined as a blend of the average rent and average mortgage payment, are $15,120 per year in Salem County compared to $19,486 on average in New Jersey.
What is the cheapest housing market in New Jersey?
The cheapest housing market in New Jersey is Camden. The average home value in Camden is $82,500, the lowest in the state. The average home value in New Jersey is $343,500, almost 4.2 times higher than Camden.