Cost of Living in New Jersey

Cost of living is the various expenses a household has to pay to ensure a good quality of life in a particular city or community in the country. These costs are an excellent reference to consider if you're planning to move into a new neighborhood in the region. You can have a good idea if your new home will be more affordable or expensive based on the comparable averages of costs in the city, state, and country.

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Cost of Living Index

The cost of living index is the estimated amount of average expenses in a particular category. These costs are essential considerations on what your typical fees would be in a specific area. Factors that affect the cost of living index include housing, food, transportation, healthcare, taxes, the economy, goods and services, and the income and salaries of residents.

The key metrics that weighs into the cost of living index include:

Housing (142.4)

Transportation (127.7)

Utilities (109.2)

Miscellaneous (108.7)

Grocery (105.8)

Health (88.4)

The index provides that housing, transportation, services, and grocery are the four most expensive things you have to pay for when moving into the region.

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Housing in New Jersey

New Jersey is one of the most expensive states in the country when it comes to real estate. If you plan to move into the area, you need to understand that homes in the region can get quite expensive. The median home value in New Jersey is $335,607; there are cities in the state however, that has average home prices that can go up to $448,778. More affluential communities such as Montclair, even have a median home value of $803,973.

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Taxes in New Jersey

Tax Rates in New Jersey is also one of the highest across the country. The sales tax in the state is 8.97%, and the average effective property tax rate is 2.40%.

Grocery and Other Expenses

Aside from healthcare, most other categories in the cost of living index in New Jersey is higher than the national average. This includes your day to day grocery expenses, utility bills, transportation, and other miscellaneous costs you can expect to pay for every day.

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POSTED BY

Demond McClellan

646-543-4278

100 Washington Street

Hoboken, New Jersey 07030