One of the only downsides of moving to New Jersey is the high cost of living. It costs about 20% more than the national average to live there. But if you’re on a budget, you can relocate to a more affordable part of the Garden State to save money. Here are ten of the best, cheapest places to live in New Jersey.
Is New Jersey a cheap place to live?
The cost of living in New Jersey comes in at 120% of the national average, with the highest costs coming from housing and transportation. New Jersey residents have access to the top-ranked public education system in the country.
Is New Jersey expensive to live?
New Jersey is a notoriously expensive state to live in. It’s home to two of America’s wealthiest counties, Hunterdon County and Somerset County, and they’re not the only New Jersey locales with high home prices. According to NeighborhoodScout, the median home value in New Jersey is $418,500 in March 2022.
Is it cheap to live in Jersey?
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
What is the cheapest town in New Jersey to live in?
The 25 cheapest places to live in New Jersey
| Rank | City | YoY Rent Change |
|---|---|---|
| 1 | South River | 0.00% |
| 2 | Oaklyn | -17.26% |
| 3 | Absecon | -1.88% |
| 4 | Delran | 1.71% |
How much money do I need to live in NJ?
Typical Expenses
| 1 ADULT | 2 ADULTS (1 WORKING) | |
|---|---|---|
| 0 Children | 2 Children | |
| Required annual income after taxes | $34,445 | $71,988 |
| Annual taxes | $8,330 | $18,358 |
| Required annual income before taxes | $42,775 | $90,346 |
Is NJ cheaper than NY?
NYC is the most expensive city in America so it should come as no surprise that New Jersey offers a more affordable cost of living. Newark and Jersey City are both considerably cheaper than NYC. The median home price in Manhattan is $965,00 while the median home price in Jersey City is $337,000 and $210,000 in Newark.
Is moving to New Jersey a good idea?
Diverse neighborhoods, low crime rates, good schools, and top-notch infrastructure contribute to making the towns a safe bet to live in New Jersey. New Jersey is the most urbanized state in the US, where almost every part is urban.
Where is the lowest cost of living in the US?
Mississippi
Mississippi. Mississippi has the lowest cost of living in the United States. With a cost of living index of 83.3, expenses are nearly 17% less than the national average. Mississippi’s housing costs are the lowest in the nation.
Why is NJ housing so expensive?
The simple fact is that real estate is more expensive in New Jersey than elsewhere because a lot of people want to live there, and there aren’t enough homes to match the army of prospective buyers right now. When demand exceeds supply, prices almost always rise, and this is the case with NJ’s property market right now.
Is food expensive in Jersey?
What is this? In terms of prices, eating out in Jersey is no more expensive than London and other Western European Cities, as I said at the start, Jersey is not a budget destination but it’s not overly expensive either.
Do you pay tax in Jersey?
About Jersey tax
You’ll pay tax on income, goods and services, but there’s no capital gains or inheritance tax. The maximum personal tax rate is 20%, and we also have exemption thresholds and a marginal rate of tax to protect people on lower incomes. Goods and services tax in Jersey is low, broad and simple.
Is there poverty in Jersey?
One in four children in Jersey are living in relative poverty, according to the latest statistics. Figures from a recent Living Costs and Household Income Survey show that a quarter of children are living in a household earning less than 60% of the average wage.
How affordable is NJ?
It costs about 20% more than the national average to live there. But if you’re on a budget, you can relocate to a more affordable part of the Garden State to save money. Here are ten of the best, cheapest places to live in New Jersey.
Where are houses the cheapest in NJ?
What N.J. towns are the most affordable to live in?
- Clayton, Gloucester County. Average closing costs: $3,493.
- Beachwood, Ocean County.
- Gloucester City, Camden County.
- Franklin Park, Somerset County.
- Hopatcong, Sussex County.
- Palmyra, Burlington County.
- Audubon, Camden County.
- Pitman, Gloucester County.
Where is the cheapest and safest place to live in New Jersey?
And here are the 10 most affordable places to live in New Jersey, according to SmartAsset:
- Pomona (Galloway Township), Atlantic County.
- Gloucester City, Camden County.
- Twin Rivers (East Windsor Township), Mercer County.
- Stratford, Camden County.
- Ramtown (Howell Township), Monmouth County.
- Berlin Borough, Camden County.
What is the average hourly wage in NJ?
$24
Hourly Rate Salary in New Jersey
| Annual Salary | Hourly Wage | |
|---|---|---|
| Top Earners | $83,037 | $40 |
| 75th Percentile | $51,022 | $25 |
| Average | $49,262 | $24 |
| 25th Percentile | $29,513 | $14 |
How much do you need to make an hour to live in NJ?
MIT’s Living Wage Calculator lays out how much you need to make in New Jersey to cover not just food but the other essentials, and the numbers show that $8.80 doesn’t cut it. As an average for the whole state, a single adult would need to make $13.72 an hour. If that person had a child, $28.56.
What is the average salary in New Jersey?
How much does an Average make in New Jersey? As of Aug 4, 2022, the average annual pay for the Average jobs category in New Jersey is $64,208 a year. Just in case you need a simple salary calculator, that works out to be approximately $30.87 an hour. This is the equivalent of $1,235/week or $5,351/month.
What is the rent in NJ?
The average rent for residents currently stands at $2,267/month, led pretty unsurprisingly by increases in Jersey City. Rents throughout Jersey City’s neighborhoods clocked in at $3,766/month, representing an almost 47% increase from February 2021 levels.
Are groceries cheaper in New Jersey?
Groceries. On average, grocery costs are about 5.8% more expensive in New Jersey than the national average.