New Jersey Housing Costs The typical renter in New Jersey spends $1,295 a month on housing, $272 more than the $1,023 national median monthly rent. Monthly rent for a one-bedroom in the state is $1,098, while the typical rent for a unit with five or more bedrooms is $1,920.
What’s the average cost of living in New Jersey?
Our cost of living indices are based on a US average of 100. An amount below 100 means New Jersey is cheaper than the US average.
New Jersey cost of living is 120.4.
| COST OF LIVING | New Jersey | United States |
|---|---|---|
| Health | 88.4 | 100 |
| Housing | 142.4 | 100 |
| Median Home Cost | $397,900 | $291,700 |
| Utilities | 109.2 | 100 |
What is the cost of living in NJ for 2022?
Comparison Highlights
| Cost of Living Indexes | Jersey City, NJ | Difference |
|---|---|---|
| Overall Index: Homeowner, No Child care, Taxes Not Considered | 144.4 | 4.3% more |
| Food & Groceries | 107.9 | 5.7% more |
| Housing (Homeowner) | 209.9 | 14.7% more |
| Median Home Cost | $572,300 | $103,100 (18.0% more) |
How much does it cost to live in an apartment in NJ?
As for New Jersey rent by apartment size, the average studio apartment in the state costs about $989. Renting a single-bedroom apartment would require $1,159. Adding a bedroom raises the price to $1,432, and a three-bedroom costs $1,837. For maximum space, rent a four-bedroom apartment or house for $2,125 on average.
What salary do you need to live in Jersey City?
The cost of living in Jersey City, NJ is about the same as in New York, NY. You would have to earn a salary of $60,000 to maintain your current standard of living.
What is a good salary in New Jersey?
Average top 5% annual income: $475,827. Minimum threshold needed to make the top 5%: $250,000.
What is the cheapest place to live in New Jersey?
Most Affordable Places to Live in New Jersey
- Hightstown.
- New Brunswick.
- Phillipsburg.
- Pompton Lakes.
- Rahway.
- Toms River.
How much do jobs pay in New Jersey?
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 |
What state has the highest cost of living?
Hawaii
Hawaii is the most expensive state to live in the United States. With a cost of living index of 193.3, the cost of living in Hawaii is nearly twice the national average. Hawaii has the highest costs across all indexes, except healthcare.
What is the cheapest month to rent?
The cheapest months to rent are between December and March, or early winter to early spring. Compared to peak months, rental prices during this period tend to be 3.4% lower, with dollar savings coming in at $38 to $139 less for one bedroom apartments and $47 to $176 less for two bedroom apartments.
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.
How much money do you need to live in Jersey?
Program description. The golden residency program requires that you pay at least GBP 125,000 per annum in taxes to the Jersey authorities. As a resident, you will have to buy property on the island, and you will have to make it your main home.
How much can a single person live?
This means a single person needs to make at least $66,434 after taxes to live comfortably. After their basic living expenses are covered, an individual could spend $19,930 on wants and set $13,287 aside for savings or debt paydown.
How much does it cost to live comfortably in Jersey City?
Jersey City cost of living is 146.8
| COST OF LIVING | Jersey City | New Jersey |
|---|---|---|
| Health | 91.5 | 88.4 |
| Housing | 209.9 | 142.4 |
| Median Home Cost | $572,300 | $397,900 |
| Utilities | 111.9 | 109.2 |
What salary is middle class in NJ?
The overall average in New Jersey for what is considered to be middle class income for a family of four is between $60,000 and $177,000 a year.
What is the highest paying job in NJ?
Highest-paying jobs in New Jersey
- Nurse. Average salary: $92,508 per year.
- Compensation manager. Average salary: $107,806 per year.
- Finance manager. Average salary: $108,692 per year.
- Head of security. Average salary: $111,534 per year.
- Software engineer.
- Engineering manager.
- Network security engineer.
- Economist.
What jobs are in demand in New Jersey?
View the list
| Occupation | 2020 Employment | 2020 Avg Salary |
|---|---|---|
| Occupation | 2020 Employment | 2020 Avg Salary |
| Accountants and Auditors | 39,060 | $96,260 |
| Aircraft Mechanics and Service Technicians | 1,750 | $79,940 |
| Amusement and Recreation Attendants | 5,150 | $27,520 |
What qualifies as low income in NJ?
By Carla Astudillo | NJ Advance Media for NJ.com
A New Jersey family of four in 2018 has to earn $71,900 a year or less to be considered low-income, according to the Department of Housing and Urban Development — an almost six percent increase from last year.
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.
Is it affordable to live in NJ?
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 it worth moving to New Jersey?
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.