New Jersey Cost of Living – 24/7 Wall St.

The cost of living in New Jersey is higher than the average for the entire United States. Data from the Bureau of Economic Analysis show that prices for goods and services in the state are 15.2% higher than the national average. Compared to all other states, New Jersey has her fourth-highest cost of living overall.

Living in a dense metropolitan area is generally more expensive than living in a rural area, but this is not always the case. New Jersey has four metropolitan areas. The most expensive area in the state is the Trenton metropolitan area, where the cost of goods and services is 8.6% higher than the national average and 6.6% lower than the statewide average.

housing costs in new jersey

Housing is one of the largest components of the cost of living. In New Jersey, a typical home is valued at $327,900, $123,000 above the national median home price of $204,900. Statewide, the median value of a home built before 1939 is $316,700, and the median value of a home built after 2014 is $519,400.

A typical New Jersey renter spends $1,295 a month on a home, $272 more than the national average monthly rent of $1,023. The monthly rent for a one-bedroom unit in the state is $1,098, while the regular rent for units with five or more bedrooms is $1,920.

Statewide, 36.1% of occupied homes are rented, just below the national average of 36.2% and the 13th highest rental rate of any state.

transportation costs in new jersey

Transportation costs can also be an important factor in the cost of living. In New Jersey, 79.4% of commuters drive to work compared to 85.5% of commuters nationwide. On average, the state’s typical driver drives 8,720 miles per year. Considering average fuel economy and the average cost of gasoline (normal fuel averaged $2.23 per gallon in mid-2020 in New Jersey), the average driver in the state would spend $803 a year on gasoline alone. Predictable.

Other transportation costs, such as car insurance, may vary by state. Data from shows that the average New Jersey auto insurance premium is $1,468, below the national average of $1,517. And according to EPI data, the average single adult in the state spends $8,941 annually on transportation.

medical costs in new jersey

Medical out-of-pocket costs and premiums are in line with New Jersey national averages, assuming at least a basic level of health coverage. Average medical costs per adult in the state total $4,273 annually, compared to her $4,266 national average. The average annual medical expenses for a family of four totaled $13,319, $369 more than her national average of $12,950.

new jersey food

Food is another everyday expense that has a large impact on the overall cost of living in a region. Food costs vary by state, according to USDA data.

In New Jersey, an adult spends an average of $3,433 on food annually, and a family of four spends an average of $9,914. For context, the national average annual food cost is $3,240 for an adult and $9,354 for a family of four. These estimates are calculated for nutritionally adequate meals purchased at the grocery store for home cooking.

childcare costs in new jersey

For families, childcare adds thousands of dollars to overall annual expenses. Her average annual childcare costs for her 4-year-old in New Jersey are $10,635, well above her national average of $8,903. Similarly, her 4-year-old and her 8-year-old in New Jersey have an average annual cost of $18,864 compared to her $15,853 national average.

new jersey taxes

Few costs vary from state to state like taxes. Taking into account state and federal income taxes, Social Security contributions, and Medicare salaries, the average adult working in New Jersey pays $6,840 in taxes annually. This is slightly above her national average of $6,542.

Excluding federal taxes and including state and local taxes such as property taxes and sales taxes, New Jersey’s state and local tax burden is greater than the average for the United States as a whole. Her per capita state tax collection in New Jersey will be $3,970 annually, compared to the statewide average of her $3,151.

Living expenses by county or county equivalent

Just like the cost of living varies from state to state, so does the location within the state. In New Jersey, Hunterdon County, home of Flemington Borough, has the highest total cost of living for a family of four at $111,459 a year, well above her statewide annual average of $97,621.

Camden County, on the other hand, is the least expensive place in New Jersey. The average annual cost of living for her family of four in the area is just $87,509, making him $10,112 less than the state as a whole. Camden is the most populous community in Camden County.

Please note that amounts are rounded to the nearest dollar and the calculated difference may not always add up to the nearest dollar.

Read More About Cost Of Living

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