The cost of living in New Jersey is higher than the national average. According to statistics from the Bureau of Economic Analysis, goods and services in the state cost 15.2 percent higher than the national average. The cost of living in New Jersey is the fourth highest in the country.
The cost of living tends to be higher in urban centers than in more rural locations, but this is only sometimes true. There are four major cities in the state of New Jersey. The Trenton metropolitan region has the highest prices in New Jersey, 8.6 percentage points above the national average and 6.6 percentage points below the statewide average.
Housing Costs in New Jersey
The cost of living in New Jersey is well-known to be high. Hunterdon County and Somerset County are located here, yet other areas of New Jersey have expensive real estate.
The median value of a home in New Jersey is $466,281, as reported by NeighborhoodScout. That figure can rise much higher in a few urban centers. The median price of a property in Jersey City is $576,704. The median home price in Princeton is $1,189,440, which puts it above its rival. A mortgage may be necessary to afford a home in the Garden State. See your potential monthly mortgage payment using our New Jersey mortgage calculator.
There are many more renters than homeowners across New Jersey's five largest urban areas. The outcome is significantly higher than average rents in the Garden State. Apartment List reports that the median one-bedroom rent in Jersey City is $2,113 as of March 2023. However, a studio in Hoboken will set you back $3,084. Compared to the national median of $1,343 for a one-bedroom flat, these two cities' prices are $770 and $1,741, respectively.
New Jersey Transportation Costs
The cost of getting from one place to another can add up quickly. Unlike the national average of 85.5%, 79.4% of New Jersey workers travel by car. The annual mileage driven by the typical state resident is estimated to be 8,720 miles. With ordinary fuel costing an average of $2.23 per gallon in New Jersey in the middle of 2020, the typical New Jersey driver can expect to spend $803 on petrol alone over a year.
Insurance premiums for private automobiles, for example, differ widely from one state to another. According to Insure.com, the average annual premium for automobile insurance in New Jersey is $1,468, less than the national average of $1,517. The EPI also reports that the typical Californian adult living alone makes an annual expenditure of $8,941 on travel.
Utility Costs in New Jersey
Buying or renting a home in New Jersey is expensive, but some positive economic news exists. The average monthly electricity use in New Jersey is 687 kWh, as March 2023 Save on Energy Electricity Bill Report reported. The typical monthly energy bill for their home is $114.87. That is $23.70 less than the typical cost in the USA, which is $138.57.
Cities often have greater prices. The average monthly cost of utilities in a 915-square-foot flat in Newark, NJ, is $178.27, as the real estate website Numbeo.com reports. The price in Trenton is $127,50.
New Jersey Food Costs
In addition to housing and transportation, the cost of food is a major factor in determining the cost of living in any region. The cost of food varies from state to state, as seen by data from the United States Department of Agriculture.
A year's worth of food costs for a single New Jersey resident comes to $3,433, while that number rises to $9,914 for a family of four. The average yearly food cost for a single American is $3,240, while the cost for a family of four is $9,354. These figures assume the respondent consumes a balanced diet of items readily available at a grocery shop.
Statistics on a Variety of New Jersey Expenses
Princeton University, located in New Jersey, is widely regarded as one of the finest educational institutions in the United States. There are many other universities besides Princeton available to the people of New Jersey. Rutgers, The College of New Jersey, New Jersey Institute of Technology, and Stevens are among these.
There are a lot of free things to do in New Jersey. Visiting the Princeton University campus and its outstanding free art museum, the Atlantic City boardwalk, and the Victorian mansions of Cape May all won't break the bank. The Grounds for Sculpture art park is $28, and the Liberty Science Centre is $29.99.
