Housing costs in New Jersey?
A typical home costs
$432,100, which is 27.8% more expensive than the national average of
$338,100 and 0.0% less expensive than the average New Jersey home, at
$432,100. Renting a two-bedroom unit in New Jersey costs
$1,710 per month, which is 19.6% more than the national average of
$1,430 and close to the state average of
$1,710.
Can I afford New Jersey?
To live comfortably in New Jersey, a minimum annual income of
$82,800 for a family, and
$56,400 for a single person is recommended.
What does A.I. say about New Jersey?
New Jersey is known for having a high cost of living compared to other states in the US. The median household income in New Jersey is among the highest in the nation, however, due to its higher taxes and prices, it can be difficult for many to achieve financial stability. Housing costs are considerably high, with the median home costing around $310,000; transportation costs are also high due to long commutes and limited public transit options. Groceries are slightly more expensive than average, as well as health care and childcare costs. Despite its relatively high cost of living, New Jersey offers some of the best education and employment opportunities that come along with living in an urban area.