Housing costs in Newark?
A typical home costs
$405,300, which is 19.9% more expensive than the national average of
$338,100 and 6.2% less expensive than the average New Jersey home, at
$432,100. Renting a two-bedroom unit in Newark costs
$1,440 per month, which is 15.8% cheaper than the national average of
$1,710 and 50.7% cheaper than the state average of
$2,170.
Can I afford Newark?
To live comfortably in Newark (zip 07112), New Jersey, a minimum annual income of
$77,760 for a family, and
$48,000 for a single person is recommended.
What does A.I. say about Newark?
The cost of living in 07112 Newark, NJ is quite reasonable compared to other areas of the country. The median home cost is $247,100 and the median rent in 07112 is around $1,333. This is cheaper than the national average for both housing and rental prices. Additionally, transportation costs are relatively low with an average commute time of 25 minutes. Groceries and utilities tend to be slightly more expensive than other parts of the country but overall the cost of living in 07112 Newark, NJ is still reasonable and affordable for most people.