Independence, NJ Cost of Living


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Independence cost of living score
104.7
More expensive
4.7% higher
than the US average
12.6% lower
than the New Jersey average
Independence, New Jersey gets a BestPlaces Cost of Living score of 104.7, which means the total cost of housing, food, childcare, transportation, healthcare, taxes, and other necessities is 4.7% higher than the U.S. average and 12.6% higher than the average for New Jersey.

Independence, NJ

Housing costs in Independence?
A typical home costs $364,500, which is 7.8% more expensive than the national average of $338,100 and 15.6% less expensive than the average New Jersey home, at $432,100. Renting a two-bedroom unit in Independence costs $1,650 per month, which is 15.4% more than the national average of $1,430 and 3.6% cheaper than the state average of $1,710.

Can I afford Independence?
To live comfortably in Independence, New Jersey, a minimum annual income of $69,840 for a family, and $54,800 for a single person is recommended.

What does A.I. say about Independence?
The cost of living in Independence, NJ is relatively high compared to other parts of the state. Housing costs are especially steep with an overall median home value of over $400,000. This is significantly higher than the average home value for New Jersey as a whole which stands at around $279,000. Taxes are also slightly higher with property taxes being 1.9%. This is 0.2% higher than the average property tax rate for the state. In addition to this, groceries and health care costs are slightly above the national average while utilities are slightly lower. All in all, living in Independence can be a bit more expensive than other parts of New Jersey but it still offers ample amenities and attractions that make up for the added cost.
   Cost of living score
     CategoriesIndependenceNew JerseyUnited States
  104.7119.8100.0
  106.2105.8100
  98.796.9100.0
  97.5136.4100.0
  $364,500$432,100$338,100
  102.3%109.2%100.0%
  109.0127.7100.0
  104.2112.5100.0

   100=National Average

   Average Rent by Bedroom Size
Crime
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