Housing costs in Newark?
A typical home costs
$367,600, which is 8.7% more expensive than the national average of
$338,100 and 14.9% less expensive than the average New Jersey home, at
$432,100. Renting a two-bedroom unit in Newark costs
$1,350 per month, which is 21.1% cheaper than the national average of
$1,710 and 60.7% cheaper than the state average of
$2,170.
Can I afford Newark?
To live comfortably in Newark (zip 07102), New Jersey, a minimum annual income of
$70,560 for a family, and
$44,800 for a single person is recommended.
What does A.I. say about Newark?
The cost of living in 07102 Newark, NJ is significantly higher than other areas of the country. The median home value in 07102 is approximately $306,000, which is more than double the national average. Additionally, groceries and health care costs are higher than average compared to other places in the US. Despite these higher costs, Newark remains an attractive option for many due to its close proximity to New York City and the availability of numerous amenities and attractions that come with city living.