Housing costs in Newark?
A typical home costs
$404,200, which is 19.6% more expensive than the national average of
$338,100 and 6.5% less expensive than the average New Jersey home, at
$432,100. Renting a two-bedroom unit in Newark costs
$1,400 per month, which is 18.1% cheaper than the national average of
$1,710 and 55.0% cheaper than the state average of
$2,170.
Can I afford Newark?
To live comfortably in Newark (zip 07104), New Jersey, a minimum annual income of
$77,400 for a family, and
$46,800 for a single person is recommended.
What does A.I. say about Newark?
The cost of living in 07104 Newark, NJ is quite high compared to other cities. The average home price for a single family residence in this zip code is around $195,000, making it one of the more expensive places to live in the area. Additionally, groceries and utilities are more costly than they are in some other parts of the state due to increased competition and higher costs for these services. Fortunately, public transportation and access to major highways help keep commuting costs low in Newark. Residents of 07104 may be paying a premium for their housing but they benefit from short commutes and convenient access to all that Newark has to offer.