Housing costs in Newark?
A typical home costs
$365,200, which is 8.0% more expensive than the national average of
$338,100 and 15.5% less expensive than the average New Jersey home, at
$432,100. Renting a two-bedroom unit in Newark costs
$1,330 per month, which is 22.2% cheaper than the national average of
$1,710 and 63.2% cheaper than the state average of
$2,170.
Can I afford Newark?
To live comfortably in Newark (zip 07106), New Jersey, a minimum annual income of
$69,840 for a family, and
$44,400 for a single person is recommended.
What does A.I. say about Newark?
The cost of living in 07106 Newark, NJ is relatively high compared to other parts of the country. The median rent for a two-bedroom apartment in the area is around $1,400 and groceries can be expensive due to the limited selection of stores. Transportation is also expensive, as public transportation costs are higher than in other cities, and gas prices tend to be higher. Additionally, utilities such as electricity and water can be costly due to the age of the infrastructure. Despite these expenses, 07106 Newark is a great place to live with plenty of attractions and activities that help offset some of these costs.