Housing costs in Newark?
A typical home costs
$415,200, which is 22.8% more expensive than the national average of
$338,100 and 3.9% less expensive than the average New Jersey home, at
$432,100. Renting a two-bedroom unit in Newark costs
$1,340 per month, which is 21.6% cheaper than the national average of
$1,710 and 61.9% cheaper than the state average of
$2,170.
Can I afford Newark?
To live comfortably in Newark (zip 07107), New Jersey, a minimum annual income of
$79,560 for a family, and
$44,800 for a single person is recommended.
What does A.I. say about Newark?
The cost of living in Newark, NJ 07107 is quite reasonable. Living expenses such as rent are much lower than those of other major metropolitan areas in the country. On average, a one-bedroom apartment can be rented for around $1,000 per month in the area. The cost of groceries and other necessities is also relatively low when compared to other cities. Although it may not be considered an inexpensive city overall, its affordability makes it a great option for many people who wish to live in a big city without paying exorbitant costs.