Housing costs in Newark?
A typical home costs
$411,300, which is 21.7% more expensive than the national average of
$338,100 and 4.8% less expensive than the average New Jersey home, at
$432,100. Renting a two-bedroom unit in Newark costs
$1,560 per month, which is 8.8% cheaper than the national average of
$1,710 and 39.1% cheaper than the state average of
$2,170.
Can I afford Newark?
To live comfortably in Newark (zip 07108), New Jersey, a minimum annual income of
$78,840 for a family, and
$52,000 for a single person is recommended.
What does A.I. say about Newark?
The cost of living in 07108 Newark, NJ is relatively high compared to the national average. According to BestPlaces, the cost index for 07108 is 111.83, which is 11.83% higher than the US average of 100. This means that most goods and services cost 11.83% more in Newark than they do on average in the rest of America. Housing costs are especially high, with the median rent for a one-bedroom apartment costing $1,495 per month in 2019. Transportation costs are also high due to the city's proximity to New York City and its many airports—the monthly bus pass costs $81 and a monthly train pass costs $165. Overall, living in 07108 Newark is expensive but offers great amenities and convenience for its residents.