New Jersey 

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Economy in New Jersey

New Jersey is a diverse state located in the Northeastern United States. It is home to many large and famous companies, such as Johnson & Johnson, Merck & Co., Prudential Financial, Honeywell International Inc., and Public Service Enterprise Group. The state also boasts many popular tourist attractions such as Atlantic City and Six Flags Great Adventure. When it comes to living expenses, 2 bedroom rent in New Jersey is slightly higher than the US average at $1,710 compared to the national average of $1,430. Groceries are more expensive here too with a Grocery Cost Index of 106 compared to 100 nationally. Despite the higher costs for living in New Jersey, it remains an attractive option due to its diversity and thriving economy.

New Jersey has an unemployment rate of 7.8%. The US average is 6.0%.

New Jersey has seen the job market decrease by -0.2% over the last year. Future job growth over the next ten years is predicted to be 25.0%, which is lower than the US average of 33.5%.

Tax Rates for New Jersey
- The Sales Tax Rate for New Jersey is 6.6%. The US average is 7.3%.
- The Income Tax Rate for New Jersey is 5.5%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.

Income and Salaries for New Jersey
- The average income of a New Jersey resident is $36,359 a year. The US average is $28,555 a year.
- The Median household income of a New Jersey resident is $72,062 a year. The US average is $53,482 a year.


  ECONOMYNew Jersey, New JerseyUnited States
  • Unemployment Rate (US Avg: 6%)
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    Reviews for New Jersey    121 Reviews
    Horrible weather , high taxes .corrupt politician - 4/30/2020
    On average, there are 206 sunny days per year in New JerseyWhere the heck did they get that from ..It's ALWAYS raining or cloudy in NJ. Last 2 years we had the same... Read More

    Start Your Review of New Jersey

    New Jersey after 10 years of residency. - 7/24/2019
    I have lived in New Jersey for 10 years and its has been very tough to get by, high cost of food, High tax, Rent on average is about 1900 a month, housing costs for a... Read More

    Expensive - 2/14/2016
    Property Taxes are crazy... Read More

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    New Jersey
    08701, 07055, 07087, 07002, 07305, 07093, 07047, 08753, 08901, 08854, ... 595 more


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