New Jersey Cost Of Living Statistics


Steve Goldstein
Steve Goldstein
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Steve Goldstein runs LLCBuddy, helping entrepreneurs set up their LLCs easily. He offers clear guides, articles, and FAQs to simplify the process. His team keeps everything accurate and current, focusing on state rules, registered agents, and compliance. Steve’s passion for helping businesses grow makes LLCBuddy a go-to resource for starting and managing an LLC.

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New Jersey Cost Of Living Statistics 2023: Facts about Cost Of Living in New Jersey reflect the current socio-economic condition of the state.

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LLCBuddy editorial team did hours of research, collected all important statistics on New Jersey Cost Of Living, and shared those on this page. Our editorial team proofread these to make the data as accurate as possible. We believe you don’t need to check any other resources on the web for the same. You should get everything here only 🙂

Are you planning to start a New Jersey LLC business in 2023? Maybe for educational purposes, business research, or personal curiosity, whatever it is – it’s always a good idea to gather more information.

How much of an impact will New Jersey Cost Of Living Statistics have on your day-to-day? or the day-to-day of your LLC Business? How much does it matter directly or indirectly? You should get answers to all your questions here.

Please read the page carefully and don’t miss any words.

Top New Jersey Cost Of Living Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 14 New Jersey Cost Of Living Statistics on this page 🙂

New Jersey Cost Of Living “Latest” Statistics

  • The Trenton metro region is the most costly in the state, with prices for goods and services 8.6% higher than the national average and 6.6% lower than those for the whole state.[1]
  • Apartment List statistics from February 2022 show that the cost of a one-bedroom apartment in Jersey City is $1,894.[2]
  • Gas in the Garden State costs, on average, $4.27 a gallon, according to data from GasBuddy from March 2022.[2]
  • In comparison to the midwest or south, the Northeastern states had some of the highest costs of living during the first quarter of 2022, according to the Missouri Economic Research and Information Center.[3]

New Jersey Cost Of Living “Price” Statistics

  • Data from the Bureau of Economic Analysis show that New Jersey prices for products and services are 15.2% higher than national averages.[1]

New Jersey Cost Of Living “Be” Statistics

  • In March 2022, the median house value in New Jersey will be $418,500, according to NeighborhoodScout.[2]
  • New Jersey has the 13th highest renter rate of any state, with 36.1% of all occupied residences in the state being leased, somewhat less than the 36.2% national average.[1]

New Jersey Cost Of Living “Other” Statistics

  • New Jersey ranks fifth in terms of employees who are at least 55 years old and median family income for individuals 65 and older.[4]
  • The EPI reports that the typical single adult in New Jersey spends $8,941 on transportation each year.[1]
  • According to statistics from Insure.com, the average vehicle insurance rate in New Jersey is $1,468 less than the $1,517 national average.[1]
  • As of May 2022, the average house in new jersey, including condominiums, coops, and single-family homes, was valued at $461,990.[3]
  • New Jersey has a 62.7% homeownership rate.[3]
  • New Jersey’s progressive state tax system’s maximum rate is 10.75%.[2]
  • New Jersey uses, on average, 683 kWh of electricity each month, according to the March 2022 Save on Energy Electricity Bill Report.[2]

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How Useful is New Jersey Cost of Living

Some argue that the New Jersey cost of living is an important factor to consider when deciding where to reside. For those looking to move to the state, understanding the cost of living can help them plan and budget accordingly. It provides an overview of how much money one needs to earn to maintain a certain lifestyle in New Jersey, helping individuals make informed decisions about where to live and work in the state.

The cost of living can also highlight the differences in expenses between various regions within New Jersey. For example, urban areas like Jersey City or Hoboken may have a higher cost of living compared to more rural areas in the state. Understanding these differences can be crucial for individuals looking to find a place that best fits their budget and lifestyle preferences.

Additionally, the cost of living can also be useful for employers and businesses in New Jersey. It helps them determine appropriate salary levels to attract and retain employees in the competitive job market in the state. Employers can use the cost of living information to ensure that their employees’ salaries are competitive and reflective of the expenses associated with living in New Jersey.

On the other hand, some argue that the New Jersey cost of living may not be as useful as it seems. They argue that the cost of living is just one piece of the puzzle when determining whether a place is affordable and suitable for living. Other factors such as job opportunities, quality of education, healthcare, and general quality of life also play a crucial role in determining the overall affordability and desirability of a location.

Furthermore, the cost of living measure may not capture the full picture of affordability for all individuals. Factors such as personal spending habits, family size, and individual priorities can greatly influence how one experiences the cost of living in New Jersey. What one person may find expensive, another may find affordable based on their unique circumstances and lifestyle choices.

In conclusion, while the New Jersey cost of living can be a useful tool in determining the affordability of living in the state, it should not be the sole factor considered when making decisions about where to reside. It is important for individuals to take into account their personal circumstances, preferences, and priorities when evaluating the cost of living in New Jersey. Ultimately, the usefulness of the cost of living measure will vary from person to person, depending on their individual needs and preferences.

Reference


  1. 247wallst – https://247wallst.com/state/cost-of-living-in-new-jersey/
  2. smartasset – https://smartasset.com/mortgage/the-cost-of-living-in-new-jersey
  3. glassnercarltonfinancial – https://glassnercarltonfinancial.com/2022/07/12/new-jersey-cost-of-living/
  4. seniorliving – https://www.seniorliving.org/new-jersey/

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