New Jersey Cost Of Living Statistics 2023
– Everything You Need to Know

Last Updated on by | Reviewed by Editorial Staff

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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.

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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]

Also Read

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/

About Author & Editorial Staff

Steve Goldstein, founder of LLCBuddy, is a specialist in corporate formations, dedicated to guiding entrepreneurs and small business owners through the LLC process. LLCBuddy provides a wealth of streamlined resources such as guides, articles, and FAQs, making LLC establishment seamless. The diligent editorial staff makes sure content is accurate, up-to-date information on topics like state-specific requirements, registered agents, and compliance. Steve's enthusiasm for entrepreneurship makes LLCBuddy an essential and trustworthy resource for launching and running an LLC.

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