New Jersey Cost Of Living Statistics


Steve Goldstein
Steve Goldstein
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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

How Useful is New Jersey Cost of Living

The cost of living in New Jersey is undeniably high compared to many other states. Housing costs, in particular, can be a significant financial burden for many families. In cities like Hoboken and Jersey City, the prices of rental apartments can be exorbitant, making it difficult for lower-income families to find affordable housing. For those looking to purchase a home, the prices can be even more prohibitive, especially in desirable areas.

Beyond housing, other aspects of the cost of living in New Jersey can also add up quickly. Groceries, healthcare, and transportation costs can all take a toll on residents’ wallets. It’s not uncommon for families to budget carefully in order to afford these necessary expenses. In some cases, individuals may even have to consider moving out of state to find a lower cost of living that better aligns with their financial situation.

Despite these challenges, it’s important to acknowledge that New Jersey also offers many benefits that can offset some of the costs. The state has a strong education system, including top-ranked public schools and prestigious universities. For parents, this can be a major draw, as they want to provide the best opportunities for their children. Additionally, New Jersey has a thriving job market in sectors such as finance, technology, and healthcare. Higher salaries in these industries can help to mitigate some of the higher costs associated with living in the state.

Ultimately, the usefulness of the New Jersey cost of living comes down to individual circumstances. For some residents, the high costs may be worth it for the quality of life and opportunities that the state offers. For others, it may simply be too much of a financial burden to bear. The decision to live in New Jersey requires careful consideration of these factors and an understanding of how they will impact one’s daily life.

As policymakers and community leaders work to address the challenges of the cost of living in New Jersey, it’s important that they take into account the diverse needs of residents. Solutions that focus on affordable housing, fair wages, and access to essential services can help to create a more equitable living environment for all. It’s clear that the cost of living in New Jersey is a complex issue that requires thoughtful attention and action from all stakeholders.

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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