The average cost of living in New Jersey is $2,587.32 per month
New Jersey, situated on a peninsula between the Hudson and Hackensack rivers, is known for its boardwalk beaches and Atlantic City casinos. The state is proud of its diverse natural beauty, from beaches to scenic mountains, perfect for outdoor activities.
Its proximity to big cities like New York and Philadelphia makes it ideal for suburban or rural living with plenty of job opportunities.
The cost of living in New Jersey can vary greatly depending on your specific location within the state and your individual preferences and priorities. If you are planning to move to New Jersey, keep reading this article to understand more about the expense of living in this so-called Las Vegas of the East Coast.
Methodology
The main data collection source for this article is Numbeo and trusted city-related websites, including Light Rail New Jersey and New Jersey Department of State website. The costs presented are estimates and pertain to an individual living alone on a monthly basis.
Cost of Living in New Jersey – 2024
Housing costs in New Jersey
According to New Jersey’s real estate market experts, who initially predicted that there would be a 5% decrease in home prices in 2023, prices took an unexpected turn and went up by 7% in the first quarter, with a similar trend expected in the second quarter.
August 2023 witnessed an 11.4% year-over-year increase in home prices, even as home sales fell by 22.8% and the number of homes available for sale decreased by 32.4%.
Meanwhile, for renters, the median rent price in New Jersey for September 2023 stands at $2,495, which is $195 higher compared to September 2022.
Below is the list of average costs for renting and buying properties in New Jersey:
Cost of rent in New Jersey
|
Area/Neighborhood |
1-bed apartment |
3-bed apartment |
|
Jersey City (Outside of city center) |
$1,800.61 |
$3,300.00 |
Numbeo (August 2023), NJ Real Estate (Sept 2023), Redfin (August 2023) & Zillow (Sept 2023)
Cost of buying a property in New Jersey
|
Area/Neighborhood |
Average home price |
|
Jersey City |
$492,394 |
Numbeo (August 2023) & Zillow (Sept 2023)
Utility costs in New Jersey: Internet, electricity and water
The details below will give you details on the amount that you need to allocate from your budget once you move to New Jersey.
Utilities |
Cost in New Jersey |
|
Basic (Electricity, Heating, Cooling, Water, Garbage) for 915 sq ft apartment t) |
$166.25 |
|
Internet (60 Mbps or More, Unlimited Data, Cable/ADSL) |
$83.33 |
|
Total |
$249.58 |
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Grocery costs in New Jersey
New Jersey’s proximity to New York and its appealing local amenities contribute to its relatively high cost of living. On average, a single-person household in New Jersey can anticipate spending about $295.00 per month on groceries.
|
Grocery items |
Costs |
|
Milk (regular), (1 gallon) |
$4.68 |
|
Loaf of Fresh White Bread (1 lb) |
$4.81 |
|
Rice (white) (1 lb) |
$2.42 |
|
Eggs (regular) (12) |
$4.06 |
|
Local Cheese (1 lb) |
$11.00 |
|
Chicken Fillets (1 lb) |
$6.50 |
|
Beef Round (1 lb) |
$7.00 |
|
Apples (1 lb) |
$2.13 |
|
Banana (1 lb) |
$0.78 |
|
Oranges (1 lb) |
$2.38 |
|
Tomato (1 lb) |
$2.12 |
|
Potato (1 lb) |
$1.39 |
|
Onion (1 lb) |
$2.25 |
|
Lettuce (1 head) |
$2.50 |
|
Bottle of Wine (Mid-Range) |
$15.00 |
|
Domestic Beer (0.5 liter bottle) |
$1.73 |
|
Imported Beer (12 oz small bottle) |
$3.00 |
Public transit in New Jersey
NJ Transit is New Jersey’s main public transportation agency. It offers a variety of options, like buses, trains, and light rail services. Public transit in New Jersey is important, especially due to its closeness to major cities like New York and Philadelphia. While it offers accessible services for people with disabilities, traffic jams can still be a problem, especially during busy rush hours.
Each time you use a Pay-Per-Ride MetroCard with stored value, it deducts the $2.75 PATH fare. When you purchase a new MetroCard from a vending machine or station booth, including those at PATH stations or commuter rail stations, there’s a $1.00 fee.
For SmartLink unlimited passes, you can only use them once at the same station within an 18-minute window. These passes are meant for the original buyer’s use; sharing them with others is strictly not allowed.
|
Type of fare |
Cost in New Jersey |
|
Single ticket |
$2.75 |
|
Daily pass |
$10.50 |
|
Weekly pass |
$36.00 |
|
Monthly pass |
$110.25 |
Entertainment costs in New Jersey
New Jersey has something for everyone, regardless of preferences when it comes to entertainment. Whether you’re into culture, outdoor adventures, or just having fun, the state has you covered.
You can dive into the various live music venues or enjoy theater productions at places like the New Jersey Performing Arts Center and the Paper Mill Playhouse.
If you prefer an outdoor experience, New Jersey’s beautiful coastline offers opportunities for swimming, sunbathing, beach sports, or simply relaxing by the bay.
|
Entertainment |
New Jersey |
|
Mid-range restaurant meal |
$35.55 |
|
1h taxi ride |
$25.00 |
|
1 movie ticket |
$19.44 |
Sales tax in New Jersey
The special Urban Enterprise Zones rate is equal to half of the current Sales Tax rate, which is 6.625%.
Food, clothes, medicines, machinery, and equipment used in manufacturing and processing are some of the things that are free from sales tax.
Healthcare costs in New Jersey
In New Jersey, businesses with fewer than 50 full-time employees are not obligated to provide health insurance coverage. However, if a business has 50 or more full-time employees, it is required to offer health insurance options.
|
Type of healthcare |
Cost |
|
Employer-sponsored health insurance |
$212.00 |
|
Non-employer-sponsored health insurance (average cheapest) |
$600.67 |
|
Gym |
$52.50 |
Numbeo (August 2023), EHealthInsurance (Sept 2023) & Value Penguin (Sept 2023)
Conclusion
New Jersey is an ideal place for families and individuals seeking a laid-back lifestyle while still having access to major international business centers and job opportunities.
If you want to live in New Jersey comfortably and take advantage of everything it has to offer, an amount of $2,587.32 should be allotted monthly. This article can help you decide if your budget allows you to do so. Are you planning on moving soon? Check out the best of New Jersey movers to assist you!
|
Category |
Monthly cost |
|
1 bed apt rent outside city center |
$1,800.00 |
|
Groceries Numbeo’s grocery list ($73.75 multiplied by 4) |
$295.00 |
|
Utilities Electricity, heating, cooling, water, garbage |
$166.25 |
|
Internet with 60 Mbps |
$83.33 |
|
Transit pass |
$110.25 |
|
Entertainment Meal, taxi, movie |
$79.99 |
|
Gym membership |
$52.50 |
|
Total |
$2,587.32 |
