New Jersey cost of living
Moving to a new state can give you a fresh start, but it can also be stressful. Building new friendships, finding support and getting to know your way around takes time. Figuring out practical things helps prepare a foundation for that fresh start. If you’re curious about the cost of living in New Jersey, read on for our analysis.
The median rent in New Jersey is $2,429.05, versus the national median rent of $1,529.01.
Jump to insightResidents in New Jersey spend $274.69 weekly on food at home and $121.32 on food out.
Jump to insightAs of publishing, the average price per gallon of regular gas is $3.41 in New Jersey.
Jump to insightRecent data shows that employees in New Jersey pay $1,688 annually for employee-sponsored health insurance coverage.
Jump to insightHousing costs in New Jersey
According to recent data from Zillow, the median rent in New Jersey is $2,429.05, while the national median rent is $1,529.01.
Data from the U.S. Census Bureau shows rent prices in New Jersey broken down by home size. As of publishing, one-bedroom apartments in New Jersey had a median cost of $1,347 per month, and the two-bedroom median cost was $1,658 per month. Three- and four-bedroom homes had median costs of $1,826 and $2,056, respectively.
As of publishing, the median home price in New Jersey is $502,000, according to Redfin. The U.S. median home price is $436,000.
The median home price in the New York-Newark-Jersey City metro area was $659,200 in the first quarter of 2024, according to the National Association of Realtors (NAR). The same data showed the median price in the Trenton metro was $380,400.
New Jersey ranks No. 1 for highest effective property tax rates in the nation, according to the most recent Tax Foundation data, at 2.23%.
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Food costs in New Jersey
According to recent census data, the average spent on food to prepare at home each week in New Jersey is $274.69, compared with the U.S. average of $270.21 at the time. New Jersey residents spend an average of $121.32 weekly on food prepared outside the home, compared with the U.S. average of $109.21.
Transportation costs in New Jersey
According to recent data from AAA, the average price per gallon of regular gas in New Jersey is $3.41, compared with the U.S. average of $3.46.
The most recent National Association of Insurance Commissioners data shows that the average auto insurance premium (liability, collision and comprehensive coverage combined) in New Jersey is $1,474.31, versus the national average of $1,189.50.
Health care costs in New Jersey
The most recent KFF data shows that, on average, employer-sponsored health insurance cost New Jersey employees $1,688 annually, with employers covering the remaining $6,495 of the $8,183 total cost.
Nationwide, the average employee contribution was $1,637 out of a total premium of $7,590.
Utility costs in New Jersey
According to the most recent data from the Energy Information Administration, the average monthly electric bill in New Jersey is $114.08, versus $135.25 countrywide.
Recent EIA data also shows that natural gas in New Jersey costs $12.22 per thousand cubic feet, compared with $13.25 nationally.
FAQ
How does the cost of living in New Jersey compare with the national average?
New Jersey ranked as the sixth most expensive state in our 2023 study.
Is New Jersey safe?
Good news: Our 2023 analysis found that New Jersey is the safest state in the nation, based on FBI crime data.
How much does it cost to move across the country?
If you’re moving more than 1,000 miles, it’s likely to cost you several thousand dollars to hire professional movers. Fortunately, there are ways to make your cross-country move cheaper.
Article sources
ConsumerAffairs writers primarily rely on government data, industry experts and original research from other reputable publications to inform their work. Specific sources for this article include:
- Zillow, "Housing Data." Accessed May 14, 2024.
- Redfin, "Redfin Data Center." Accessed May 14, 2024.
- Tax Foundation, "Where Do People Pay the Most in Property Taxes?" Accessed May 14, 2024.
- United States Census Bureau, "Week 63 Household Pulse Survey: October 18 - October 30." Accessed May 14, 2024.
- AAA Gas Prices, "State Gas Price Averages." Accessed June 14, 2024.
- National Association of Insurance Commissioners, "2020/2021 Auto Insurance Database Report." Accessed May 14, 2024.
- KFF, "Average Annual Single Premium per Enrolled Employee For Employer-Based Health Insurance." Accessed May 14, 2024.
- U.S. Energy Information Administration, "2022 Average Monthly Bill- Residential." Accessed May 14, 2024.
