Statistics About The Average Cost Of Living In New Jersey

In this post, we will explore the average cost of living in New Jersey through a series of statistics that shed light on various expenses residents face in the state. From property taxes to education costs, transportation expenses, and more, these statistics paint a comprehensive picture of the financial landscape in New Jersey.

Statistic 1

"The average cost of groceries in New Jersey is roughly 5-10% higher than the national average."

Statistic 2

"New Jersey has the highest property taxes in the United States, with an average effective property tax rate of 2.49%."

Statistic 3

"The average annual cost of childcare in New Jersey is about $12,988 for an infant."

Statistic 4

"The cost of education in New Jersey is higher than the national average, with state colleges averaging $13,953 per year in tuition."

Statistic 5

"The overall tax burden in New Jersey as a percentage of income is about 12.2%."

Statistic 6

"As of 2022, the average cost of a one-bedroom apartment in New Jersey is around $1,578 per month."

Statistic 7

"New Jersey residents spend an average of $3,168 annually on auto insurance."

Statistic 8

"The average cost of living in New Jersey is approximately 19% higher than the national average."

Statistic 9

"The average water bill in New Jersey is $53.83 per month, higher than many other states."

Statistic 10

"The average homeowner in New Jersey pays nearly $8,000 annually in property taxes."

Statistic 11

"The median home price in New Jersey is $382,000, significantly higher than the national median."

Statistic 12

"New Jersey's transportation costs are about 18% higher than the national average."

Statistic 13

"The average cost of gasoline in New Jersey is $0.15 higher per gallon compared to the national average."

Statistic 14

"The cost of retirement living in New Jersey is about 10% higher than the national average."

Statistic 15

"The average monthly utility bill for residents in New Jersey is approximately $122.47."

Statistic 16

"The cost of dining out in New Jersey is approximately 9% higher than the national average."

Statistic 17

"New Jersey ranks 48th out of 50 states for affordability."

Statistic 18

"The average hourly wage in New Jersey is $27.43 as of mid-2022."

Statistic 19

"New Jersey has the second-highest income tax rate in the country, reaching up to 10.75%."

Statistic 20

"New Jersey ranks 45th in the cost of healthcare services compared to other states."

In conclusion, living in New Jersey comes at a significant cost compared to the national average. From higher grocery and property tax expenses to increased childcare, education, housing, insurance, transportation, and utility costs, residents face a substantial financial burden. With elevated property taxes and housing prices, coupled with above-average expenses across various sectors, New Jersey ranks poorly in terms of affordability. This financial strain is further emphasized by high income tax rates and healthcare costs, making it important for individuals to carefully budget and plan their finances when residing in the state.