GITNUX REPORT 2024

Average Cost Of Living In New Jersey: Key Expenses Revealed

Dive into the numbers: Understanding the Average Cost of Living in New Jersey Today

Author: Jannik Lindner

First published: 7/17/2024

Statistic 1

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

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Childcare costs for a 4-year-old in New Jersey average $10,855 per year

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A pair of jeans in New Jersey costs an average of $45

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A summer dress from a chain store in New Jersey costs around $35

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A pair of running shoes in New Jersey costs an average of $75

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A pair of leather business shoes in New Jersey costs an average of $100

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New Jersey's average in-state tuition for public 4-year colleges is $14,180

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The average private school tuition in New Jersey is $11,024 per year

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The average cost of a movie ticket in New Jersey is $12

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A fitness club membership in New Jersey costs an average of $45 per month

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The average cost of a beer in a New Jersey bar is $6

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A monthly gym membership in New Jersey costs an average of $45

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The average cost of a cinema ticket in New Jersey is $14

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New Jersey's grocery index is 105.8, slightly above the national average

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The average annual food cost for a single adult in New Jersey is $3,433

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A gallon of milk costs an average of $3.71 in New Jersey

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A basic lunch in the business district of Newark costs around $15

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The average cost of a cappuccino in New Jersey is $4.50

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A dozen eggs in New Jersey costs an average of $3.50

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The average cost of a loaf of bread in New Jersey is $3.20

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The average cost of a meal for two at a mid-range restaurant in New Jersey is $70

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The average cost of a bottle of wine in New Jersey is $12

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The average cost of a domestic beer (0.5 liter bottle) in New Jersey is $2.50

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The average cost of a Big Mac in New Jersey is $4.50

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Healthcare costs in New Jersey are 102.6% of the national average

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The average annual health insurance premium for single coverage in New Jersey is $7,485

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A doctor's visit in New Jersey costs an average of $112

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A visit to a private doctor in New Jersey costs an average of $110

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The average cost of a box of antibiotics (12 doses) in New Jersey is $20

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A short visit to a private dentist in New Jersey costs an average of $100

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The average cost of a tube of cold medicine (Tylenol, Frenadol, Coldrex, or equivalent brands) in New Jersey is $7

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The median home cost in New Jersey is $401,400

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New Jersey's housing index is 138.8, significantly higher than the national average

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The average rent for a two-bedroom apartment in New Jersey is $1,465

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The average cost of a 1-bedroom apartment in city center in New Jersey is $1,500 per month

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A 1-bedroom apartment outside of city center in New Jersey costs an average of $1,200 per month

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The average cost of a 3-bedroom apartment in city center in New Jersey is $2,500 per month

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A 3-bedroom apartment outside of city center in New Jersey costs an average of $2,000 per month

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The average price per square foot to buy an apartment in city center in New Jersey is $300

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The price per square foot to buy an apartment outside of city center in New Jersey averages $200

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New Jersey's overall cost of living index is 115.2, which is 15.2% higher than the national average

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The average monthly net salary (after tax) in New Jersey is $3,500

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New Jersey's minimum wage is $12 per hour as of 2021

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The average cost of a men's haircut in New Jersey is $20

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A tube of toothpaste in New Jersey costs an average of $3

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A pack of cigarettes in New Jersey costs an average of $9

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A box of 32 tampons in New Jersey costs an average of $7

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The average cost of a standard men's haircut in New Jersey is $20

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New Jersey's sales tax rate is 6.625%

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The average effective property tax rate in New Jersey is 2.42%

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New Jersey's top marginal individual income tax rate is 10.75%

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Transportation costs in New Jersey are 111.1% of the national average

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The average price of gasoline in New Jersey is $2.90 per gallon

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A monthly public transit pass in Newark costs around $75

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A one-way ticket on local transport in New Jersey costs an average of $2.75

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The average cost of a taxi start (normal tariff) in New Jersey is $3.50

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A monthly pass for public transport in New Jersey costs an average of $75

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A liter of gasoline in New Jersey costs an average of $0.77

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Utility costs in New Jersey are 101.7% of the national average

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The average monthly energy bill in New Jersey is $102.38

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The average monthly internet bill in New Jersey is $60

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The average water bill in New Jersey is $70 per month

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A monthly utility bill (electricity, heating, cooling, water, garbage) for a 915 sq ft apartment in New Jersey averages $150

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The average cost of internet (60 Mbps or more, unlimited data, cable/ADSL) in New Jersey is $65 per month

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Summary

  • New Jersey's overall cost of living index is 115.2, which is 15.2% higher than the national average
  • The median home cost in New Jersey is $401,400
  • New Jersey's housing index is 138.8, significantly higher than the national average
  • The average rent for a two-bedroom apartment in New Jersey is $1,465
  • Utility costs in New Jersey are 101.7% of the national average
  • The average monthly energy bill in New Jersey is $102.38
  • New Jersey's grocery index is 105.8, slightly above the national average
  • The average annual food cost for a single adult in New Jersey is $3,433
  • A gallon of milk costs an average of $3.71 in New Jersey
  • Transportation costs in New Jersey are 111.1% of the national average
  • The average price of gasoline in New Jersey is $2.90 per gallon
  • A monthly public transit pass in Newark costs around $75
  • Healthcare costs in New Jersey are 102.6% of the national average
  • The average annual health insurance premium for single coverage in New Jersey is $7,485
  • A doctor's visit in New Jersey costs an average of $112

Living in New Jersey: Where the Cost of Living is as High as the Skyscrapers - Welcome to the Garden State, where the residents pay premium prices for just about everything, from housing to healthcare, making every purchase more of a careful calculation than an impulse buy. With statistics showing higher-than-average costs across the board, its clear that living in New Jersey comes with a price tag thats as bold and bright as the lights of Atlantic City. Let’s break down the numbers and see just how much Jersey pride will cost you.

Childcare

  • The average annual childcare cost for an infant in New Jersey is $12,988
  • Childcare costs for a 4-year-old in New Jersey average $10,855 per year

Interpretation

The cost of raising a child in New Jersey seems to come with a price tag that could make even the most seasoned financial planners raise an eyebrow. With annual childcare expenses for infants and 4-year-olds resembling a luxury car payment, it appears that parents in the Garden State might need to start investing in a backyard garden just to keep up with the cost of living. As the saying goes, children are priceless – but apparently, in New Jersey, they come with a hefty average price tag.

Clothing

  • A pair of jeans in New Jersey costs an average of $45
  • A summer dress from a chain store in New Jersey costs around $35
  • A pair of running shoes in New Jersey costs an average of $75
  • A pair of leather business shoes in New Jersey costs an average of $100

Interpretation

In a state where even the pigeons seem to strut their stuff in designer threads, the cost of living in New Jersey speaks volumes about the residents' commitment to fashion. With jeans priced higher than a Broadway show ticket and running shoes that could double as a down payment on a car, one might think the Garden State's sidewalks are fashion runways in disguise. So if you're donning those leather business shoes while navigating the mean streets of Jersey, just remember - looking good doesn't come cheap, especially when you're living in the land of Soprano style.

Education

  • New Jersey's average in-state tuition for public 4-year colleges is $14,180
  • The average private school tuition in New Jersey is $11,024 per year

Interpretation

The cost of living in New Jersey can feel like a rollercoaster ride, with in-state tuition at public 4-year colleges skyrocketing to $14,180 per year while private school tuition surprisingly comes in at a "bargain" $11,024 annually. It seems even education costs in the Garden State are subject to its own unique brand of fluctuation – where public can sometimes be pricier than private. Residents may find themselves torn between the prestige of a private education and the seemingly budget-friendly option of public universities, making decisions that require both financial savvy and academic ambition.

Entertainment

  • The average cost of a movie ticket in New Jersey is $12
  • A fitness club membership in New Jersey costs an average of $45 per month
  • The average cost of a beer in a New Jersey bar is $6
  • A monthly gym membership in New Jersey costs an average of $45
  • The average cost of a cinema ticket in New Jersey is $14

Interpretation

In the state of New Jersey, it seems that entertainment and fitness come at a premium, with movie tickets as expensive as a craft beer and gym memberships rivaling the cost of some fancy cocktails. The average New Jerseyan has to weigh the options carefully - a night out at the movies or a month's worth of spin classes? Perhaps a compromise can be found in lifting weights with a beer in hand - the ultimate multitasking scenario in the Garden State.

Food

  • New Jersey's grocery index is 105.8, slightly above the national average
  • The average annual food cost for a single adult in New Jersey is $3,433
  • A gallon of milk costs an average of $3.71 in New Jersey
  • A basic lunch in the business district of Newark costs around $15
  • The average cost of a cappuccino in New Jersey is $4.50
  • A dozen eggs in New Jersey costs an average of $3.50
  • The average cost of a loaf of bread in New Jersey is $3.20
  • The average cost of a meal for two at a mid-range restaurant in New Jersey is $70
  • The average cost of a bottle of wine in New Jersey is $12
  • The average cost of a domestic beer (0.5 liter bottle) in New Jersey is $2.50
  • The average cost of a Big Mac in New Jersey is $4.50

Interpretation

New Jersey's cost of living may have a few thorns alongside its Garden State reputation. While the grocery index hovers slightly above the national average, it seems the price of a New Jersey meal doesn't come cheap. From a hefty $15 lunch in Newark to a bottle of wine that won't break the bank, navigating the state's culinary landscape requires a budget-conscious approach. But fear not, even with the cost of a Big Mac ringing in at $4.50, there's still a price tag worth savoring in the diverse flavors of the Garden State.

Healthcare

  • Healthcare costs in New Jersey are 102.6% of the national average
  • The average annual health insurance premium for single coverage in New Jersey is $7,485
  • A doctor's visit in New Jersey costs an average of $112
  • A visit to a private doctor in New Jersey costs an average of $110
  • The average cost of a box of antibiotics (12 doses) in New Jersey is $20
  • A short visit to a private dentist in New Jersey costs an average of $100
  • The average cost of a tube of cold medicine (Tylenol, Frenadol, Coldrex, or equivalent brands) in New Jersey is $7

Interpretation

In the Garden State, where a doctor's visit costs almost as much as the latest gadget you don't really need, and a box of antibiotics can set you back a fancy dinner, it seems keeping healthy comes at a hefty price tag. With health insurance premiums soaring to heights that could rival a small vacation expense, it's clear that staying well in New Jersey requires not just a strong immune system but also a stout bank account. So next time you feel a cold coming on, hope for a miracle cure or perhaps consider investing in a healthier state of mind.

Housing

  • The median home cost in New Jersey is $401,400
  • New Jersey's housing index is 138.8, significantly higher than the national average
  • The average rent for a two-bedroom apartment in New Jersey is $1,465
  • The average cost of a 1-bedroom apartment in city center in New Jersey is $1,500 per month
  • A 1-bedroom apartment outside of city center in New Jersey costs an average of $1,200 per month
  • The average cost of a 3-bedroom apartment in city center in New Jersey is $2,500 per month
  • A 3-bedroom apartment outside of city center in New Jersey costs an average of $2,000 per month
  • The average price per square foot to buy an apartment in city center in New Jersey is $300
  • The price per square foot to buy an apartment outside of city center in New Jersey averages $200

Interpretation

New Jersey's cost of living statistics read like a real estate rollercoaster – with home prices soaring higher than Bruce Springsteen's vocal range and rental rates making the average New Jerseyan question if they've accidentally stumbled into a Manhattan parallel universe. With city center apartments demanding more per square foot than a designer handbag, one might wonder if the Garden State is offering actual trees made of gold in their backyards instead. It seems in New Jersey, even the air comes with a premium price tag.

Overall Cost

  • New Jersey's overall cost of living index is 115.2, which is 15.2% higher than the national average
  • The average monthly net salary (after tax) in New Jersey is $3,500
  • New Jersey's minimum wage is $12 per hour as of 2021

Interpretation

Living in New Jersey is like dining at a trendy restaurant - the ambiance is great, the service top-notch, but the bill? Well, let's just say it's a little steep. With a cost of living index 15.2% higher than the national average, residents might want to hold onto their wallets a little tighter. However, the average monthly net salary of $3,500 offers a glimmer of hope, like finding a coupon in your purse. And with a minimum wage of $12 per hour, New Jersey is like that upscale eatery that tips its staff well - ensuring that even the smallest appetites can afford a taste of the good life.

Personal Care

  • The average cost of a men's haircut in New Jersey is $20
  • A tube of toothpaste in New Jersey costs an average of $3
  • A pack of cigarettes in New Jersey costs an average of $9
  • A box of 32 tampons in New Jersey costs an average of $7
  • The average cost of a standard men's haircut in New Jersey is $20

Interpretation

In a state where it seems getting a decent haircut costs as much as performing a root canal on oneself, one can only hope that looking sharp doesn't come at the cost of dental hygiene. With toothpaste prices towering over the average sneaky smoke break and tampon taxes still diligently checking in as a "luxury," it's clear that in New Jersey, the cost of living is no cheap ride. So, if you're a man needing a trim but also want to brush up on your economics, perhaps it's time to consider DIY haircuts and stockpile toothpaste like there's a hygiene apocalypse on the horizon. Welcome to the Garden State, where grooming is a pricey luxury but fresh breath is non-negotiable, and financial planning requires thinking outside the box, but within the box of tampons you just splurged on.

Taxes

  • New Jersey's sales tax rate is 6.625%
  • The average effective property tax rate in New Jersey is 2.42%
  • New Jersey's top marginal individual income tax rate is 10.75%

Interpretation

New Jersey residents may have 99 problems, but at least 3 of them are taxes! With a sales tax rate that makes you think twice about your shopping splurges, an effective property tax rate that can make your eyes water, and a top marginal individual income tax rate that feels like a financial sucker punch, it's no wonder living in the Garden State comes at a premium. So, if you're considering a move to New Jersey, buckle up, bring your wallet, and maybe start perfecting your "taxes are fun" dance moves – you're going to need them.

Transportation

  • Transportation costs in New Jersey are 111.1% of the national average
  • The average price of gasoline in New Jersey is $2.90 per gallon
  • A monthly public transit pass in Newark costs around $75
  • A one-way ticket on local transport in New Jersey costs an average of $2.75
  • The average cost of a taxi start (normal tariff) in New Jersey is $3.50
  • A monthly pass for public transport in New Jersey costs an average of $75
  • A liter of gasoline in New Jersey costs an average of $0.77

Interpretation

Navigating the intricate web of transportation costs in New Jersey could make even the most dedicated penny-pincher throw up their hands in defeat. With prices soaring to 111.1% of the national average, it's clear that getting from point A to point B in the Garden State comes at a premium. Whether you're filling up your tank with $2.90 per gallon gasoline or shelling out $75 a month for a public transit pass in Newark, it's evident that the cost of moving around in New Jersey can quickly add up. So, fasten your seatbelts and hold onto your wallets, because in the land of pricey taxis and premium gasoline, your budget may need some serious road trip recalibration.

Utilities

  • Utility costs in New Jersey are 101.7% of the national average
  • The average monthly energy bill in New Jersey is $102.38
  • The average monthly internet bill in New Jersey is $60
  • The average water bill in New Jersey is $70 per month
  • A monthly utility bill (electricity, heating, cooling, water, garbage) for a 915 sq ft apartment in New Jersey averages $150
  • The average cost of internet (60 Mbps or more, unlimited data, cable/ADSL) in New Jersey is $65 per month

Interpretation

With utility costs in New Jersey singing a tune that's 101.7% of the national average, residents are shelling out some serious cash just to keep the lights on and the internet running. At an average monthly energy bill of $102.38, you might start wondering if you accidentally installed a Bitcoin mining rig in your closet. And let's not forget the luxury of running water, costing around $70 a month – a necessary indulgence for those who enjoy both hydration and personal hygiene. It seems that living in the Garden State requires more than just green thumbs, as residents balance their budgets while trying to stay cool in the summer and warm in the winter. So next time you pay that $150 monthly utility bill for your cozy 915 sq ft apartment, just remember: it's the price you pay for Jersey pride.

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