Cost of living in New Jersey

The US national average is less than the cost of groceries in New Jersey at 5.8%. However, people can reduce their grocery bills by going to Farmer’s markets. Also, you can visit discount stores to get discounts on grocery bills and reduce your cost. You need to pay nearly $106 for a food cart.

As per the data of the Agriculture Department of the US, an individual spends an average of $3,433 on food yearly. Also, a family of four, including kids, needs at least $9,914 on average to spend on groceries. 

The national average rate on food for a single person is $3,240. However, one needs to have a budget of at least $3,433 to spend on groceries every year.

The utilities in New Jersey can be more expensive, about 9.2%. The average cost of utilities in New Jersey for a month is around $102.38, only $10 less than the national average. 

The Save on Energy Electricity Bill Report of March 2022 said the locals of New Jersey use an average of 683 kWh per month. Therefore, they charged an amount of $109.28 towards the electricity bill in New Jersey. 

Water is one of our basic needs; therefore, spending on water may increase your cost of living in New Jersey. $149.72 a unit is a current quarterly service of water and sewer charge for New Jersey residents. Also, you will need to pay the amount of $4.48 per thousand gallons of usage if you use it quarterly. 

As per the national institute’s analysis, people in New Jersey pay the fifth-highest health care prices, and they are still rising. As a result, an employee of private companies in New Jersey may pay $1,595 for health care.

A few people are unaware of the cost of healthcare in New Jersey. So, if you are a qualified resident in New Jersey, there are chances of getting healthcare at a low price or no cost. The publicly funded health insurance program in New Jersey allows people for the same. 

Obamacare helps to provide health insurance covers to the residents of America. It comes with the lowest or most affordable cost to get the insurance. Therefore, New Jersey offers different prices and categories of Obamacare. If you are under 20 of your age, you might be charged about $176.14, $257.53, $327.91, and $384.22 for the Bronze, Silver, Gold, and Platinum plans, respectively. 

In the last year, the average value of a home for a single-family increased by $100,000 in New Jersey, as per the New Jersey Realtors data. However, the $418,500 was the median home price in March 2022 in New Jersey. In most cities, the costs can rise to $518,860.

In the US, buying a private island starts from $500,000. However, in New Jersey, these prices fall, and a private no man’s island is available at only $125,000. 

In 2022, the New Jersey home prices are rapidly increasing by a few percent. However, it is assumed that these prices can drop in 2023 because of inflation. According to the Otteau Group, another reason for decreasing home value is a recession. 

New Jersey runs a tuition-free program for four-year institutes. In the 2020 state budget, governor Phill Murphy announced the Garden State Guarantee. 

The colleges in New Jersey can help you with an affordable or reasonable price range. Therefore, the average tuition fees in New Jersey are about $8,858 for the locals in NJ and $14,550 for out-of-state students. 

Although the colleges have an affordable range of education in New Jersey, the university price varies. One of the famous universities in New Jersey is Kean University, which costs $12,348 for in-state tuition and $19,383 for out-of-state tuition. 

If you live in the city, you can save an amount for paying higher taxes. But, when it comes to the state, you may have to pay higher taxes. The tax rates in New York City start from 4% and increase up to 8.82%. However, the tax rates in New Jersey start from 1.4% and increase up to 11.8% if you earn more than 5 million. 

When it comes to comparison, New Jersey becomes the highest taxpayer in the US, and the tax rate falls between 1.4% to 11.8%. But, Florida does not charge taxes on the income, and Florida is a tax-free income state. 

The transportation cost varies as per the rides. However, you will need to pay $111 for monthly tickets on public transport like trains. Also, a taxi can cost you up to $13 per 8km on any working day.

The average cost of riding a bus in the 39 cities in New Jersey can be $40 from the best routes. But, you can get the cheapest ticket for only $7 and need only $96 for the expensive bus ride. 

You can also ride from Jersey City to Wildwood by train, bus, or car. There are many “things to do in Wildwood New Jersey,” that may let you forget the cost of traveling. 

The fuel prices vary as per the quality of fuel in New Jersey. Therefore, the current average prices in New Jersey for fuel are $4.585 for Regular, $4.907 for Mid-Grade, $6.279 for Premium, and $6.279 for diesel. 

After the effect of Covid, the gas demand paused, and the gas prices in New Jersey increased from last year due to an increase in oil prices. 

The housing rent for a typical renter ranges from $1,295 to $2,979, and it is more than the US national average of $1,023. Also, a typical renter can pay the amount of $1,920 for five-bedroom apartments or more than that. 

As you know, New Jersey is an expensive city to live in. Therefore, it is essential to have a job in that state with the best salary. However, you need at least $7,500  to live in Jersey City. If you earn more than that, it is the best thing. You can easily manage your expenses and rent amounts if you make more than $7,500 monthly.