2024 Updated Price List on the Cost of Living in New Jersey

If you’re looking for a state that’s both affordable and has an abundance of amenities, look no further than New Jersey. The cost of living in this state is comparably low when compared to other popular destinations, and the quality of life is top-notch. Also, with plenty to do both inside and outside of the city, it’s easy to see why so many people call Jersey home.

History of New Jersey

New Jersey is a densely populated state with a rich history. The first Europeans to arrive in New Jersey were the Dutch, who settled in the area in the early 17th century. The British claimed the land in 1664 and held it until the American Revolution. New Jersey became a state in 1787.

New Jersey’s economy is based on services and manufacturing. Services account for about two-thirds of the state’s GDP, while manufacturing makes up just over one-third. The largest sector of the state’s economy is finance and insurance, which accounts for more than one-third of all jobs. Other major sectors include health care, retail trade, and chemicals.

The cost of living in New Jersey is high compared to other states. The average cost of housing is over $300,000 per year, and the average cost of food is over $50 per day. The cost of utilities is also high, costing an average of $1,200 per year.

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Benefits of Living in New Jersey

  • Low Cost of Living

The cost of living in New Jersey is much lower than in other states. This is because the state has a low population density and a large number of job opportunities. In addition, the state has a high level of economic productivity thanks to its strong infrastructure and advanced industry.

  • Excellent Public Schools:

One reason why residents in New Jersey pay less for housing is that public schools are among the best in the country. In addition, the state’s Department of Education provides significant financial support to schools throughout the state. This allows students to receive an excellent education without having to spend a large amount of money on tuition.

  • Strong Infrastructure:

One reason why New Jersey ranks high on many lists of best places to live is its strong infrastructure. This includes things like well-maintained roads, an efficient transportation system, and an extensive network of hospitals and clinics. These qualities make it easy for residents to get around town and access all kinds of services they need without difficulty.

  • Strong Economy and Job Opportunities

New Jersey’s economy is one of the strongest in the country. The state has several job opportunities, ranging from low-paying positions to high-paying positions with good benefits. This makes it an ideal place to live if you are looking for stability and security in your career path.

New Jersey’s Gross Domestic Product

New Jersey’s Gross Domestic Product will be $337.5 billion in 2023 according to The New York Times. This is a 3.2% decrease from the $345.1 billion GDP in 2016. The biggest contributors to this decline are in the sectors of education, health care, and transportation & warehousing.

The cost of living is also on the rise in New Jersey according to Numbeo.com. In 2018, the cost of living was ranked as the 14th most expensive state in America with an average monthly rent of $1,196 and an annual salary of $50,432. In 2019 it has jumped to number 5 with an average monthly rent of $1,336 and an annual salary of $54,914.

If you’re looking for cheaper options, New Jersey has plenty to offer as well including Newark which was recently voted one of the best cities for young professionals by Forbes and ranked 7th overall on Livability’s 2019 list of best places to live in the U.S

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Different Costs of Living in New Jersey

  • Cost of Accommodation

In general, housing is more expensive in New Jersey than in other states. The median price of a home in NJ is $188,000 compared to the national median of $185,000. However, homes can be found for less around the state. In some cases, you can find properties that are half the price or less than those found in more expensive areas. It’s important to do your research before making an offer on a property since prices can vary greatly depending on the location and amenities offered.

  • Cost of Feeding

The average cost of food in New Jersey is high. It’s one of the most expensive states in the country. The cost of living in New Jersey varies depending on where you live and what type of food you eat. For example, the cost of groceries in North Jersey is much higher than groceries in South Jersey. Additionally, the price of dairy products, meat, and produce can vary dramatically between supermarkets.

  • Cost of Healthcare

In New Jersey, the cost of healthcare is one of the highest in the nation. In addition, the state has one of the most expensive premiums for health insurance. The average person in New Jersey spends over $2,000 per year on healthcare. This is more than double the national average. In addition, some high-cost medical procedures are not available in other states. For example, New Jersey residents have to pay over $6,000 for a single surgery that is typically available for less than $3,000 in other states.

  • Cost of Transportation

Living in New Jersey can be costly, but there are ways to cut down on your costs. One way to save money is to live close to work or school, which will reduce your commute time. Additionally, consider using public transportation whenever possible. NJ Transit has extensive rail and bus services that can get you around the state cheaply. Finally, don’t forget about groceries and utilities. By shopping for groceries at local markets and minimizing your use of utilities during peak hours, you can limit your overall expenses.

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The cost of living in New Jersey can be quite expensive, but with careful planning and smart spending, you can still live comfortably. There are some ways to save money on your regular bills, whether you’re looking to cut down on your food expenses or lower your utility bill.

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